Monjasa Hails Financial Turnaround Following "Robust Performance" for 2017

Thursday April 12, 2018

Following a self-described "very unsatisfying" result for 2016, Monjasa today said 2017 was a turnaround year for the group.

In comments released alongside its annual report today, the bunker supplier said for 2017 it had lifted revenue to $1.4 billion (compard to $1.2 billion in 2016) thanks primarily to a 19% increase in oil prices, and perhaps more importantly posted a net profit of $7 million - a $33 million swing from the $26 million loss in the previous year.

Supplied bunker volumes dipped slightly to 3.5 million tonnes in 2017 compared to 3.8 million tonnes in 2016.

"Like most of our peers, we can conclude that 2017 was yet another challenging year in global shipping. That is why I am particularly satisfied with our Group performance. We have spent the year moving closer to our business and offering improved quality to customers taking bunkers in markets where Monjasa is already an established supplier," said Group CEO, Anders Østergaard.

"Looking ahead, I believe that everyone in our industry needs to demonstrate extended transparency in their operations. Not least considering IMO's upcoming global regulations on high sulphur fuel in 2020. At Monjasa, we still have some road ahead of us, but we have come a very long way on documenting the quality of our bunker operations across sourcing, shipping and supply. Together with our improved financial performance, this is Monjasa on the right course."

Monjasa says it expects another positive result for 2018.