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) |
