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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.