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Existing partner, Endeavour Cells ApS provides capital increase to Cell2Cure ApS and own thereby own 51% of the company.

In collaboration with Endeavour Cells, the capital increase will be used to further develop Cell2Cure’s stem cell products both technically, clinically and commercially.

Cell2Cure’s products will be made market-ready to promote treatment with stem cells within a number of diseases – both nationally and abroad.

In addition to the capital injected, the collaboration with Endeavour Cells includes an agreement on milestone payments and possible continued financing of Cell2Cure’s activities within a 5-year time frame.

In connection with the capital increase, owner of Endeavour Cells ApS, Anders Østergaard, will become the new Chairman of the Board in Cell2Cure.

Anders Østergaard, CEO Endeavour Invest:

“We are convinced that stem cells in the long term will provide a significant contribution to the treatment of many different disorders and diseases. Endeavour Cells is therefore pleased to continue the collaboration and with the capital increase, we ensure Cell2Cure’s is able to focus on the important and promising technical and clinical work in the coming years.”

Jens Kastrup, CEO & Clinical Director, Cell2Cure:

“Cell2Cure is pleased with the trust that Endeavour Cells shows in our team and stem cell concept by expanding the collaboration with this capital injection. The commercial and organisational expertise that is also added through the expansion will be of great importance for Cell2Cure’s opportunities to expand and further develop stem cell technology and stem cell treatment for many different diseases and patient groups in need of new treatment concepts.“

CBED expands fleet with two new SOVs: Wind Evolution and Wind Creation

The Danish shipowning company, CBED, an Endeavour Invest ApS company specialised in tailor-made offshore accommodation solutions for the offshore energy sector, acquires two new vessels. 

The two new SOVs, Wind Evolution and Wind Creation, are expected to be delivered end of Q1 2024 and join the CBED fleet which since 2008 have worked on 31 individual offshore wind projects in Northern Europe.  

Following delivery from seller, Dutch-based shipping company Vroon, both Wind Evolution (formerly Vos Start) and Wind Creation (formerly Vos Stone) will be dry-docked for refurbishing, name change and painting according to the CBED fleet design. They will be ready to take on new walk-to-work, IRM and subsea projects starting Q2 2024. The parties have chosen not to disclose the sales amount.   

Surge in demand for SOVs

Looking to the future, the coming decade is likely to bring unprecedented demand for vessels to service projects in the offshore sector. According to Clarkson’s latest market report, the offshore wind sector alone is expecting 30,000 turbines and foundations are to be installed by 2030, and the yearly installation rate is set to double from 700-1,000 per year to more than 2,000 per year from 2025 and onwards.

Already now, there is a gap in the market when it comes to the supply of necessary offshore logistics vessels, and as such also an expected surge in demand for Service Operation Vessels, such as CBED’s new fleet additions, Wind Evolution and Wind Creation.

Daniel Alon, General Manager, CBED:

“We have been looking for the right opportunity to expand our fleet for a long time, so we are very pleased to have sealed the deal on these two very modern sister vessels. We see a very strong market now, and looking ahead, there will be an even higher demand for high-quality, purpose-built SOVs like Wind Evolution, Wind Creation and of course our existing Wind Innovation. Adding these two SOVs to our fleet brings new opportunities for CBED to take in more projects across a wide range of offshore disciplines.”

Chief Executive Officer, Vroon Holding BV, Martijn Schouten, says:

“Vroon and CBED will work together towards a seamless handover of the vessels, which we are confident will continue delivering a high-quality service to the offshore energy industry for many years to come.”

Seamless operations in a home away from home

Being sister vessels, both Wind Evolution and Wind Creation have room to accommodate 60 clients living comfortably onboard. The customised walk-to-work vessels both have motion compensated gangways and Kongsberg DP2 systems, allowing for safe transfers to and from offshore installations. In addition, both vessels are equipped with 50 tonnes AHC and 5 tonnes 3D motion compensated cranes. 

Both vessels also include onboard offices and meeting rooms allowing for seamless operations, as well as offering leisure time activities such as a fitness room, cinema, TV lounge and gaming facilities.

For more information on CBED visit c-bed.com. 

AHA Creations and Fredericia Musical Theatre enter a new strategic collaboration with the aim of producing top-level musicals with a strong financial foundation.

Fredericia Musical Theatre announces a strategic collaboration with production company, AHA Creations, which aims to create unique musical experiences in Fredericia. Together, they intend to build and develop a world-class musical ecosystem, building upon the theatre’s successful musical heritage.

AHA Creations, an Endeavour company, is a modern production company at the forefront of innovative, story-led musicals on the international stage.

Setting the scene for world class musicals  
The Theatre Director at Fredericia Musical Theatre, Thomas Bay, and Artistic Director, Martin Palme Skriver at AHA Creations both see the collaboration as a decisive step forward:

“The theatre is now ready to take a big step towards becoming one of Denmark’s leading music producers. The theatre is already running well with strong artistic successes, and we are of course sticking to the new line we have laid out for Fredericia Musical Theatre with experimental musicals as well as musicals for children and young people. Through the collaboration with AHA Creations, the Theatre now gets the extra financial safety net it needs to go up a higher gear,” says Thomas Bay.

AHA Creations and Fredericia Musical Theatre will produce one major musical together per season from autumn 2024 and onwards. The musicals will either be completely new musical productions or international productions from Broadway or the West End. All performances will feature a combination of elements that are sure to captivate audiences. These include compelling storytelling, music of the highest quality, impressive scenography and costumes, and the best artists both on and behind the stage.

“We are very happy to enter into this collaboration with Fredericia Musical Theatre and I personally couldn’t imagine any better place to start our journey than in the city where I myself am from and was shaped by. With our experience, joy in telling stories and a strong financial foundation combined with the theatre’s long-standing musical culture and know-how in producing successful musicals, we are convinced that we can create something completely unique in Fredericia,” Martin Palme Skriver concludes.

The worldwide musical phenomenon WICKED becomes the first production
The first musical is the famous Broadway musical, WICKED, in a new and original version, with the great Danish musical talents Johanne Milland and Nanna Rossen in the two leading roles.

WICKED is one of the world’s best-selling musicals of all time. And the Danish audience can look forward to experiencing a new spectacular version of the legendary musical about the witches of Oz. The upcoming production of WICKED can not only be experienced in Fredericia, but also in Copenhagen. Fredericia Musical Theatre has, together with Tivoli, ensured that WICKED will also come to the capital, where Tivoli will be co-producer of the set-up in the Concert Hall.

The performance will first premiere at Fredericia Musical Theater on 18 September 2024, and from 11 October it can be experienced in Tivoli’s Concert Hall in a co-production with Tivoli in Copenhagen.

Building a strong musical ecosystem in Fredericia
To achieve the ambitious goals, Fredericia Musical Theatre and AHA Creations must continue building on the specialised flair within the musical genre, which the Musical Academy and the theater in Fredericia have built up over many years.

The overall ambition is to develop a musical ecosystem, which will ensure a foundation for top-class musicals and in the long term have a significant influence on the development of musical talent in Fredericia.

Find out much more about the musical WICKED and AHA Creations.

The Danish IT industry marks an important moment with twoday’s acquisition of Endeavour Invest portfolio company RelateIT. The acquisition marks a strategic expansion of twoday, enhancing its capabilities in delivering digital transformation solutions across Europe. 

RelateIT, known for its expertise in Microsoft Business Central, brings to the table an impressive portfolio of enterprise resource planning (ERP) services. This move positions twoday as a formidable entity in the IT sector, offering comprehensive services across the Microsoft tech stack.

Commenting on the transaction, Anders Østergaard, Endeavour Invest CEO, noted that the sale of RelateIT was a “significant milestone in Endeavour’s M&A activities and a strong testament to the Group’s capabilities in developing new business entities.”

Enhancing Capabilities and Reach

The synergy between twoday and RelateIT promises to extend the range of services offered to twoday’s clients. With over 1000 employees in Denmark and a total of 2700 across the Nordics and Lithuania, twoday’s workforce has experienced a significant increase, with the transaction bringing a further 180 employees to the Nordic IT group.

RelateIT’s addition enhances twoday’s ability to provide holistic IT solutions, covering every aspect of the IT landscape. This integration not only augments twoday’s technical capabilities but also expands its reach in the market. The combined strengths of the two companies are set to offer clients a more diverse range of IT solutions, particularly in ERP and Microsoft technologies.

Monjasa Holding A/S, an Endeavour Invest ApS company, has achieved its strongest year to date, with a combination of historically strong shipping markets, high volatility and disrupted global trade flows contributing to a dynamic marine fuels market.

The marine fuels supply chain was put to the test in ports around the world. However, through an effective combination of organisation and maritime operations, Monjasa was able to support customers and suppliers during critical moments. For Monjasa, this meant gaining market share at higher margins, reflecting the increased volatility and imbalance in supply and demand.

Sustaining a Global Top 10 Position

The year concluded with a record-high activity level and a total volume of 6.4m tonnes (2021: 5.7m mts) of marine fuels supplied to shipowners and operators worldwide, total revenue of USD 5.5bn (2021: USD 3.2bn) and a net result of USD 171m (2021: USD 22m).

In fact, from supplying 3.5m tonnes in 2017, Monjasa has increased total volume by 83% in five years and sustained a solid position among the world’s top 10 largest marine fuel suppliers.

Endeavour CEO, Anders Østergaard shares

“We are very satisfied with the achieved results and to record a 12% volume increase during a year of highly imbalanced oil and shipping markets. For Monjasa, the past year has been all about supporting our customers by matching the fast-shifting supply and demand in key shipping hubs around the world – with our end-to-end logistics and fleet of 30 vessels as a decisive enabler.    

Monjasa’s organisation builds on the ability to observe and navigate the world and markets around us. Last year, we saw how this approach along with strong internal collaboration resulted in Monjasa being more in demand than ever before. In combination with our significantly improved financial foundation, this puts Monjasa in a favourable position to keep exploring important industry agendas such as the green shipping transition together with our partners.” 

A Future of Sustainable Partnerships 

Thanks to a unique position in the value chain between fuel producers and end customers, Monjasa is determined to contribute actively to the decarbonisation of shipping by becoming an enabler of future fuels. During 2022, Monjasa expanded into new supplier networks and delivered biofuels to the shipping industry in the Middle East and the Americas and entered into a collaboration to promote long-term green ammonia availability in Europe. Looking ahead, Monjasa will continue building relations and forming new partnerships minding the short, medium and long-term future fuels demand.

A Positive Financial Outlook

Monjasa continues to demonstrate an industry-leading solvency ratio of 46% (2021: 31%) and more than doubled return on equity during the past year. In addition, Monjasa decided to repay all long-term debt obligations as of February 2023. At the same time, Monjasa has maintained and expanded credit facilities during 2022 and is thereby well-prepared to accommodate future expansion and new supply areas.

In 2023, Monjasa expects another positive year with a financial net result in the range of USD 40-80m.

Highlights from 2022 Annual Report

Total volume	6.4m mts (2021: 5.7m mts)
Total revenue	USD 5.5bn (2021: USD 3.2bn)
EBIT	USD 186m (2021: USD 29m)
Net profit	USD 171m (2021: USD 22m)
Consolidated equity	USD 323m (2021: USD 155m)
Solvency ratio	46% (2021: 31%)
Fleet	30 tankers and barges (2021: 23 tankers)
Total number of supply operations	13,425 (2021: 12,266)
Total number of ports served	817 (2021: 737 ports)

The bunker industry, integral to global maritime operations, has remained a dynamic and competitive arena. In 2023, the landscape of top bunker companies reflected a blend of established giants and emerging players, reflecting the industry’s evolving nature.

Ship and Bunker compiled a list of the top 10 bunker companies, with Monjasa standing out for its continuous developments, coming in at #7 globally.

Co-founded in 2002 by Endeavour Founder & CEO, Anders Østergaard, Monjasa has shown remarkable growth, catapulting itself into the top ranks of the industry. With a sales volume of 6.4 million metric tons, Monjasa’s rise is not just a story of numbers but a commitment to quality and personal service. Its operations, spanning multiple global offices and an expanding fleet, underline its dedication to meeting the diverse needs of its clientele.

As the industry continues to face challenges ranging from market volatility to environmental regulations, the 2023 landscape of top bunker companies tells a story of resilience, innovation and adaptability, while serving as a reminder of the dynamic nature of the bunker industry. With each company bringing its unique strategy and vision, the industry is poised for continued growth and green transformation, setting the course for a new era in maritime fuel supply.

For more information, visit the Ship and Bunker article here.