« Insights & News


Monjasa seals US financing deal with JP Morgan

Credit facility to be used to cover the firm's activities in the US following 62.5% growth in the Americas.



The 8,200-dwt African Sprinter operates off the coast of Namibia, and is one of around 10 vessels deployed by Monjasa in West Africa. Image credit: Monjasa


Updated on 05 Nov 2018 16:22 GMT

Monjasa has announced that it has closed a new credit agreement with J.P. Morgan Chase in a deal that has been secured on the back of positive sales volume developments across the Americas.

The financing is to be used to cater for the firm's working capital requirements in relation to its growing activities in the US and "is in line with the Group's ambition to partner up with top tier trade finance banks," Monjasa said.

"We are very pleased to welcome a new partner in J.P. Morgan Chase Bank N.A. to the Group's banking pool. This new credit agreement caters for Monjasa's working capital needs in relation to our growing US business and is fully in line with the Group's ambition to partner up with top tier trade finance banks," remarked Rasmus Knudsen, Head of Treasury and Trade Finance.

The new credit agreement is already operational, Monjasa added.

Americas sales volume growth

In the space of 12 months, between 2016 and 2017, Monjasa notes that quantities sold in the Americas increased by 250,000 tonnes, or 62.5 percent, to 650,000 tonnes.

The company launched its first trading office in Stamford, Connecticut, back in 2011, and in 2015 established a physical presence for supply operations and bunker trading in Panama City.

"By sourcing oil products exclusively from the largest commodity trading houses and introducing customers to an operating model backed by ISO standards, it has been possible to establish a prominent position as physical supplier in the Panama Canal," Monjasa explained.

Annual report

As previously reported, in Monjasa's annual report for 2017, the business swung into profit with a net income of $7m as revenue climbed $0.2bn, or 16.7 percent, to $1.4bn.

Consolidated group 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.





Glander posts reduced profit of $18.5m

CEO lauds company's 'agility' and lists achievements during pandemic.

D'Amico to test biofuel's decarbonisation potential

Project involving vessel trials to examine possible reduction in CO2 emissions.

Bunker One to supply biofuel in Danish straits

Supplier 'three to four weeks' away from being ready to make biofuel commercially available.

GAC in Tacoma tie-up with Puget LNG

Cooperation to supply LNG from Tacoma terminal to GAC's customers in the Pacific Northwest.

Samskip extends commitment to biofuel bunkers

Shipowner reveals plan to use biofuel on more of its vessels in 2021.

Monjasa posts profit and volume rise in 2020

Annual report shows positive financials despite disruption to global maritime trade flows.

Gasum starts biogas delivery trials to Finnish Border Guard

Product sourced from biogas plant in Turku, Finland, and liquefaction facility in Risavika, Norway.

World's first hydrogen cargo vessel set for Paris launch

Plan to have newbuild running on hydrogen by the end of 2021.

Bunker One launches St. Croix supply operation

Company claims it is now the leading independent bunker supplier in the Caribbean.

Monjasa lauds new time-saving Panama bunker service

'Pioneering' tanker operation off Cristobal is said to reduce idle time by 24 to 48 hours.