In another year of high volatility across the global shipping markets, Monjasa Holding continued to experience an increase in total volume and realised the second-best financial performance ever, which led to an all-time high consolidated equity of USD 411m.

In the marine fuels industry and across some of Monjasa’s core markets, this high volatility was felt through the changing maritime trade flows and operations. This was the case in the Americas where Monjasa successfully navigated the Panama Canal drought issues by providing new refuelling solutions to customers affected by the restricted number of transiting vessels. In the same way, towards the end of 2023, Monjasa adapted quickly and succeeded in matching supply and demand in West Africa, where the Red Sea security crisis caused a sudden spike in demand as container lines began rerouting millions of tonnes of cargo south of Africa via Cape of Good Hope.

Supplying a record volume of 6.5 million tonnes

Monjasa concluded 2023 with a 2% increase in total volume which reached a record 6.5m metric tonnes (2022: 6.4m mts) of marine fuels supplied to shipowners and operators worldwide. With a net result of USD 109m (2022: USD 171m) the year concluded above expectations which led to a significantly improved consolidated Group equity of USD 411m (2022: USD 323m).

The total volume of 6.5m tonnes positions Monjasa as the world’s 7th largest global marine fuels supplier.

Monjasa Group CEO, Anders Østergaard says:

“We have a truly extraordinary organisation which thrives on navigating new waters and thinking up unexpected solutions. In combination with strengthening our fleet of owned tankers with four acquisitions, this contributed significantly to our financial performance. In a historically strong tanker market, we gained advantage of controlling a larger part of our logistics and having this fully integrated in the marine fuels activities.

At the same time, we have been awarded more long-term contracts involving global fuel supplies to some of the world’s leading shipowners. We are of course pleased to see that our services and personal business approach are in demand from this important group of business partners. Altogether, we are very satisfied with this strong set of results and by more than doubling total equity during the past two years, the future is open for the Monjasa Group.”

Positive financial outlook

Today, the Monjasa Group consists of 600+ colleagues located at 14 international offices and at sea. By continuing to attract and retain the right colleagues and further developing its fleet and low-carbon fuel mix, Monjasa expects 2024 to become another positive financial year with a net result in the range of USD 40-80m.