Monjasa Appoints Anders Boutrup as New Head of Credit

Monjasa has appointed Anders Egelund Boutrup as Head of Credit, effective February 1, 2017.

Monjasa Group (Monjasa) Tuesday announced that it has appointed Anders Egelund Boutrup as Head of Credit, effective February 1, 2017.

"In a challenging shipping market environment, efficient credit management is important to support Monjasa’s focus on dealing with financially sustainable customers and suppliers.

Focused on the oil and shipping sectors, Boutrup is said to have developed his career at Danske Bank over the past 10 years.

"Throughout his career, Anders has acquired the right competencies within credit analysis, credit rating models, risk management, and strategy execution," said Svend Stenberg Mølholt, Monjasa Group COO.

"Anders will now be driving Monjasa’s global credit efforts with our existing team of regional credit managers positioned at our offices in the Americas, Europe, and the Middle East & Africa. His focus will be on optimising day-to-day credit management while also taking a further strategic approach to Monjasa’s key stakeholders, such as suppliers, banks, external credit analysts, and credit insurance."

Monjasa explains that the greater part of its customers are credit insured, with its credit risk portfolio diversified to ensure that the company's credit performance is not reliant on large exposure to individual customers or industries.

The company notes that its punctual credit assessment process saw Monjasa withdraw from granting trading credit to Hanjin Shipping Co. (Hanjin) six months before the South Korean shipping line filed for court receivership in August 2016.

As a result, Monjasa says it has recorded zero losses from Hanjin's collapse, and recorded no deterioration in realised credit losses in 2016.

"Coming directly from the banking sector, I am pleased to experience that the existing credit management system is well documented and meets the high quality standards expected by a global company," said Boutrup.

Last month, Monjasa said it was "leading the race" for improved quality bunker operations on a global level, having completed what the company described as "the industry’s most thorough independent testing, inspection, and certification" process.