Monjasa buoyed by higher oil prices

Apr 13 2018

Monjasa Group reported a growth in revenue for last year to $1.4 bill ($1.2 bill in 2016) primarily caused by a 19% increase in oil prices.

The Group delivered EBIT of $7m ($-17 mill in 2016) and a net profit of $7 mill ($ -26 mill in 2016), which was in line with management expectations.


On the back of the improved financial performance, the Group’s consolidated equity grew to $124 mill ($ 114 mill in 2016) while the solvency ratio of 36.6% (36.2%) saw a further slight improvement.


In terms of volume, the Group supplied a total of 3.5 mill tonnes of marine fuels last year, compared to 3.8 mill in 2016.


Group CEO, Anders Østergaard commented: “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.


“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 sulfur 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,” he said.


Despite many uncertainties surrounding global trade developments in 2018, the Monjasa Group expects another positive result this year, the Group said. 


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