Danish bunkering firm Monjasa Group returned to profit in the financial year of 2017 (FY 2017) due to improved profitability in operations and continued progress in optimising operational expenditures.
The company posted net profit of $7 million in FY 2017, when compared to net loss of $17 million in FY 2016, it says.
Revenue increased to $1.4 billion in FY 2017, higher than revenue of $1.2 billion in the year before primarily due to a 19% increase in oil prices.
In terms of volume, the group supplied a total of 3.5 million metric tonnes (mt) of marine fuel in FY 2017, lower than 3.8 million mt in the previous year.
“Like most of our peers, we can conclude that 2017 was yet another challenging year in global shipping. That is why I am particularly satisfied with our group performance,” says Group CEO, Anders Ostergaard.
“We have spent the year moving closer to our business and offering improved quality to customers taking bunkers in markets where Monjasa is already an established supplier.
“Looking ahead, I believe that everyone in our industry needs to demonstrate extended transparency in their operations. Not least considering IMO’s upcoming global regulations on high sulphur fuel in 2020.
“At Monjasa, we still have some road ahead of us, but we have come a very long way on documenting the quality of our bunker operations across sourcing, shipping and supply. Together with our improved financial performance, this is Monjasa on the right course.”
Moving forward, Monjasa expects another positive result of the year.
Photo credit: Monjasa Group
Published: 13 April, 2018
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