Monjasa Holding managed to successfully navigate the disrupted global fuel markets in 2020. The year concluded with a 9% increase in total volumes and a net profit of USD 30m.

Adapting to a year of great contrasts

2020 was a year of great contrasts for Monjasa. The year commenced with a successful IMO 2020 transition to more environmentally friendly marine fuels across the oil and shipping industries. By offering a safe port for customers throughout this anticipated industry event, Monjasa experienced a high activity level across all markets.

The remainder of the year was characterised by disrupted maritime trade flows following the evolving COVID-19 pandemic. As a direct consequence, the global market for marine fuels decreased substantially. Despite this overall development, Monjasa’s services and products were more in demand than ever and Monjasa recorded an increase in volumes in each month of 2020 compared to 2019 levels.

Becoming a leading global supplier

Concluding on 2020 numbers, the Annual Report shows a slight decrease in total revenue to USD 2bn (USD 2.2bn) due to a significant decrease in average oil price levels, Group operations (EBIT) of USD 34m (USD 36m) and a net profit of USD 30m (USD 26.5m), which is above expectations. Monjasa Group consolidated equity amounts to USD 136m and a solvency ratio of 41%. Total volumes increased by 9% to 4.9m metric tonnes (mts) (4.5m mts). Since 2017, Monjasa has increased total volumes by 40% and according to industry analysis ranks as the 6th largest global marine fuels supplier*.

Group CEO, Anders Østergaard comments:

“During a year of unseen events, Monjasa’s highest priority was to ensure health and safety for our employees and uninterrupted supply of marine fuels to the shipping industry. We succeeded in providing a safe working environment and despite the disrupted maritime trade flows, we recorded an increasing demand for our services and products.

Monjasa’s response to these challenges reflects our organisational and maritime capabilities in matching supply and demand no matter the circumstances. Together with our strong financial results, Monjasa is in a very solid position to face future industry challenges and financial requirements.”

The Americas and Southeast Asia leading the way

Monjasa experienced the most notable positive developments in the Americas and Southeast Asia. Led by high activity levels in the Panama Canal and across the US, the Americas region recorded a 22% quantity increase and reached a total volume of 1,400,000 mts for the year. Likewise, a soaring demand for Monjasa’s services across Southeast Asia, and particularly in the Port of Singapore, enabled an 80% volume increase to 900,000 mts across the region.

Challenging yet confident outlook

For 2021, Monjasa foresees increasing global trade uncertainties which are likely to keep changing trade flows and oil demand. To which extent this will impact the overall maritime industry and Monjasa is still unknown, however, Monjasa remains confident of another positive financial result in year 2021.

*Source: Top 10 Bunker Companies for 2021 publication by Ship & Bunker and SeaCred