Monjasa Delivers Positive Result for 2018
The 2018 Annual Report shows 17% increase in sales volume reaching 4.1m tonnes of marine fuels and a positive net result of USD 5m. Coupled with the entry of new banking partners and closer relations with oil majors, the Monjasa Group improved its business fundamentals during the year.
Despite a continuously challenged maritime shipping industry, 2018 was a good year for the Monjasa Group. Total sales volume increased by 17% reaching 4.1m metric tonnes across all core markets and most notably in the Americas (31%), Southeast Asia (25%) and Europe (23%).
Coupled with a higher average Brent oil price of USD 71 per barrel, total revenue increased to USD 2.1bn and the Monjasa Group reported a net result of USD 5m., which is in line with expectations.
The Annual Report also displays a high solvency ratio of 29% and consolidated group equity of USD 121m.
“2018 was a good year for the Monjasa Group. We succeeded to increase our sales volume significantly across all markets while at the same time improving our business fundamentals”, says Group CEO Anders Østergaard.
“We managed to expand our banking pool with two new partnerships to cater for our working capital needs in relation to our activities in the US and in the Middle East. At the same time, we accomplished to build close relationships with oil majors to secure future availability of low-sulphur products to meet the IMO 2020 regulations”.
“2018 was a good year for the Monjasa Group. We succeeded to increase our sales volume significantly across all markets while at the same time improving our business fundamentals.
Tomorrow’s success comes from extended transparency, getting all details right and daring to be rated by those around us. In these challenging shipping markets, I am pleased to say that Monjasa is in a good position in the global bunker industry”, says Østergaard.
Looking to the future, Monjasa will continue the push for quality and extended transparency on bunker purchases. The increasing regulatory framework across the shipping industry only confirms that the investments made to provide clear document trails are indeed relevant.
As such, Monjasa’s top priority is to offer a safe port for customers during the near-future transition towards more environmentally sound fuel products.
With the progress made in 2018, Monjasa firmly believes to have the right organisation and the operational and financial strength to secure positive developments in 2019.