World News
Monjasa Doubles its Line of Credit, Says it's a "Vote of Confidence in the Bunkering Industry"
Monjasa Group (Monjasa) Tuesday announced it has nearly doubled its existing credit facilities, a move it says gives a "vote of confidence in the bunkering industry" as a whole.
The new revolving credit facility is for the first time structured and arranged by Netherlands-headquartered ABN AMRO Bank as coordinator and agent, in close cooperation with Monjasa's existing long-term Scandinavian financial partners Sydbank and Nordea.
"By nearly doubling the existing credit facilities and introducing a new strategic partnership with internationally recognised ABN AMRO Bank, the Monjasa Group is set to continue its strong growth," the company said.
The new working capital will be used to focus on core-business, including oil trading and supply, terminal operations, agency, and ship-owning activities on a global level, it added.
Kenneth Henriks, Group Chief Financial Officer at Monjasa, said the new facility represented an important milestone for the Group.
"I am delighted to announce these extended credit facilities and I warmly welcome the future collaboration with ABN AMRO Bank. We appreciate the vote of confidence in the bunkering industry and in particular in Monjasa's business model and leading position within compliance," said Henriks.
"ABN AMRO Bank has a strong track-record of doing successful business in the energy and commodities industries and we expect much of this new strategic partnership.
"Besides a considerably extended credit frame, the most important features of the new agreement encompass a high level of flexibility and unique opportunities for co-developing in accordance with Monjasa's growth. Thus, Monjasa Group considers this agreement an important milestone and the beginning of a long-term strategic partnership."
In June Monjasa announced the expansion of its business activities into oil trading.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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