CEO Anders Østergaard said Monjasa was well-positioned for IMO 2020. Image Credit: Monjasa
Bunker supplier Monjasa saw a more than fivefold increase in its profits in 2019, as well as a 10% rise in sales volumes, the company said Wednesday.
Profit jumped to $26.5 million for 2019 from $5 million a year earlier, the company said in an emailed statement.
Sales volumes rose to 4.5 million mt, from 4.1 million mt a year earlier.
The company saw the strongest sales growth in the Americas, with a 35% gain to 1.15 million mt.
The transition into the new IMO 2020 regulations proved a profitable one for Monjasa, CEO Anders Østergaard said in the statement.
"Through extensive preparations together with our business partners, including suppliers, our oil terminals and fleet operations, Monjasa ended up strongly positioned to respond to a highly volatile market," Østergaard said.
"The result was an increasing demand for our products and services, and a successful transition for our customers."