EMEA News
Monjasa: Smaller Fleet, Better Utilization
Danish bunker company Monjasa believes it is sitting pretty having posted a $7 million profit for 2017.
And while the push to consolidate, frequently cited by bunker industry observers as the logical response to tightening margins, might unsettle some executives, Monjasa says it has no plans in that direction.
"We aren't thinking much about consolidation," said chief financial officer Kenneth Henrik as quoted by maritime news provider Shippingwatch.
"We don't see ourselves as an acquisition target, nor do we find it particularly appealing to go in and buy at the moment," he added.
In Henriks' view, the biggest bunker suppliers have low, single digit market shares at best, which only underlines the market's fragmented state.
The group's positive result has been achieved on the back of better fleet utilization, Monjasa's fleet falling from 25 to 20 vessels over the last year and a half.
Yet the company was able to deliver almost the same amount of volume.
"This has been achieved through improved and smarter fleet utilization," Henriks said.
Monjasa's margins grew in 2017 while the company experienced a small setback in traded volumes, of 7-8%.
"This is a little less than what we have seen among our competitors, who have been out publishing their 2017 figures. On that front, we believe that we can make a good comparison," he said.
