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Looking at the financial results, Endeavour Invest concluded 2024 with a revenue of USD 4.5bn (2023: 4.4bn) and a net result of USD 52m (2023: USD 113m), leading to an improved consolidated Group equity of USD 471m (2023: USD 437m).

Focusing on Monjasa Holding A/S, we continued to see a strong demand for Monjasa’s services throughout the year, confirming the company’s ability to observe and navigate risks and opportunities around them while maintaining a strong focus on the core business.

An important contributor to these financial results was led by Monjasa’s ability to respond positively to whatever challenges the day may bring. This is a true Monjasa strength and made possible by keeping a close eye on our overall cost base throughout the years.

Another factor contributing positively to the 2024 financial performance was the continued investments in Monjasa’s global fleet and logistics and fully integrating these with the marine fuels activities.

Investing in offshore wind logistics

In 2024, we also invested further in offshore wind logistics as CBED took ownership of the two new sister CSOVs, Wind Evolution and Wind Creation, sending the total fleet size up from one to three vessels. With

immediate market demand for both newcomers, CBED’s overall performance ended up exceeding expectations.

Looking ahead, we continue to see a strong demand for CBED’s services with all three vessels on charter contracts for the vast majority of 2025.

Multiple Holding investments

Multiple Holding ApS experienced another year of steady developments in activities spanning across first musical production to extended stem cells treatment research.

As such, AHA Creations successfully premiered its first large-scale musical production, the hit musical Wicked, in Fredericia and Copenhagen during autumn 2024.

Cell2Cure completed treatment of its first planned participants in the Autism I study to show safety of the treatments and indications of clinical effects of its stem cell treatments. At the same time, the company secured its Good Manufacturing Procedure (GMP) license issued by the Danish Medicines Agency and required to produce stem cell treatment products.

The Cell2Cure organisation developed from five to 12 colleagues, significantly strengthening the backbone of the company.

Expectations for 2025

Altogether, we remain confident about the course we have set. Several years of solid performances leave us in a very strong financial position to face future challenges. No matter what, we will continue to evolve our business by observing and navigating the markets and world around us, day by day.

In 2025, we expect a high degree of global trade volatility and a continuous slow-down of recent years’ historically strong shipping markets. However, by keeping this steady course, we expect 2025 to be another positive financial year for the Group with a net result in the range of USD 20-50m.

60 million tickets sold worldwide. The second highest-grossing musical in Broadway history. Performances in over 100 cities worldwide and numerous awards. Several million albums sold of the original Broadway soundtrack and still one of the biggest hits on both Broadway, in the West End and in all other cities where it is performed. WICKED is the musical of records.

In 2024, the musical could be experienced in Frederica, Denmark, when Fredericia Musicalteater in collaboration with AHA Creations, an Endeavour Invest company, was granted the rights to present a new spectacular version of the legendary musical about the witches of Oz. The performance premiered at both Fredericia Musicalteater and Copenhagen’s Tivoli Concert Hall in a co-production with Tivoli.

WICKED nominated for the 2025 Reumert of the Year

Director Thomas Agerholm’s production of WICKED took both the audience and critics by storm, with several media giving it five- and six-star reviews. The Danish Politiken, gave the musical an impressive five stars and wrote: “The musical fully lives up to its name: It’s wickedly good”.

Today, the extraordinarily critically acclaimed musical success WICKED, can boast a Reumert nomination for musical star Nanna Rossen, starring as one of the lead roles as Elphaba, in the category Singer of the Year.

WICKED sold abroad

Shortly after the curtain fell for the last time on the critically acclaimed musical experience WICKED at Fredericia Musical Theatre, the theatre could also reveal that the spectacular musical, produced by Fredericia Musical Theatre and AHA Creations, has been sold to Norway’s largest musical producer Scenekvelder.

Theatre Director of Fredericia Musical Theatre, Thomas Bay, and Artistic Director of AHA Creations, Martin Palme Skriver, jointly say about the sale: “It is a huge step for Fredericia Musical Theatre and for AHA Creations to bring WICKED outside Danish borders as well. We have long had a goal of making musicals that are not only world-class in terms of quality, but musicals that could also delight audiences outside this country, and the sale to Scenekvelder is clear proof that we are on the right track. We are incredibly proud of what we have already achieved together on the major musical productions – and we look forward to continuing this exciting adventure.”

2024 became another positive year for global marine fuels supplier, Monjasa Holding A/S, an Endeavour Invest company. In fact, it was the third-strongest year ever when looking at the financial performance.

The financial year was positively affected by a strong demand in both trading activities and across Monjasa’s own maritime logistics and supply chains. In particular, Monjasa continued to see a steady increase in demand from global customers, which includes the world’s largest shipowning companies benefiting from collaboration across Monjasa’s 16 international offices.

Another important contributor to the 2024 financial performance was the continued investments in Monjasa’s global tanker fleet and fully integrating these into the marine fuels activities. With the purchases of an additional three tankers, Monjasa Hunter, Monjasa Rover and Monjasa Master, the Monjasa fleet concluded the year with a total of 33 owned and chartered vessels deployed worldwide.

Monjasa Group CEO, Anders Østergaard:

“We are satisfied with the achieved results and to record a 4% volume increase despite the overall global trade slow-down. This shows that Monjasa continues to deliver the right quality and that our personal service is in demand by shipowners.

At a time where global trade confrontations and uncertainties are building up, we also take comfort in our stable customer base and diversified business and geographic presence across trading, shipowning activities, technical ship management and offshore logistics. This allows us to keep evolving Monjasa, but we need to keep our eyes wide open and focus on our adaptability and where Monjasa can make a real difference to the maritime industry.”

Supplying a record volume of 6.8 million tonnes

Monjasa concluded 2024 with a 4% increase in total volume which reached a record 6.8m metric tonnes (2023: 6.5m mts) of marine fuels supplied to shipowners and operators worldwide. With a net result of USD 65m (2023: USD 109m) the year concluded within expectations and led to an improved consolidated equity of USD 444m (2023: USD 411m).
The total volume of 6.8m metric tonnes sustains Monjasa’s ranking as the world’s 7^th largest global marine fuels supplier.

Worldwide, Monjasa’s total volume distribution was led by the Americas (35%), the Middle East & Africa (33%) and Asia (24%). 

Future outlook

Expectations for 2025 include a high degree of global trade volatility and a continuous slow-down of recent years’ strong shipping markets. However, several years of solid financial performances leaves Monjasa in a strong industry position to face future challenges. Overall, Monjasa expects 2025 to be another positive financial year with a net result in the range of USD 30-60m.

Highlights from 2022 Annual Report

Total revenue	USD 4.5bn (2023: USD 4.4bn)
Net result	USD 65m (2023: USD 109m)
Consolidated equity	USD 444m (2023: USD 411m)
Equity Ratio	55.6% (2023: 51.7%)
Total number of employees	605 (2023: 630)
Total number of supply operations	15,870 (2023: 13,962)

Fredericia Musicalteater and AHA Creations, in collaboration with Chief1 and the Danish “We Love” phenomenon, present a new original musical experience: WHAT IS LOVE – a We Love the 90’s musical.

On September 20, 2025, the year’s biggest 90’s party will come to Fredericia Musicalteater in the form of a new original musical, which pays tribute t o the biggest hits from the 90’s – the sound that defined a decade.

“Pump up the Jam”, “Sing Hallelujah” and “What is Love” – the sound of the 90’s is bigger than ever before, and now nostalgic, party-loving, 90’s fans can get the ultimate total experience when WHAT IS LOVE moves to Fredericia Musicalteater.

As the first of its kind, the musical delves into the 90’s music industry and tells the story of a time when young people started a music revolution and left their mark on the future.

The performance will be a spectacular celebration of the biggest hits of the 90s and an opportunity to relive the golden age of music – with love for music and each other at the centre.

More than a musical

Audiences should prepare for a unique musical experience where the boundaries between stage and audience merge.

In WHAT IS LOVE, the theatre is turned upside down – literally. The audience is invited right up close to the action, seated around the centred stage, as if they were at an intimate and stadium concert at the same time. Screens and lights surround the room and transmit the performance live, allowing the audience to experience the actors’ smallest movements and emotions in intense close-ups and varied visual expressions. This immersive experience creates a unique closeness that brings every emotion in the play for the audience – both in the most intimate moments and at the most epic party.

Led by Endeavour’s ownership of global marine fuels supplier, Monjasa, the company realised the second-best financial performance ever, which contributed to an all-time high consolidated equity of USD 437m.

An important contributor to Monjasa’s solid financial performance, was the ability to navigate the high market volatility and determination to continue strengthening the fleet. Overall, the Monjasa fleet of owned tankers increased from 12 to 14 during 2023, while the total number of tankers and barges deployed worldwide remained steady at 30.

Looking at the overall financial performance, Endeavour Invest concluded 2023 with revenue of USD 4.4bn (USD 5.5bn) and a net result of USD 113m (2022: USD 170m), which led to a significantly improved consolidated equity of USD 437m (2022: USD 327m). 

Selling RelateIT to twoday

Main developments in 2023 also included a farewell to a treasured Endeavour member, IT business unit, RelateIT. During August, we finalised the sale of all shares in RelateIT to Nordic IT Group, twoday. Under our ownership, RelateIT has grown to become a major player in Denmark within ERP solutions, with close to 200 colleagues working across six locations.

Offshore developments

Looking to the offshore wind industry, CBED, performed above expectations and demonstrated a strong business throughout the year. This also meant the right timing to invest, and in late 2023, CBED concluded the acquisition of two SOVs, Wind Evolution and Wind Creation, which were delivered to the CBED fleet in Q1-Q2 2024.

Overall, we foresee another busy year in offshore wind logistics with a continued strong chartering demand throughout 2024.

Multiple Holding investments

Multiple Holding experienced another year of steady developments in activities spanning across first musical production to extended stem cells treatment research. As such, AHA Creations revealed its first large-scale musical production, the hit musical Wicked, to premiere in Fredericia and Copenhagen, during autumn 2024.

Endeavour’s dedicated entity for stem cell treatment research, Endeavour Cells, initiated a process to further expand its involvement in Danish company, Cell2Cure. As of 3 January 2024, this process successfully enabled Endeavour Cells to become the majority shareholder in Cell2Cure and securing continued research funding.

During the year, Multiple Holding also increased its share of ownership in Danish football club, FC Fredericia, from around 20% to 42% as part of a capital expansion.

Expectations for 2024

Looking back at 2023, the year leaves us in a very strong financial position to face future challenges and opportunities such as the green shipping transition and global offshore wind developments.

No matter what, we will continue to evolve our business by observing and navigating the markets and world around us, day by day.

By continuing to attract and retain the right colleagues and staying personal with our customers and partners, we expect 2024 to be another positive financial year for Endeavour Invest with a net result in the range of USD 40-80m.

In another year of high volatility across the global shipping markets, Monjasa Holding, an Endeavour Invest company, continued to experience an increase in total volume and realised the second-best financial performance ever, which led to an all-time high consolidated equity of USD 411m.

In the marine fuels industry and across some of Monjasa’s core markets, this high volatility was felt through the changing maritime trade flows and operations. This was the case in the Americas where Monjasa successfully navigated the Panama Canal drought issues by providing new refuelling solutions to customers affected by the restricted number of transiting vessels. In the same way, towards the end of 2023, Monjasa adapted quickly and succeeded in matching supply and demand in West Africa, where the Red Sea security crisis caused a sudden spike in demand as container lines began rerouting millions of tonnes of cargo south of Africa via Cape of Good Hope. 

Supplying a record volume of 6.5 million tonnes

Monjasa concluded 2023 with a 2% increase in total volume which reached a record 6.5m metric tonnes (2022: 6.4m mts) of marine fuels supplied to shipowners and operators worldwide. With a net result of USD 109m (2022: USD 171m) the year concluded above expectations which led to a significantly improved consolidated Group equity of USD 411m (2022: USD 323m).

The total volume of 6.5m tonnes positions Monjasa as the world’s 7^th largest global marine fuels supplier.

Monjasa Group CEO, Anders Østergaard says:

“We have a truly extraordinary organisation which thrives on navigating new waters and thinking up unexpected solutions. In combination with strengthening our fleet of owned tankers with four acquisitions, this contributed significantly to our financial performance. In a historically strong tanker market, we gained advantage of controlling a larger part of our logistics and having this fully integrated in the marine fuels activities.

At the same time, we have been awarded more long-term contracts involving global fuel supplies to some of the world’s leading shipowners. We are of course pleased to see that our services and personal business approach are in demand from this important group of business partners. Altogether, we are very satisfied with this strong set of results and by more than doubling total equity during the past two years, the future is open for the Monjasa Group.”

Positive financial outlook

Today, the Monjasa Group consists of 600+ colleagues located at 14 international offices and at sea. By continuing to attract and retain the right colleagues and further developing its fleet and low-carbon fuel mix, Monjasa expects 2024 to become another positive financial year with a net result in the range of USD 40-80m.

Total volume	6.5m mts (2022: 6.4m mts)
Total revenue	USD 4.4bn (2022: USD 5.5bn)
Net profit	USD 109m (2022: USD 171m)
Consolidated equity	USD 411m (2022: USD 323m)
Equity ratio	52% (2022: 46%)
Fleet	30 tankers and barges (2022: 30 tankers)
Total number of supply operations	13,962 (2022: 13,425)
Total number of ports served	806 (2022: 817 ports)