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Monjasa has called for extended cooperation and joint solutions to meet the increasing regulatory demands on the global shipping and bunkering industries.

The bunker firm observes that the shipping industry is "growing increasingly complex" with more than 1,000 new regulations implemented since 2008, and therefore suggests "the time has come to face these challenges together".

Monjasa event in Limassol

At a Monjasa-hosted event in Limassol, Cyprus, a group of Mediterranean ship owners, buyers, and operators sat down to discuss regulatory issues, such as the 2020 global sulphur cap.

The shipping and bunkering summit functioned as a combined open discussions forum and evening reception with the participation of 75 local customers and business partners.

During the event, three external speakers representing Saybolt, S&P Global Platts and energy trader VTTI presented their views on the consequences of future fuel regulations, such as the expected large shifts in demand and upward pricing driven by the 2020 sulphur cap, quality and quantity assurance in bunker deliveries, and insights on future energy storage and oil flow infrastructure in Cyprus.

Monjasa Group COO, Svend Stenberg Molholt, stated during the summit that there was an increasing need for compliance and sanctions policies in the bunker industry.

"For companies to be successful in the future, a very central element in this discussion relates to converging operating models based on digital end-to-end compliance workflows with existing work procedures and company culture. At Monjasa, we still have some road ahead of us, but we have come a very long way in implementing these changes," Molholt said.

New Limassol office

The event also marked the official opening reception for Monjasa's new office in Limassol.

The bunker firm says the launch of an additional European trading office "sharpens Monjasa's service towards local customers and suppliers by offering a more personal business relationship".

"With only a short distance to meet in person with the integral Greek shipping community and other important Mediterranean markets, we are positive about future developments. Both when it comes to local reselling activities and making customers more aware of the opportunities they have for taking bunkers in one of Monjasa's physical supply areas," said Monjasa sales manager Theodoros Mitsingas.