Global marine fuel supplier Monjasa saw a 40% drop in its net profit in 2025, while bunker sales volumes remained around the all-time high set the previous year and the firm's consolidated equity set a new record.

The company, consistantly ranked by Ship & Bunker as one of the world's Top 10 bunker companies, saw net profit of $39 million last year, down from $65 million in 2024, it said in an emailed statement on Wednesday. Revenue slipped to $4 billion from $4.5 billion a year earlier.

2024's result had been the third-highest net profit in Monjasa's history.

In 2024's annual report, published a year ago, Monjasa had forecast a net profit of $30-60 million for 2025.

Consolidated equity - the net value of the firm attributed to its owners - jumped to a record $472 million, from $444 million in 2024. That left Monjasa's equity ratio at 64.7% last year, up from 55.6% in 2024.

Marine fuel sales volumes held steady at 6.8 million mt last year, keeping to a record high set the previous year.

The Americas took up 36% of the company's 2025 volumes, the Middle East and Africa 32% and Asia 22%. The respective shares in 2024 were 35%, 33% and 24%.

Margins for bunker trading have risen sharply this year since the outbreak of war in the Middle East at the end of February, but throughout 2025 they were considerably narrower, driven by increased competition from smaller trading firms. Slower global trade growth caused by fights over tariffs also limited bunker demand growth.

“We are satisfied with our financial performance in a year where global trade grew modestly and where momentum weakened as the year progressed," Anders Østergaard, group CEO of Monjasa, said in the statement.

"For Monjasa, this meant an overall muted global marine fuels demand.

"In such a year, we are pleased to keep evolving our global team of colleagues on land and at sea, strengthen our balance sheet and position ourselves well for future opportunities.”

The firm expects net profit in 2026 in the $120-150 million range, at least triple 2025's profits and the second-highest result in the company's history. The record was set in 2022, after the invasion of Ukraine drove sharp increases in all oil markets, and the company posted a $171 million net profit that year.