---

Monjasa Group reports that it generated a total revenue of DKK 14.2 billion (USD 2.1 billion) in 2014 compared to DKK 11.9 billion (USD 1.8 billion) the previous year.

This amounts to a growth in revenue of 16 percent, which was attributed primarily to an increase in the global sale of oil products, measured in metric tonnes.

Monjasa also posted an improved gross operating profit of DKK 463 million (USD 68 million) and a net profit of DKK 164 million (USD 24 million), which the company said had been achieved "despite tough market conditions".

"Overall, the financial year 2014 was characterised by strong competition in some of the Group core markets and a global shipping market still struggling hard to recover from the financial crisis," Monjasa said.

"The Group thereby further consolidates the overall business platform and maintains its top quartile position among the most solid bunker companies with an equity ratio of over 30," the company added.

150 new members of staff

Monjasa Group experienced a 20 percent global increase in the number of employees in 2014. By the end of the year, it employed a total of 583 members of staff throughout its oil trading, tanker and offshore operations.

A main driver behind this development was an increase in the employment of bunker traders, maritime experts and administrative staff. In particular, several new specialist functions - e.g. within compliance - were introduced.

In addition to a growing pool of human resources, Monjasa also increased its fleet of bunker tankers to 28, compared to 24 in 2013.

Performance expectations for 2015

Looking ahead, Monjasa said it expects there to be "highly competitive market conditions throughout 2015". However, its management "remains positive and foresees another year of investments in expanding global shipping and oil trading activities".