Home Cyprus Monjasa acquires Golden-Agri Stena tanker for Middle East operations

Monjasa acquires Golden-Agri Stena tanker for Middle East operations

Oil and shipping group, Monjasa, acquires the oil and chemical tanker Monjasa Server (9,600-dwt) from Golden-Agri Stena. The vessel is set for cargo and bunkering operations in the Arabian Gulf by November 2020.

During unprecedented times and continuous challenging global shipping markets, Monjasa records increasing demand for its marine fuel solutions compared to previous years. In combination with tightening regulatory frameworks across the industry, deployment of quality tonnage is increasingly relevant to ensure compliance and flexibility.

OWNERSHIP OF MARITIME LOGISTICS

Formerly known as the GS Adventure, the Monjasa Server strengthens Monjasa’s marine fuel operations across the Middle East, which currently consist of four tankers ranging between 4,000 and 10,000-dwt.

Equipped with deepwell pumps and five tank segregations allowing multiple fuel grades onboard, Monjasa Server increases operational flexibility. Capacity-wise she matches demand for transporting oil cargoes from the Fujairah bunkering hub to Monjasa’s main markets across Dubai, Abu-Dhabi and Sharjah ports, as well as performing ship-to-ship refuelling operations.

“We have seen how the IMO 2020 sulphur cap sparked further market interest in how the new fuel products are being sourced, shipped and supplied.”

In 2019, Monjasa supplied 600,000 tonnes of marine fuels across the Middle East – equivalent to 13% of Monjasa’s 4.5m tonnes total volume.

GROUP CEO, ANDERS ØSTERGAARD:

”During the past years, we have actively pursued additional ownership of the supply chain through an increasing percentage of owned tonnage across our fleet. We have seen how the IMO 2020 sulphur cap sparked further market interest in how the new fuel products are being sourced, shipped and supplied. This most recent acquisition fits well with our ambitions and matches market demand in terms of cargo capacity and high technical specifications.”

BALANCING A FLEET OF OWNED AND CHARTERED TANKERS

Overall, Monjasa controls some 20 tankers globally of which 11 are fully owned. It remains a priority to have the fleet composed by the right mix of chartered and owned tankers to ensure both operational and financial flexibility across the Monjasa Group.

FACTS ABOUT M/T MONJASA SERVER

Type: Oil and chemical tanker
Year built: 2009
Dwt: 9,600
LOA: 117.60m
Beam: 19m

The Monjasa Group Annual Report 2019 revealed total revenue of USD 2.2bn, a net result of USD 26m and consolidated equity of USD 135m.