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
Firms importing 500,000 to 700,000 mt of VLSFO per month on average from November, reports Reuters.
Cecilia Cosulich and Teresa Cosulich will be delivering low sulphur fuel oil from October onwards, it says.
“Economic growth and increased global trade cannot happen at the expense of the environment or our future generations’ needs,” said the company.
PricewaterhouseCoopers, legal firms Rajah & Tann, and Drew & Napier based their fee estimates on the complex nature of salvaging HLT, reports The Business Times.
Asia bunker fuel demand typically down during the Lunar New Year holiday; however coronavirus outbreak in China exacerbated the downtrend, reports Reuters.
AIP covers two PCTC vessels with a respective capacity of 7,000 CEU and 8,100 CEU; vessels are equipped with IMO type C independent self-supporting LNG tanks.
Current low prices for road and aviation fuels in September could mean another increase of flashpoint off-spec cases for MGO when players start introducing the products back into the bunker stream.
Some bunker suppliers at various ports have even achieved their sales target for the year; the trend doesn't seem to be slowing down and suppliers are expecting a boom during end of September.
The company has entered a memorandum of agreement with Millenium Satu Ltd to acquire the 7,550 dwt oil tanker to increase service flexibility; vessel will be paid over an installment period of 36 months.
Deloitte & Touche JMs believe IPP has a viable claim against Dr Goh Jin Hian for breaches of his director’s duties to act with skill, care and diligence which he owned to IPP, states court document.
An earlier MPA notice outlined precautionary measures for personnel to observe when conducting marine refuelling operations at port in order to minimise the risk of contracting Covid-19.
Mok’s offence affected public confidence in the use of the MFM system onboard Singapore bunker tankers, and caused an embarrassment to the MPA, said Deputy Public Prosecutors.
