Author: cbtmonjasa-com

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The Monjasa Holding A/S Annual Report 2025 shows a positive net result of USD 39m and an all-time high consolidated Group equity of USD 472m.

In another year characterised by geopolitics shaping global shipping, Monjasa’s marine fuels activities delivered a total volume of 6.8m tonnes – on par with the Group’s largest reported volume in 2024.

Across its core business activities, trading and supply operations continued to serve global customers reliably. While the Group’s trading activities proved very dynamic, supply operations were more directly exposed to the muted global demand and a less favourable tanker market. A balanced fleet of owned and chartered vessels made it possible to respond quickly to changing market dynamics and Monjasa concluded the year with a total fleet size of 28 vessels (2024: 33) deployed worldwide.

Monjasa Group CEO, Anders Østergaard:

“We are satisfied with our financial performance in a year where global trade grew modestly and where momentum weakened as the year progressed. For Monjasa, this meant an overall muted global marine fuels demand. In such a year, we are pleased to keep evolving our global team of colleagues on land and at sea, strengthen our balance sheet and position ourselves well for future opportunities.”

A truly global maritime partner

Monjasa’s core strength lies in serving shipowners and operators globally through one commercial entrance and a single global brand – Illustrated by 16,741 successful supply operations carried out across 877 ports in 2025.

To further support this ambition, Monjasa opened its 15th international office in Japan, expanding the Group’s presence in Asia and supporting closer integration of Monjasa’s global maritime services.

During the year, Monjasa also made a strategic decision to fully integrate crew management into the Group’s core business. By taking full responsibility for the recruitment and education of seafarers through its technical ship management company, Montec, the Group strengthened the link between shipowning and long-term operational reliability.

Increasing consolidated Group equity

Monjasa reported total revenue of USD 4bn in 2025 (2024: USD 4.5bn). The year resulted in a net profit of USD 39m (2024: USD 65m) and led to a further strengthening of the Group’s balance sheet, with consolidated equity increasing to an all-time high USD 472m (2024: USD 444m).

These results lifted Monjasa’s equity ratio to 64.7% (2024: 55.6%), underlining the Group’s financial resilience and long-term stability.

Future outlook

Following the eruption of the Middle East crisis in late February 2026, Monjasa experiences the disrupted global trade flows, strong tanker markets and imbalanced supply and demand first-hand. These factors contribute to a highly dynamic marine fuels market compared to 2025 levels.

Overall, Monjasa expects 2026 to be another positive financial year, with a projected net result in the range of USD 120-150m.

Annual Report 2025 – at a glance

• Total revenue: USD 4bn (2024: USD 4.5bn)
• Net profit: USD 39m (2024: USD 65m)
• Consolidated equity: USD 472m (2024: USD 444m)
• Equity ratio: 64.7% (2024: 55.6%)
• Total supply operations: 16,741 (2024: 15,870)
• Total number of employees: 745 (2024: 678)

 Download the full report and get an overview of facts and figures here.

Global top 10 marine fuels supplier, Monjasa, has been named an official NATO fuel provider following a tender submission last year.

The contract was awarded by the NATO Support and Procurement Agency (NSPA) to Monjasa’s Danish entity, Monjasa A/S, and comprises fuel deliveries across a total of five Areas of Operations (AOOs).

Framework contract already operative

Monjasa is pleased to announce the new and already operative collaboration with the NSPA. The contract is part of a framework for the supply of marine fuels to ensure that NATO forces have the necessary fuel resources available across the designated geographical areas covered by the contract. 

The contract runs for an initial fixed period of one year plus an additional two-years option.  

“Meeting the right quality standards is a prerequisite for winning specialised international tenders.”

Delivering consistent high service levels 

“Meeting the right quality standards is a prerequisite for winning specialised international tenders. This new contract award comes on the back of years of investments in our logistics and in establishing a modus that supports extended documentation requirements and overall transparency. Our aim is to deliver consistent high service levels and maritime operations matching the demand from our global partners,” says Ulrik Østergaard, General Manager Northwest Europe.

Reseller and own maritime logistics

As part of the contract, Monjasa will be providing fuel services to NATO in the capacity of reseller and through Monjasa’s own maritime fleet operations.

With 16 international offices and a fleet of 35 tankers and barges, Monjasa supplied marine fuel products across a total of 784 ports worldwide in 2024.   


For more information about Monjasa’s approach to quality management, please see our dedicated Health, Safety, Environment & Quality (HSEQ) page.  

On 15 September 2025, nine fresh trainees officially kicked-off the 8^th consecutive edition of the Monjasa Oil & Shipping Trainee (MOST) programme by attending their first classes at the Danish Shipping Education in Copenhagen.

The recruitment process leading up to this year’s batch of trainees showed more young people applying to become part of the programme. As such, 2025 stands out with a total of 1,530 applications received worldwide – a notable surge of 97% compared to an average of 777 yearly applications during the years 2020-2024.  

This year, the MOST programme includes locations in Singapore, Dubai, Copenhagen, Fredericia, Panama, Houston and New York.

Unique opportunity to build an international career in shipping

“We are excited to see this surge in applications for the MOST programme. Shipping holds unique opportunities to build an international career, experience new cultures and personally connect with people in every port. 

With no obvious recruitment channels for trading marine fuels, we build upon influx of new talent and this year we have further targeted and enhanced our global recruitment campaigns. We also believe that the overall awareness of the MOST programme is increasing year on year within the industry. It is building its reputation to be a great launchpad for a maritime career with its combination of hands-on experience and academic learning,” says Group HR Director, Tracy Palm.   

MOST 2025: Who is who?

• Keane Wong​, Trader in Singapore
• Leonidas Bang, Trader in Dubai
• Kevin Joshua Naidoo, Operator in Dubai
• Nicolaj Østergaard Andersen, Trader in Copenhagen
• Jonathan Jacobsen​, Trader in Fredericia
• Mads Harders Pedersen, Trader in Fredericia
• Diego Cohen Henriquez, Trader in Panama
• George Englehart​, Trader in Houston
• Alexander Smith, Trader in New York

Enrolment in the Danish Shipping Education

MOST is a global two-year programme that offers broad knowledge about the shipping industry through the enrolment in the Danish Shipping Education and hands-on experience in how Monjasa fuels global trade.

Candidates accepted into the MOST programme also become part of two global rotations across Monjasa offices in Dubai, Denmark, Panama, Singapore, China and USA. This provides everyone with a unique understanding of different business contexts and cultures and gradually develops and prepares the candidates for a life in global shipping.   

Overall, the MOST programme currently numbers 21 enrolled trainees representing 10 Monjasa offices worldwide.

You can learn more about the MOST programme here.

2024 became another positive year for global marine fuels supplier, Monjasa Holding A/S. 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.

Annual Report 2024 highlights

• 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)

You can download the full report and get an overview of facts and figures here.

Global top 10 marine fuels supplier, Monjasa, delivered a total of 900 metric tonnes (mts) of marine biofuels to the NYK operated vessel, Hestia Leader, in the Port of Cristobal, Panama on 2 February 2025.

This ship-to-ship operation was performed by the Monjasa Thunder (19,991 dwt) and marked the first ISCC-certified biofuels supply in Panama and the establishment of a scalable 2^nd generation marine biofuels supply chain. This setup is capable of supplying a total of 5,000-7,000mts monthly.

Most recently, on 24 March 2025, the Panama Canal Authority announced the introduction of a NetZero Slot designed to support and reward shipowners and operators on their journey towards decarbonisation.  

“The Panama Canal authorities have a strong agenda to promote these green initiatives, and we are pleased to challenge the status quo and actively support these efforts.”

General Manager Latin America, Jonas Bruslund:

“The introduction of biofuels in Panama has progressed slower than in major bunkering hubs like Singapore or Rotterdam, mainly due to lack of local feedstock and customer commitments. However, we have now developed a viable strategy with a longstanding business partner to ship biofuels products from Europe for the benefit of shipowners operating in the Panama Canal area. The Panama Canal Authority has a strong agenda to promote low-carbon fuels and higher energy efficiency and we are pleased to challenge the status quo and actively support these efforts.”

Drop-in fuels for immediate emission reductions

As the shipping industry strives to decrease its environmental footprint, biofuels offer a short and mid-term solution for reducing carbon emissions. Biofuels thereby represent an accessible option for shipowners to comply with the increasing shipping regulations, Energy Efficiency Existing Ship Index (EEXI) and the annual operational carbon intensity indicator (CII).

In the Americas, Monjasa has already established biofuels partnerships across the port of Callao in Peru and in Cartagena, Colombia.

ISCC-certified feedstock and operation

As an ISCC-certified partner, Monjasa allows all involved parties to trace feedstock used to produce biofuels from the point of origin to the end consumer. On this first supply in Panama, the B30 product consisted of 30% Fatty Acid Methyl Ester (FAME) and 70% Very Low Sulphur Fuel Oil (VLSFO).

Monjasa still awaits the shift away from sporadic biofuels inquiries to a broader pick-up in demand. Until then, Monjasa aims to continue establishing a string of global biofuels supply locations to support the shipping industry in meeting IMO’s 2050 climate change commitments.

More information

Monjasa established local maritime logistics in 2015 and today the company manages seven vessels in the Panama Canal.

Please contact our team in Panama to learn more about our biofuels services across the Americas.

Global oil and shipping group, Monjasa, announces further expansion across Asia with a new permanent office location in Tokyo, Japan.

Monjasa has been a well-established partner to the Asian shipping industry since 2008 with three current offices located in Singapore, Ho Chi Minh City and Shanghai.

The decision to establish Monjasa’s 16^th international office in Japan is propelled by the company’s increasing activity with Japanese customers as well the country’s overall positive developments across the shipping industry. Out of the world’s top shipowning nations, Japan continues to control the world’s highest-valued fleet, led by gas carriers across the LNG and LPG segments.

“Altogether, we are confident that entering the Japanese market with genuine respect and industry-leading governance, we are strengthening our service offerings, not only in Asia, but as a global shipping partner.”

Managing Director Asia, Morten Østergaard Jacobsen:

“We are very ambitious about our new daily presence in Tokyo. We are here to match supply and demand locally and at the same time offer Monjasa’s own maritime logistics in key shipping hubs such as the Panama Canal and the Middle East. Altogether, we are confident that entering the Japanese market with genuine respect and industry-leading governance, we are strengthening our service offerings, not only in Asia, but as a global shipping partner,” says Managing Director Asia, Morten Østergaard Jacobsen.

Monjasa will be providing a fuel mix of Very Low Sulphur Fuel Oil (VLSFO), Marine Gas Oil (MGO), High Sulphur Fuel Oil (HSFO) as well as alternative fuels such as biofuels and LNG.     

Monjasa appoints Japanese Senior Trader

As part of this market expansion, Monjasa has hired Jun Inoue, who is joining as Senior Trader:

“With more than two decades of industry experience working with the Japanese shipping markets, I am eager to introduce Monjasa’s worldwide fuel solutions from Tokyo. In this market, personal relationships, loyalty and local expertise are crucial for successful trading and this is what we aim to bring,” says Jun Inoue. 

Bringing vast experience from shipping company “K”-Line and most recently energy company BP, Jun Inoue has already started working from Monjasa’s new office, which is located in the business district nearby the Tokyo Station.

As part of this market expansion, Senior Trader, Jonas Andersen, will also be relocating from Monjasa’s office in Singapore to Tokyo as part of the new team.   

New office address
Monjasa G.K.
Level 27, Tokyo Sankei Building
1-7-2 Otemachi Chiyoda-Ku 
Tokyo, Japan 100-0004 

Global top 10 marine fuels supplier, Monjasa, is pleased to announce the United Arab Emirates’ and the Middle East region’s first LNG bunkering, which took place on 4 January 2025 at Dubai Harbour Cruise Terminal B together with Costa Cruises, part of Carnival Corporation. 

On this occasion, the Monjasa operated LBV Green Zeebrugge went alongside the Costa Smeralda (185,000 GT) cruise line vessel and successfully delivered around 3,000 cubic meters of LNG.

Issuing first LNG bunkering permits in Dubai

On 18 December 2024, Monjasa initially announced the charter of the LBV, Green Zeebrugge (5,000 cubic metres), for operations in the United Arab Emirates.

About a week later, on 26 December 2024, Green Zeebrugge arrived in Dubai waters following the departure from Amsterdam in November. The vessel was inspected by the authorities in Port Rashid on 27 December 2024, and the official bunkering permits were issued to Monjasa by the Dubai Maritime Authority & Dubai Ports Authority.

Looking ahead, Monjasa will continue the close collaboration with the UAE authorities, energy companies and shipowners on further developing adequate LNG bunkering infrastructure for the benefit of the increasing dual-fuelled merchant fleet.

Monjasa Group CEO, Anders Østergaard:

“We are excited about this first successful supply operation and to pioneer LNG as a new marine fuel option in the UAE. However, reaching this milestone was only possible through the close collaboration of our forward-thinking partners at Carnival and Costa Cruises, ADNOC L&S and the UAE’s federal and local authorities, who are constantly embracing maritime innovation. Together, we are all striving to position the UAE as a leading shipping hub in alternative fuels too.” 

Capt. Ibrahim Al Blooshi, CEO of Dubai Ports Authority:

The regulatory entity overseeing port operations across Dubai, a subsidiary of the Ports, Customs, and Free Zone Corporation (PCFC):

“This milestone marks a pivotal step in our journey toward sustainability and reinforces our commitment to pioneering eco-friendly initiatives in the maritime sector. By leading the way with Dubai’s first LNG bunkering operation, we are setting a new benchmark for environmental responsibility while positioning our port as a global leader in sustainable maritime practices”

 Chartering additional ADNOC L&S floating storage unit  

At the same time, ADNOC Logistics and Services, a global energy maritime logistics leader, has agreed chartering out a suitable LNG carrier to Monjasa for a period of nine months as a Floating Storage Unit (FSU). ADNOC L&S are investing significantly in its LNG fleet to ensure safe and efficient operations to support the energy transition.

Through this unwavering support from ADNOC L&S, Monjasa thus welcomes the Shandong Juniper (72,740 dwt), which will join the Monjasa fleet by mid-January 2025.

By serving as FSU and performing cargo operations, the Singapore-flagged Shandong Juniper becomes a key component in tying together Monjasa’s new operations.

This first LNG supply operation is the outcome of Monjasa’s close collaboration with the UAE Ministry of Energy and Infrastructure (MOEI) and Dubai Maritime Authority & Dubai Ports Authority (PCFC) and Dubai Habour.

Please contact our team in Dubai to learn more about our marine fuels services in the UAE. 

Global top 10 marine fuels supplier, Monjasa, expands further into the US Gulf, following five years of maritime operations in the Port of Houston.

As part of this new operation, Monjasa has agreed charter terms for the tanker, MT Stenheim (16,626 dwt), with immediate effect.

Monjasa is already a well-established shipping partner operating three barges across the Greater Houston Area and currently delivering 35,000-40,000 metric tonnes of marine fuels monthly.  

 In-port and offshore flexibility

The Port of Houston continues to grow its importance as trade gateway for the state of Texas, and the U.S. as a whole, and recent years of infrastructure developments have led to more larger vessels calling the port and increased cargo volumes.

Monjasa’s new offshore US Gulf operation focuses primarily on the larger vessel segments across the oil, chemical and gas tankers that cannot necessarily access the bunkering locations in the Houston Ship Channel.

Besides this added flexibility for shipowners, Monjasa also highlights the importance of product quality across the US Gulf area, as the company continues sourcing its fuel products from vetted major suppliers only. 

We are building on our local knowledge and strong supplier partnerships to add further flexibility for the increasing ship traffic in the area.

Trading Manager Americas, Anastasios Manalis, says:

“We are building on our local knowledge and strong supplier partnerships to add further flexibility for the increasing ship traffic in the area. Besides getting the logistics right, we are well aware that the marine fuel quality continues to be an important parameter in the US Gulf area. By seizing ownership across sourcing, shipping and supply, we will match the increasing demand for multiple product testing and bring the highest possible fuel quality standard to the offshore US Gulf too.”

Monjasa expects key supply locations to include Galveston Offshore Lightering Area (GOLA), Southwest Pass (SWP), South Sabine Pass and Offshore Corpus Christi.

As part of the new operation. Monjasa will start supplying Very Low Sulphur Fuel Oil (VLSFO) and Marine Gas Oil (MGO) from the MT Stenheim tanker.

Facts about MT Stenheim

MT Stenheim is SIRE vetted and brings an experienced crew when it comes to handling ship-to-ship bunkering operations in the US Gulf environment.

• IMO: 92611114
• Flag: Gibraltar
• DWT: 16,626
• Year built: 2003
• LOA: 144m
• Beam: 23m

Overall, Monjasa operates some 35 vessels worldwide and supplies around 6.5m tonnes of marine fuels yearly.

Please contact our Americas team in Houston or Panama to learn more about our marine fuels services in the U.S.