International bunkering firm Monjasa on early November entered into a new credit arrangement with J.P. Morgan Chase Bank N.A.
“We are very pleased to welcome a new partner in J.P. Morgan Chase Bank N.A. to the Group’s banking pool,” says Rasmus Knudsen, Head of Treasury and Trade Finance at the company.
“This new credit agreement caters for Monjasa’s working capital needs in relation to our growing US business and is fully in line with the group’s ambition to partner up with top tier trade finance banks.”
The company, meanwhile, says it is experiencing positive sales volume developments across the Americas, reflecting the growth in marine fuel sales volume from 400,000 metric tonnes (mts) in 2016 to 650,000 mts in 2017 across the Americas.
“Since establishing the group’s first trading office in Stamford, Connecticut in 2011, Monjasa has grown into a broad trading partner for American ship owners servicing all major shipping segments, including bulk, container, tankers and cruise lines,” it says.
“In 2015, Monjasa Americas expanded its reach with a physical presence for operations and bunker trading in Panama City.
“By sourcing oil products exclusively from the largest commodity trading houses and introducing customers to an operating model backed by ISO standards, it has been possible to establish a prominent position as physical supplier in the Panama Canal.”
In its financial year of 2017, Monjasa saw revenue growing to USD $1.4 billion and a net profit of USD $7 million.
Published: 7 November, 2018
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