Photo credit: Monjasa / Anders Østergaard, the owner & Group CEO

Danish bunker supplier Monjasa has booked its best-ever profit despite the highly imbalanced oil and shipping markets.

The bunker group said the combination of a historically strong freight sector, high volatility and disrupted global trade flows contributed to a dynamic marine fuels arena, affecting Monjasa positively.

The marine fuels supply chain was put to the test in ports around the world, however, Monjasa was able to support customers and suppliers during critical moments. For the company this meant gaining market share at higher margins reflecting the increased volatility and imbalanced supply and demand.

The company has posted a total revenue of $5.5bn last year compared to 2021 figure of $3.2bn and a net profit of $171m also compared to 2021 which reached $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, as the company claims.

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

Anders Østergaard, the owner & Group CEO commented: “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.”

As the top management explains the significantly improved financial foundation of the company puts Monjasa in a favourable position to keep exploring important industry agendas such as the green shipping transition.

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.