Monjasa Saw Record Volumes, Revenues and Profits in 2022

by Ship & Bunker News Team
Tuesday May 23, 2023

Global marine fuel supplier Monjasa saw its bunker volumes, revenues and profits all reach a new record high in 2022.

The firm saw volumes of 6.4 million mt in 2022, up by 12.3% on the year, it confirmed in an emailed statement on Tuesday. Revenues climbed by 71.9% to $5.5 billion, while profits surged by 677.3% to $171 million.

All three figures were the highest in the company's history, a company spokesman told Ship & Bunker.

The bunker industry as a whole saw a sharp increase in profit margins in 2022 as geopolitical turmoil left prices at record highs. World Fuel Services, the world's second-largest marine fuel seller by volumes, saw income from its marine operations jump by 651.2% on the year to $155.5 million.

"For Monjasa, the past year has been all about supporting our customers by matching the fast-shifting supply and demand in key shipping hubs around the world – with our end-to-end logistics and fleet of 30 vessels as a decisive enabler," Anders Østergaard, CEO of Monjasa, said in the statement.

"Monjasa's organisation builds on the ability to observe and navigate the world and markets around us.

"Last year, we saw how this approach along with strong internal collaboration resulted in Monjasa being more in demand than ever before.

"In combination with our significantly improved financial foundation, this puts Monjasa in a favourable position to keep exploring important industry agendas such as the green shipping transition together with our partners."

The firm expects a lower profit -- though still higher than 2021's level -- of $40-80 million this year, it said.

Monjasa's solvency ratio increased to 46% in 2022 from 31% the previous year. It carried out a total of 13,425 supply operations, up from 12,266 in 2021, and its bunker deals covered 817 ports, up from 737 the previous year.

Monjasa is ranked 7th on Ship & Bunker's list of Top 10 Bunker Companies for 2023.