Monjasa Reports Second-Highest Profits in Firm's History in 2023 as Volumes Climbed

The firm saw strong volumes gains in the Americas and Asia last year, offset by declines in Northwest Europe and the Mediterranean. Image Credit: Monjasa

Global marine fuel supplier and trading firm Monjasa reported the second-highest profits in its history for last year -- declining from 2022's record level -- as its delivered volumes saw a small gain to a new high.

The firm saw a profit of $109 million for 2023, down by 36.3% from the $171 million reported the previous year, it said in an emailed statement on Tuesday. Revenue dropped by 20% to $4.4 billion.

Monjasa sold a total of 6.5 million mt of marine fuels last year, up by 2% from 2022's level and a new record for the company. The company's number of supply operations rose by 4% on the year to 13,962, meaning its average stem size slipped by 2.3% on the year to about 466 mt.

"We have a truly extraordinary organisation which thrives on navigating new waters and thinking up unexpected solutions," Anders Østergaard, CEO of Monjasa, said in the statement.

"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."

Monjasa was listed in seventh place in Ship & Bunker's Top Ten Bunker Companies for 2024 report.

Geographical Volumes Breakdown

The company saw the largest volumes growth in outright terms in the Americas last year, where sales climbed by 250,000 mt to 2.9 million mt.

In Asia the company's sales rose by 200,000 mt to 1.2 million mt, while in the Middle East and Africa they advanced by 50,000 mt to 1.8 million mt.

In Europe the company saw a reduced footprint, with sales in Northwest Europe dropping by 200,000 mt to 350,000 mt and in the Mediterranean falling by 100,000 mt to 250,000 mt.

Monjasa's top ten supply areas in 2023 were  -- in order of magnitude -- Balboa, Singapore, Cartagena, Jebel Ali, Cristobal, Houston, Lome, Khalifa Port, Port Klang and Dubai.

The top areas for 2022 were Balboa, Singapore, Jebel Ali, Cristobal, Lome, Houston, Cartagena, Fujairah, Port Klang and Congo.

Emissions

Monjasa reported indirect scope 3 emissions -- mostly from the use of the fuel it sells -- at 25.4 million mt in 2023, up by 3% on the year.

"Looking ahead, we will continue to focus on how we can contribute to minimising our scope 3 emissions in cooperation with our customers, by providing low-carbon fuels options," the company said in its annual report.