This is a legacy page. Please click here to view the latest version.
Thu 16 Apr 2020, 12:42 GMT

Monjasa beats expectations with $26.5m profit


Higher sales volume offset by fall in average crude price.


Anders Østergaard, Monjasa Group CEO.
Image credit: Monjasa
Bunker supplier and trader Monjasa has confirmed that it achieved a net profit of $26.5m in 2019, which the firm says was 'above expectations'. The result represents an increase of $21.6m on the previous year's figure of $4.9m.

In the Danish bunker group's latest annual report, earnings before interest and taxes (EBIT) rose year-on-year by $27.8m, from $8.3m to $36.1m.

Revenue of $2.191bn was slightly up on the $2.073bn figure posted in 2018, whilst total supply volume jumped 400,000 tonnes, or 9.8 percent, to 4.5m tonnes.

Key Performance Indicators: 2015-19

Year Net Profit ($m) Revenue ($m) Sales Volume (MMT)
2015 24.0 1,602 4.2
2016 -26.0 1,159 3.9
2017 6.8 1,407 3.5
2018 4.9 2,073 4.1
2019 26.5 2,191 4.5

Sales volume increase

The Americas region posted Monjasa's most significant sales volume increase of 35 percent, reaching 1.15m tonnes, or 25.6 percent of overall sales.

The group's top-selling bunker port last year was Balboa in Panama. The top 10 supply locations included four ports in Africa; two in both Panama and the UAE; and one in Singapore and the United Kingdom, respectively.

Top-selling bunker ports, 2019

Ranking Port Country
1 Balboa Panama
2 Lomé Togo
3 Singapore Singapore
4 Cristobal Panama
5 Fujairah UAE
6 Jebel Ali UAE
7 Port Gentil Gabon
8 Portland UK
9 Pointe-Noire Republic of Congo
10 Takoradi Ghana

The effect of crude oil prices on revenue

Monjasa reflected in its annual report that revenue in 2016 and 2017 had been negatively affected by lower average crude prices compared to 2015.

In 2019, meanwhile, the group's higher sales volume had been offset by an annual drop in the average price of Brent crude, from $71 to $64 per barrel.

Evaluation of performance and outlook

Discussing the results, Group CEO, Anders Østergaard, remarked: "We are proud to present this strong set of results for 2019. A special year leading up to one of the most defining moments in global shipping since the shift away from coal a century ago."

Monjasa noted that during the transition to lower-sulphur fuel, the company's objective had been to enable the smoothest possible transition for its customers. This was done by acquiring further ownership of the logistics surrounding its marine fuel operations and cultivating IMO 2020 technical knowledge across supply chain relations.

Østergaard observed: "For Monjasa, this much-anticipated shift to the more environmentally friendly marine fuels meant that our role of matching supply and demand with logistical solutions, became a critical factor across the shipping industry.

"Through extensive preparations together with our business partners, including suppliers, our oil terminals and fleet operations, Monjasa ended up strongly positioned to respond to a highly volatile market. The result was an increasing demand for our products and services, and a successful transition for our customers."

In terms of the group's financial position, Monjasa pointed out that it added four dedicated trade finance banks to its existing banking pool in 2019 and increased its overall credit facilities by an additional $160m.

Consolidated group equity increased to $135m and the solvency ratio was 29 percent.

Commenting on the outlook, Monjasa said: "Given the unfolding global Covid-19 health situation, 2020 will be another demanding year for most global industries, including the maritime. However, confirming a solid position among the world’s top-10 marine fuel suppliers in 2019, Monjasa remains confident of representing a safe port for new and loyal customers throughout 2020 as well."


Methanol bunker fuel delivery. World Fuel Services and West Coast Clean Fuels launch methanol bunkering across US ports  

First over-the-water methanol delivery completed in South Florida with Coast Guard-approved procedures.

Valerie Ahrens. Burando Energies appoints Valerie Ahrens as global head of methanol  

Ahrens brings more than 30 years of energy sector experience to the marine fuels supplier.

New Sea Generation (NSG) logo. New Sea Generation seeks junior bunker trader in Greece  

Greek bunker firm advertises role requiring commitment to demanding work schedule and operational responsibilities.

Person signing a document. IINO Lines secures sustainable shipping finance for methanol dual-fuel VLCC  

Japanese shipowner signs impact financing agreement with Mizuho Bank for alternative-fuel tanker.

Fluxys logo. Fluxys Belgium reports EUR74.9m profit as LNG flows surge and hydrogen infrastructure begins  

Belgian gas infrastructure operator’s 2025 net profit fell 8.8% amid hydrogen and CO₂ investments.

VPS logo. Shale oil components detected in Singapore marine fuel | VPS  

VPS testing identifies 90,000 mt of delivered VLSFO containing Estonian shale oil compounds.

Constantinos Capetanakis, Star Bulk. IBIA chair completes two-year term, citing expansion in regulatory engagement and membership  

Outgoing chair to remain on Global Board and lead Future Fuels and Bunker Buyers’ working groups.

Aerial view of a container vessel. LNG and methanol investments risk becoming 'dead ends' for shipping decarbonisation, UCL study finds  

Research warns transitional marine fuels may lock in fossil infrastructure rather than enabling an ammonia pathway.

Vitalii Protasov, GENA Solutions Oy. Protasov: Renewable fuel supply could meet shipping demand, but offtake agreements remain a barrier  

GENA Solutions CEO highlights project pipeline growth but warns regulatory uncertainty hampers investment decisions.

Frontier Venture vessel. Wah Kwong takes delivery of first LNG-ready LR2 tanker with Bureau Veritas SMART notation  

Frontier Venture is first in newbuild series to achieve Group 3 'augmented ship' capabilities.


↑  Back to Top