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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)

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.