BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News



Monjasa swings back into profit in 2017

Revenue jumped 16.7% despite 300k-tonne dip in bunker sales volume.



Monjasa's supply vessel, the MT Fredericia, performing a bunker delivery in Portland, UK. Image credit: Monjasa


Updated on 12 Apr 2018 13:32 GMT

Danish bunker group Monjasa has confirmed in its annual report for 2017, published on Thursday, that it managed to swing into profit last year with a net income of $7 million, compared to the $26 million loss posted in 2016.

Earnings before interest and taxes (EBIT) was also $7m, representing a $24m improvement on the $17m loss seen the previous year.

Revenue generated during the 12-month period grew by $0.2bn, or 16.7 percent, to $1.4bn. This was said to be primarily due to a 19 percent increase in oil prices.

The jump in revenue was achieved despite a dip in marine fuel sales volume of 0.3m tonnes, or 7.9 percent, to 3.5m tonnes.

Monjasa's consolidated equity grew in 2017 by $10m, or 8.8 percent, to $124m, while the solvency ratio of 36.6 percent was a slight improvement on the prior-year's figure of 36.2 percent.

Commenting on the results, Monjasa said: "We experienced improved profitability in our operations and we continued making progress in optimising operational expenditures. Together, this led to a financial turnaround compared to an unsatisfactory 2016."

Group CEO Anders Ostergaard remarked: "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."

Quality and transparency

On the issue of quality, Ostergaard said: "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."

The CEO added: "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."

Ostergaard also posited that there should be increased transparency in the bunker industry. "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," he said.

Ostergaard's comments echo those made last month by COO Svend Stenberg Molholt - in a series of interview articles published by Bunker Index - who reflected on the increased scrutiny from clients, banks and regulators; and outlined the company's global approach to compliance; and also explained how the use of questionnaires in its procedures now forms a key part of how it works with suppliers and customers as it continues to look at ways of improving quality and compliance.






Related Links:

Monjasa explains how it uses questionnaires to improve quality
Monjasa COO outlines firm's global approach to compliance
Monjasa COO reflects on increased scrutiny from clients, banks and regulators
Monjasa launches MOST global trainee programme
Monjasa records 'steep increase' in Persian Gulf cruise ship volumes
Monjasa A/S
Denmark

Latest News:

Hurtigruten to upgrade up to nine ships to gas-electric power
All-electric vessel launched for Norwegian fjord route
Wartsila CEO talks up 'critical role' of LNG, calls for 'clear' GHG roadmap
Industry coalition makes case for LNG in wake of MEPC 72
Oil and fuel oil hedging market update
Brent closed at $75 but quickly fell to current levels of $73-74
Itsas Gas secures Cepsa supply contract; Oizmendi starts bunkering in Huelva
Eco Marine Power to expand Aquarius Eco Ship Project
Wartsila in first optimised maintenance tie-up for LNGPac system
Bullish momentum sends oil prices above three-year high
Oil and fuel oil hedging market update
Nor Lines LNG-fuelled ships to include Rotterdam in weekly service




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events