International bunkering firm Monjasa on Thursday announced the expansion of supply operations to Djibouti, Africa and trade finance bank UBAF as its new regional banking partner for Northeast Africa.
The expansion to Djibouti is expected to add 200,000 metric tonnes (mt) to the company’s operations.
The development is to challenge status quo and provide a valid alternative to the traditional Suez and Jeddah bunker markets, according to Monjasa.
Strategically located at the mouth of the Red Sea, Djibouti is fast developing into an attractive bunker destination on the busy Suez waterway.
Improved maritime infrastructure and heavy investments in port developments are expected to further advance trade going in and out of Northeast Africa in the future.
“As the security situation in the Gulf of Aden is improving, new opportunities arise for both service companies and global shippers operating in the area,” says Group COO, Svend Mølholt.
“Having joined forces with a local partner, we are determined to demonstrate Djibouti as a competitive and high-quality refuelling option on this important sea route.”
Monjasa is importing the products with Handysize tankers that are also able to serve as floating storage for the operation; it is currently using the 40,000 DWT tanker Karen Maersk for such an operation.
The bunkering operation in Djibouti is fully operational and offers all fuel grades according to ISO 8217:2010 specifications.
To support the Northeast African operation, the company has also teamed up with trade finance bank UBAF as its new regional banking partner.
“With Crédit Agricole as its main shareholder, UBAF holds a high global credit rating,” says Rasmus Knudsen, Group Director, Legal and Treasury.
“Coupled with its 45 years of experience financing businesses in the Middle East and Africa region, we see a lot of synergies in this new partnership.”
A summary of Monjasa’s other developments in 2018 can be found below:
Related: Monjasa and J.P. Morgan Chase in credit arrangement
Related: Monjasa secures tenth bunker tanker for West Africa ops
Related: Monjasa expands ops to Northern France, adds bunker tanker
Related: Monjasa acquires time-chartered bunkering tanker
Related: Monjasa appoints DNV-GL as new external auditor
Related: Monjasa posts profit, lower bunker sales volume
Related: Monjasa starts international oil and shipping trainee programme
Photo credit: Monjasa
Published: 21 December, 2018
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