Rasmus Ravnholdt Knudsen, CFO, Monjasa. Image Credit: Monjasa

• Middle East crisis driving strong demand growth in West Africa and Panama as Fujairah disruption redirects volumes
• 64.7% equity ratio described as competitive advantage in high oil price environments
• 80% of headcount growth tied to expanded in-house crew management via Montec
• Tokyo office part of long-term organic push into Japan and surrounding region
• Alternative fuel demand still falling short of expectations despite infrastructure investment

With 6.8 million tonnes of marine fuel supplied across 111 countries in 2026, Monjasa sits comfortably as a regular in Ship & Bunker’s list of Top Ten of global bunker companies.

Yet its Group CFO, Rasmus Ravnholdt Knudsen, is quick to put that in perspective.

The total bunker market is estimated at around 250 million tonnes, he notes, which means Monjasa serves less than three percent of that demand.

That context shapes how the Danish company approaches growth: carefully, organically, and an emphasis on being close to the customer rather than chasing scale for its own sake.

With the company expecting to see its profits more than treble this year on improving margins, forecasting a net profit for 2026 in the $120-150 million range, Monjasa would almost certainly be in a position to capitalise on any opportunities that presented themselves.

And as Knudsen notes, “there is definitely growth potential in the sector.”

Ship & Bunker spoke to Knudsen following the release of the company's 2025 annual report, in which Monjasa posted a more modest net profit of $39 million on revenue of approximately $4 billion - a year the CEO described as one of "steady course despite muted demand."

A Balance Sheet Built for Volatility

Perhaps one of the clearest signals of that steadiness is Monjasa's equity ratio.

The company closed 2025 with $472 million in equity representing 64.7% of total assets, a level the company itself describes as very high for the shipping industry.

For those in bunkering, a strong balance sheet such as this is also a commercial tool.

"Our balance sheet and equity ratio show how financially strong the Monjasa Group is," Knudsen said, "and it brings advantages across our business segments, from financing extended trading activities during times of high oil prices, to tonnage acquisition and overall fleet optimisation."

In practical terms, that means Monjasa can extend credit and carry positions in high-price environments where more leveraged competitors face tighter constraints.

This is a distinction that becomes particularly relevant in markets like the one the industry is navigating in 2026.

The Hormuz Effect: West Africa and Panama Step Up

Following the US and Israel’s first attacks on Iran in late February 2026 and effective closure of the Strait of Hormuz for most marine traffic, Monjasa has seen a notable reshaping of bunker demand that includes increased activity levels in both West Africa and Latin America.

"The availability issues that followed the disruptions at the Fujairah bunkering hub means that demand in West Africa is significantly higher than before February 28," Knudsen said, adding that the dynamic is less about vessels re-routing and more about logistics and product availability.

Panama, where Monjasa operates six vessels on both sides of the Panama Canal, has witnessed similar uplift.

The disrupted trade flows have made the location an increasingly important refuelling point, both for customers who have experienced supply problems in Asia and for those acting pre-emptively.

"In combination with more ships transiting, this has resulted in increased sales and important growth rates in the area," Knudsen said.

2025 Growth: People and Fleet

Monjasa's headcount rose from 678 to 745 employees in 2025, growth of around ten percent in a single year, and a meaningful investment for a company that places considerable emphasis on culture and personal relationships.

Around 80% of that increase, Knudsen explained, relates to expanded ownership of crew management across the Monjasa fleet, handled through the company's in-house technical ship management subsidiary, Montec.

"We are confident that recruitment and education of seafarers through our in-house technical ship management company, Montec, will strengthen the link between shipowning and long-term operational reliability," he said.

The remaining 20% represents new hires across Monjasa's global office network.

Japan and the Long Game in Asia and Beyond

Asia already accounts for 22% of Monjasa's total supply volumes, and the opening of a Tokyo office in 2025 signals a deliberate push to deepen that presence.

Knudsen described the reception from the Japanese shipping community as “very warm”, and that there is a "strong alignment between Monjasa's values and the local culture, not least by emphasising on making our business personal.”

The company plans to continue expanding its presence in Japan and the surrounding region through further recruitment, including trainees.

“We believe in growing organically, protecting the culture that makes us who we are - and by observing and navigating the world around us day to day,” Knudsen said.

“This approach has helped establish Monjasa as a top 10 global bunker supplier.”

Of course, many of the top bunkering companies will also be eyeing opportunities for growth this year, albeit with varying ideas on how best to capitalise on them.

For Monjasa, Knudsen says the company's strategy “remains to be very close to the market, personalise our business, and follow the demand and market opportunities that arise.

“We believe that Monjasa is a very agile company. With our size and flat organisation, we can quickly change gears and establish new value chains for our customers.”

Alternative Fuels: Infrastructure Without the Demand

One area where significant expansion appears less likely in the short term is in alternative fuels.

Monjasa has been an active early mover in alternative marine fuels, delivering what it describes as the first-ever marine biofuels in the UAE, Peru, Colombia, and Panama, building the full supply chain from producers through blending and certification to ship-to-ship delivery.

The results have been underwhelming relative to the investment.

"We are still not seeing the demand that we could expect," Knudsen said.

The pattern is similar with LNG: Monjasa was among the first to explore LNG bunkering in the Middle East, but concluded the operation could not be made permanent given the absence of sufficient demand and unfavourable price structures relative to conventional fuels.

As for what's needed to prompt Monjasa back into considering alternative fuel expansion, Knudsen sees the path forward as depending on two forces moving in parallel: regulatory frameworks that create the right incentives, and the natural evolution of the market.

Left unsaid is when those two forces will converge.

On the pricing side, at least, conditions have shifted materially since Monjasa last assessed its LNG operations: when the company announced the reevaluation a year ago, according to Ship & Bunker data LNG in fuel-oil equivalent terms at Rotterdam stood at a $173.50/mt premium to VLSFO; by May 6, 2026 it stood at a $28/mt discount.

The regulatory picture is a different matter. MEPC 84 ended not only without consensus on a global framework, but having had to contend with calls to scrap regional schemes such as the EU Emissions Trading System (EU ETS) entirely.