Camilo Angulo Ferrand is trading director for Americas at Monjasa. Image Credit: Monjasa

• BIRE approval opens Cartagena to oil majors and charterers requiring vetted tonnage
• Some of those customers previously did not consider Cartagena an option
• Monjasa has built a vertically integrated presence across Colombia’s bunker supply chain
• The company sees the setup supporting longer-term growth in Cartagena
• Local sourcing remains central to its Colombia operation

Global marine fuel supplier and trading company Monjasa’s move to vertically integrate its participation across Colombia’s marine fuel supply chain, alongside BIRE approval for two of its Cartagena barges, is part of a wider commitment to the country, the company says.

"Our increased ownership across the supply chain is intended to support long-term growth in Cartagena, in line with our broader commitment to Colombia," Camilo Angulo Ferrand, Trading Director, Americas at Monjasa, told Ship & Bunker.

Angulo Ferrand was responding to questions from Ship & Bunker after Monjasa announced last week that its Cartagena barges Roma 101 and Roma 304 had passed the oil majors' BIRE vetting inspection.

The company also described itself as the first international marine fuels company to operate across the full supply chain in Colombia.

"In practice, Monjasa controls the fuel from sourcing at the oil well or refinery through storage and blending to the final ship-to-ship delivery, contracting directly with each party in the chain rather than through intermediaries," he said.

"This has been built up over a number of years, not introduced overnight," Angulo Ferrand said.

"This integration was driven by the need for compliant sourcing, and by the wish to apply the same Monjasa quality and service standard to Colombia specifically, covering the marine fuel itself, the vessels we deliver with, and the organization behind the operation."

The setup is also intended to give bunker buyers in Cartagena greater reliability of supply, he noted.

"For a buyer at Cartagena, this translates into greater consistency and reliability of supply, and a higher, verifiable quality standard, reinforced by BIRE certification of our fleet."

Angulo Ferrand also added the BIRE approval could help it reach customers it was previously unable to serve in Cartagena.

“BIRE certification opens the door to serving oil majors and charterers who require vetted tonnage, a segment that didn’t consider Cartagena as an option before,” Angulo Ferrand added without putting a figure on the potential demand from the segment.

Local Production

Monjasa has been active in Latin America for some 15 years, with Colombia and neighbouring Panama two of the notable markets where it has held a long time presence.

There, it built on its earlier trading presence with physical supply in Panama in 2015, followed by Colombia.

Monjasa later made its first VLSFO delivery at Cartagena in October 2019 with two vessels and shore tanks, and has since built a Colombian biofuel supply chain with local partners.

Despite their proximity, Angulo Ferrand sees different supply structures in the two countries, and that shapes how it approaches each.

"Panama and Colombia operate under distinct market infrastructures, representing entirely different scales and dynamics: Panama relies fully on imported fuel, while Colombia is driven by domestic production. Our resource allocation in Colombia therefore extends beyond working capital,” he said.

"By prioritizing local content across our goods and service stakeholders, we're building a resilient, integrated supply chain, one that allows us to establish a highly specialized organization tailored to the unique requirements of Colombia's oil supply chain."

That domestic base also means Monjasa's Cartagena supply will not be directly affected by a prolonged Iran war, Angulo Ferrand said.

"We do not suffer supply disruptions given our long-term crude/refining contracts, which is one of the strengths of working with local content.

"Volatility can be present, but at least our availability will not be directly impacted by the conflict."

Demand

Demand in the region has become considerably more volatile this year, with Cartagena competing alongside Panama, the Caribbean, and the US Gulf, he said.

Changes in Panama Canal transit capacity are among the causes, he said.

"Shipping is a highly dynamic market, and this year we're seeing demand swings for a number of reasons, including changes in Panama Canal transit capacity."

"We're positioned to meet demand increases as needed across all grades, particularly lower-carbon options such as the biofuel blends we've offered since 2022," he added.

FuelEU-Driven Biofuel Demand Yet to Reach Colombia

Monjasa made its first biofuel delivery in Latin America in 2022, and in 2023 established biofuel supply capacity of 5,000-7,000 mt/month for B20 and B30 in Colombia, mainly for cruise lines.

Indeed, in 2025 the company announced it had conducted a series of biofuel bunker supplies with Norwegian Cruise Line Holdings in Cartagena as the cruise line looked to ramp up its biofuel use.

But while FuelEU Maritime and EU-ETS rules have given a boost to biofuel sales in some international markets, Ferrand said the impact on Colombia remains limited.

“FuelEU Maritime does keep supporting demand from Europe-bound voyages generally, but that demand isn't yet reflected in Colombia, given the kind of trades and clients in this market," Angulo Ferrand explained.