Global oil and shipping group Monjasa Ltd on Wednesday (15 March) reported an increase of 10% in its sales volumes on the back of significantly improved business fundamentals.
Monjasa said over the past few years, it has been focusing on exceeding regulatory and customer demand for compliance and quality.
Its investments were put to the test in 2019 leading up to the IMO 2020 regulations, where new quality norms for supply of low sulphur marine fuels were introduced globally, it said.
Monjasa explained its role in this transition in enabling the smoothest possible transition for its customers. This was done by seizing further ownership of the logistics surrounding marine fuel operations and cultivating IMO 2020 technical knowledge across supply chain relations.
Concluding on 2019, the company’s Annual Report showed a slight increase in total revenue (on year) to USD 2.2 billion (USD 2.1 billion), Group operations (EBIT) of USD 36.1m (USD 8.3 million) and a result of the year of USD 26.5 million (USD 5 million), which Monjasa claims to be above its expectations.
The report also shows at a Group level, total volumes increased by 10% to 4.5 million mts (4.1 million mts), with the Americas representing the most significant increase of 35% reaching a total of 1.15 million mt.
“We are proud to present this strong set of results for 2019. A special year leading up to one of the most defining moments in global shipping since the shift away from coal a century ago,” says Group CEO, Anders Østergaard.
“For Monjasa, this much- anticipated shift to the more environmentally friendly marine fuels meant that our role of matching supply and demand with logistical solutions, became a critical factor across the shipping industry.
“Through extensive preparations together with our business partners, including suppliers, our oil terminals and fleet operations, Monjasa ended up strongly positioned to respond to a highly volatile market.
“The result was an increasing demand for our products and services, and a successful transition for our customers.”
Over the year, Monjasa noted that it welcomed four dedicated trade finance banks to its existing banking pool.
By increasing the overall credit facilities by an additional USD 160 million, Monjasa said it secured adequate working capital for developing our global activities in and beyond 2020.
With consolidated Group equity increasing to USD 135 million and a high solvency ratio of 29%, Monjasa says it is positioned among the world’s most robust marine fuel suppliers.
Monjasa is aware that given the unfolding global Covid-19 health situation, 2020 will be another demanding year for most global industries, including the maritime.
However, confirming a solid position among the world’s top-10 marine fuel suppliers in 2019, Monjasa says it remains confident of representing a safe port for new and loyal customers.
Photo credit: Monjasa
Published: 16 April, 2020
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