Image credit: Monjasa

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Monjasa confirmed on Tuesday that it has secured full ownership of five tankers, with a total 37,500 deadweight (dwt), in a move that will see the bunker seller extend its control over the supply chain in key markets located in the Middle East, West Africa and the Panama Canal.

The five tankers - Aarhus, Accra, Amsterdam, Annie and Delhi - are built between 2004 and 2010 and vary in size between 3,798 dwt and 12,222 dwt.

Commenting on the acquisitions, Monjasa explained: "With global marine fuel logistics expected to be challenged on parameters such as flexibility and storage capacity due to the introduction of the new Very Low Sulphur Fuel Oil (VLSFO) products, Monjasa is active securing the right tonnage for its long-term bunker operations."

Group CEO Anders Østergaard remarked: "We are on the brink of bringing new low-sulphur fuel products to the market and the entire industry needs to adapt to a new multiple products demand. These five tankers can segregate between two and six different types of oil products [on board] and this contributes to making them an attractive investment for us. Coupled with an average age of 10 years[,] the tankers are fully ... furnished to handle the leap in quality required to perform bunker operations come 2020."

Monjasa pointed out that it had previously taken four of the vessels on bareboat charter and that their "high reliability" had led to the company's decision to finally acquire them.

On August 15, Monjasa took delivery of the first two tankers in Dubai, with the remaining vessels due to be delivered during the coming months.

The five ships are to be deployed in West Africa, the Panama Canal and the body of water that lies between Iran and the Arabian Peninsula.

Overall, Monjasa says it now currently controls some 20 tankers globally, of which 10 are fully owned. Having the right mix of chartered and owned tankers to ensure both operational and financial flexibility is considered a "priority" by the firm.

Rise in sales volume

As previously reported, Monjasa posted a year-on-year rise in sales volume of 0.6m tonnes, or 17 percent, to 4.1m metric tonnes in 2018. And the company says it is continuing to see a growing demand for its services, which is another reason for the decision to purchase the five tankers.

Towards the end of last year, Monjasa also said it expected to achieve a marine fuel volume increase of 200,000 metric tonnes in 2019 at its new supply location in Djibouti, where it was looking to disrupt the "status quo" in the Red Sea region and provide an alternative to the traditional Middle East bunkering locations of Suez and Jeddah.

Vessel details

Aarhus: 3,798 dwt. Built in 2009

Delhi: 3,802 dwt. Built in 2009

Accra: 8,839 dwt. Built in 2010

Amsterdam: 8,839 dwt. Built in 2009

Annie: 12,222 dwt. Built in 2004