Theodoros Mitsingas, general manager for the Mediterranean at Monjasa. Image Credit: Monjasa

Global marine fuel supplier and trading firm Monjasa has seen volumes growth of more than 10% in the Mediterranean market since 2020.

The firm has now been involved in the region for almost ten years, opening its Cyprus office in 2017. The company is out in force at this week's Posidonia event, having been active at this event since 2014, with more than 30 staff attending this year.

Sales in the Mediterranean totalled 250,000 mt last year, up from 150,000 mt in 2024 and matching 2023's total.

"We have experienced double-digit volume growth in the last five years across a diversified business portfolio - and servicing a total of 95 regional ports in 2025," Theodoros Mitsingas, general manager for the Mediterranean at Monjasa, said in an interview with Ship & Bunker.

"Besides the more traditional tramp shipping segments, we are now also servicing major cruise and containers lines as well as navy ships."

That double-digit growth in the Mediterranean since 2020 - meaning growth of at least 10% - compares to the firm's 19.3% global volumes growth over the same period.

The more mature bunker markets of the Mediterranean are unlikely to deliver the same growth as emerging markets in the Middle East and Asia, but provide the company with reliable returns.

"The Mediterranean market is well positioned from a supply perspective, it’s a steady market where volumes and business can be well forecasted, In years of geopolitical stability at least," Mitsingas said.

"What we do see is that forming part of a company that owns logistics and physical operations across
shipping hubs and niche markets leads to new and untraditional solutions for our customer - and subsequent further growth opportunities.

"In addition, regulatory change requires more logistical flexibility, so we are observing the market in that respect too."

Growing Headcount

The firm has steadily expanded its staff in the Mediterranean over the past decade.

"There has been positive developments across the board, evolving from an initial three colleagues in Limassol to 16 while opening our Athens office in 2021, which is now home to seven colleagues which brings a total of 23 Monjasa colleagues today in the Mediterranean," Mitsingas said.

"These developments are closely linked to an increasing demand for our services in the Mediterranean ports where we serve customers from across the Monjasa Group as well as our regional customer base."

Having two offices in the region has led to a more comprehensive view of the market, Mitsingas said.

"Being locally present with two offices located in Limassol and Athens offers a much greater understanding of regional supply chains and logistics," he said.

"It provides us a whole different perspective on how we understand the market needs and sentiments that in turn allows us to better forecast and prepare accordingly to offer the right solutions."

Mediterranean ECA

The Mediterranean market is now one year on from the launch of the region's 0.1% sulfur emission control area for bunker fuel, which has delivered significant changes in demand for various fuel grades.

"We see more demand for LSMGO, and a modest increase in discussion around biofuel availability," Mitsingas said.

"The most notable changes since the launch of ECA relate to the dynamic environment of delivery premiums and an increasing appetite from shipowners and charterers to discuss procurement strategy beyond the spot market - a role that we believe that our current organisation matches well."

One of the more surprising reactions to the launch of the Mediterranean ECA was the rapid emergence of a ULSFO market, in particular in the Eastern Mediterranean, when ECAs elsewhere have generally not produced much demand for ULSFO. But sales of this fuel grade in the Mediterranean are unlikely to expand much further, Mitsingas argued.

"If we were to look at grade demand development in phases then I would argue that ULSFO has reached its peak during the first phase," he said.

"A potential second phase would depend on volume commitment from the customers' side and logistics on the supply side.

"Some operators are skeptical on the technical side of the grade, and opt for the comfort of LSMGO instead, considering the price differential is not as great as one would expect.

"With several fuel grades in demand, it is only in isolated cases we see the supply side offering all grades, with most suppliers opting out of either HSFO/ULSFO.

"So while ULSFO demand has a growth trajectory due to the Mediterranean ECA, that is alongside strong LSMGO demand and persistent HSFO consumption from scrubber-fitted vessels."

Other Regulations

Europe as a whole also faces a slew of other regulations beyond those limiting sulfur content. 

The biggest developments in recent years have been the introduction of shipping to the EU Emissions Trading System in 2024 and the launch of FuelEU Maritime in 2025.

In Northwest Europe these GHG regulations have prompted the emergence of a small market for biofuel bunker blends, but this has yet to happen at the largest Mediterranean ports. High prices are likely to have been a problem here, among other factors, Mitsingas said.

"The cost of biofuels is still a deterrent to building momentum," he said.

"Looking beyond costs, the variations in biofuel quality, sourcing, and storage needs means most operators remain cautious.

"Therefore I don’t foresee significant biofuel demand in the Mediterranean at this stage, at least not in terms of materially challenging conventional fuel grades."

Another regulation changing the picture in Europe has been the implementation of RED III. This year the implementation of the directive in the Netherlands, ahead of other EU states, has helped to drive some demand away from Rotterdam and towards Antwerp.

Monjasa expects similar disruption in other markets as the regulation is gradually rolled out in different ways across the continent, Mitsingas said.

"We would expect some level of fragmentation," he said.

"We could see some countries impose distinct marine fuel supplier obligations and others moving more slowly in enforcement or application.

"We may see lifting patterns change, and costs increasing due to elevated logistical costs and infrastructure.

"These changes in lifting patterns may be intra-Mediterranean or could affect the Mediterranean market volume as a whole vis-à-vis other markets in the vicinity."

While Rotterdam and Antwerp have made the use of mass flow meters mandatory for their bunker markets this year, Mitsingas argued there is little pressure to do the same at Mediterranean ports any time soon.

"The absence of gross and severe quantity claims decelerates both the narrative and the intention from the market to establish it bottom-up," he said.

"The extent to which port authorities shall enforce it top-down is unknown.

"When we look at areas where MFM has been established such as Singapore, a burning platform with increased quantity claim ratio was present."

Sanctions Compliance Complexity

Monjasa's customers in the Mediterranean are starting to become more sophisticated in their approach to avoiding any potential sanctions compliance problems, Mitsingas said.

"Customers are being more curious, asking more questions, when lifting products in non-conventional Mediterranean ports where pricing could be more appealing," he said.

"We experience that bunker procurement desks are more willing than before to actively engage in discussions on voyage planning and long-term supply agreements to hedge their exposure."

Monjasa was one of the first major bunkering firms to address the potential sanctions implications of the war in Ukraine in February 2022, halting all business with Russia as of February 25. This included immediately suspending the purchase of oil products of Russian origin.

In the Mediterranean, Monjasa's approach to sanctions rests on a detailed view of the market built up over a long period.

"It’s all about truly knowing your counterpart," Mitsingas said.

"We engage in detailed KYC processes and have internal checks and balances in place to ensure that our subcontractors are compliant.

"We have been working with the same suppliers for decades now, most of which are either major or state-owned, so in this respect that is a natural mitigation of risk.

"In addition, the business we do is at anchorage or in port, where local customs clearance is required for the product coming into the respective ports.

"Altogether, this approach provides comfort in terms of compliance."