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On 22 February 2024, global top 10 marine fuels company, Monjasa, supplied a total of 510 tonnes of B30 marine biofuels the Cargill operated dry bulk carrier, Infinity Sky, in the Port of Callao, Peru.

This operation marked the first ISCC-certified biofuels supply on the Pacific Coast of South America and the establishment of a scalable 2nd generation marine biofuels supply chain. This new and sustainable setup is developed in collaboration with Fuel & Marine Oil Corp (FAMOIL) and is capable of delivering a total of 12,000-15,000 tonnes monthly.

Preparing for the changing marine fuels mix

This new Peruvian biofuels option is a natural extension of Monjasa’s existing biofuels operations in Cartagena, Colombia and forms part of the company’s overall preparations for the changing marine fuels mix.

Although today’s marine biofuels markets are still emerging slowly, Monjasa is currently in dialogue with several shipowners and operators to arrange both spot and contract-based supplies in Peru and the traditionally busy Port of Callao. An area which has also recently become a popular bunker call-only option for vessels rerouting south due to the ongoing Panama Canal transit restrictions.

Trading Director Americas, Jonas Bruslund:

“We are excited to keep challenging the status quo and offer new solutions to shipowners who are increasingly looking for ways to decarbonise their vessels. Based on our daily conversations with customers, we expect to see more shipowners moving from biofuels trial runs to more regular supplies – and making these fuels more broadly available is the first step of that development. We are all on a steep learning curve and we would like to thank our partners on this first supply operation, FAMOIL and Cargill, who have contributed significantly to reaching this milestone.”

Customised biofuels blends

This new low-carbon fuels option in Peru is also another example of global marine fuels suppliers such as Monjasa engaging further into new partnerships across the supply chain.

As such, this new 2nd generation biofuels supply chain is a result of the combined efforts by FAMOIL and Monjasa to offer a full fledged setup. As shipowners’ biofuels preferences differ, this new collaboration accommodates both VLSFO and HSFO-based biofuel blends as well as availability of pure biodiesel B100.

On the occasion of this first supply operation, the B30 biofuel blend consisted of 30% Fatty Acid Methyl Ester (FAME) and 70% Very Low Sulphur Fuel Oil (VLSFO).

ISCC-certified feedstock and operation

As a ISCC-certified partner, Monjasa allows all involved parties to trace feedstock used for the production of biofuels from the point of origin to the end consumer. In addition, Monjasa measures the greenhouse gas (GHG) emissions from each phase of the supply chain and makes this data available to shipowners as well.

Looking ahead, Monjasa aims to establish a string of biofuels supply locations across the region to support the shipping industry in meeting IMO’s 2050 climate change commitments.

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

Bringing profound knowledge of international shipping from more than 30 years as part of A.P. Moller – Maersk, Lars-Erik Brenøe, will take part in the further development of global marine fuels supplier, Monjasa.

Lars-Erik Brenøe has previously held various positions across A.P. Moller – Maersk, including the role as Personal Assistant to former CEO and Chairman, Maersk Mc-Kinney Moller, for at total of 19 years. This appointment as member of the Board of Directors of Monjasa, is Lars-Erik Brenøe’s first non-executive director’s role outside A.P. Moller Holding’s umbrella of related business activities and investments.

“I am excited to join Monjasa at this transformative time for the company as well as the industry, which is playing an increasingly important role in supporting the green shipping transition”

Fuelling the future of shipping with Monjasa

Monjasa fuels global trade in 800+ ports around the world and within recent years the company has developed into a global top 10 supplier of marine fuels products to the maritime industry.

Joining the board of Monjasa Holding, Lars-Erik Brenøe will engage in the further development of Monjasa’s position as a leading global shipping partner enabling further industry digitalisation and the logistics of the green shipping transition.

Flemming Ipsen, Chairman of the Board:

”We are fortunate to welcome Lars-Erik Brenøe to the Monjasa Board of Directors and the marine fuels industry. Lars-Erik brings with him a comprehensive network and wealth of experience from international business and the broader shipping community, as well as solid experience navigating transformation of owner-led organisations. Combined with his elaborate stakeholder understanding and critical thinking, Lars-Erik will be a valuable contributor to Monjasa’s further development in the years to come.”

Lars-Erik Brenøe, Board Member:

“I am excited to join Monjasa at this transformative time for the company as well as the industry, which is playing an increasingly important role in supporting the green shipping transition. I look forward to use my experience and competencies to contributing to the further development and progress of Monjasa.”

Facts about Lars-Erik Brenøe

• Master’s degree in law from the University of Copenhagen in 1986 and the Executive Leadership Programme at IMD in 1998.
• Various leadership roles at A.P. Moller-Maersk from 1991-2022, incl. Senior Vice President Maersk Mc-Kinney Moller’s Secretariat and Executive Vice President, Head of Chairman’s office.
• Currently active in various board functions, incl. A.P. Moller Holding A/S, A.P. Moller Foundation, Danske Bank and Odense Port.

The Monjasa Holding A/S Board of Directors hereby consists of:

Flemming Ipsen (chair)
Peder Gellert Pedersen
Lotte Grønborg Lundberg
Lars-Erik Brenøe
Anders Østergaard

Monjasa’s Annual Report for 2022 revealed an increasing total supply volume of 6.4m tonnes of marine fuels, a net result of USD 171m and consolidated group equity of USD 323m.

Find more information about Monjasa’s Board of Directors here. 

Global oil and shipping group, Monjasa, remains active in the market for second-hand tonnage following the acquisitions of three tankers earlier this year. Today, Monjasa reveals additional ownership of the two tankers, Monjasa Leader (68.589-dwt) and Monjasa Refiner (13,051-dwt) for floating storage and bunker operations in West Africa.

Increasing number of owned vessels

Since 2018, the number of Monjasa-owned vessels has increased from five to 13 to ensure highly specialised operational standards, while at the same time lowering overall operating costs.

To realise the ambition of extended fleet ownership, the Monjasa Group has significantly extended its technical ship management capacity. This has been done through further development of the in-house company, Montec, which today comprises 20+ maritime specialists based in Dubai.

“The Monjasa Leader becomes our largest fleet member and represents our single most important tanker acquisition ever.”

Group Shipping Director, Torben Maigaard Nielsen says:  

“The Monjasa Leader becomes our largest fleet member and represents our single most important tanker acquisition ever. Given the limited opportunities of storing fuel products ashore, our floating storage solution is the backbone of our West Africa marine fuels operations and allows for our supply tankers to frequently go alongside the vessel to load cargo. Providing maritime end-to-end logistics in West Africa is a challenging task, but we are confident that our two new vessels bring the efficiency and flexibility needed.”
 

Delivery and dry docking in Algeciras and Bremerhaven

Monjasa recently took delivery of the two vessels Monjasa Leader (formerly Cabo San Antonio) in Algeciras, Spain and Monjasa Refiner (formerly Saturn) in Bremerhaven, Germany respectively.

Both tankers were then dry docked for renewal surveys, name change and subsequent hull blasting and painting matching the Monjasa fleet design.

Fleet reshuffle and Monjasa Runner farewell

Later this month, Monjasa Leader replaces SKS Dokka (119,456-dwt), which has served Monjasa on time charter for the past three years.   

At the same time, Monjasa has finalised the selling process of the 13,781-dwt oil and chemical tanker, Monjasa Runner, which will be repositioned from West Africa to the Mediterranean Sea for continued operations with her new owners.

Overall, the Middle East & Africa accounts for 27% of Monjasa’s total volume of 6.4m tonnes of bunkers supplied in 2022, while Monjasa’s fleet comprises some 30 tankers and barges deployed worldwide.

For any questions about our West Africa operations, please contact our Dubai office. 

With no obvious recruitment channels for the specialised bunkering industry, top 10 global marine fuels supplier, Monjasa, continues to invest heavily in the early onboarding of the next generation of shipping professionals.

This year, Monjasa presents the 6^th consecutive batch of Monjasa Oil & Shipping Trainees (MOST) since launching the programme in 2018. In fact, this year’s class of 11 new trainees represent the second largest number of candidates accepted into the programme.

“This means that they are eager to connect the dots and have a natural approach to solving main industry challenges ranging across digitalisation and ESG”

Furthermore, Monjasa expands the programme reach by offering two new trainee home offices in Shanghai, China and Athens, Greece. 

Connecting the dots for a future in shipping

“We hold a great belief in today’s young shipping professionals who join us with a strong interest in pushing agendas that have to do with their own future. This means that they are eager to connect the dots and have a natural approach to solving main industry challenges ranging across digitalisation and ESG.     

 However, this also requires strong academic and personal skills and Monjasa takes an active role in the continuous development of the Danish Shipping Education, which we believe provides the right academic ballast for our trainees,” says Tracy Palm, Group HR Director in Monjasa.

The 2023 batch of Monjasa Oil & Shipping Trainees

• Freideriki Paparouti, Trader in Singapore
• Leonard Kang, Trader in Singapore
• Xuyi Gan, Trader in Shanghai
• Mathias Daugård, Trader in Dubai
• Anna Ifigeneia Filopoulos, Trader in Athens
• Lasse Pedersen, Operator in Fredericia
• Nadir Festic, Trader in Fredericia
• Frederik André Bjerre, Trader in Frederica
• Kristian Winterskov, Trader in Copenhagen
• Nino Van Delft, Trader in Ho Chi Minh City
• Yeimy Rodriguez, Trader in Panama
  
  

Learning the ropes of the maritime industry

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

Candidates accepted into the MOST programme also become part of global rotations (2×2 months) across Monjasa offices in Dubai, Denmark, Panama and Singapore. 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.  

This year’s MOST programme was kicked off in Denmark in September through a mix of Danish Shipping Education, team building activities and internal education.

Sustaining positive developments

Overall, Monjasa ranks as a global top 10 marine fuels supplier and the 11 new trainees become part of a diverse organisation with 52 nationalities working together across 14 offices. Monjasa currently operates a fleet of 30 tankers and barges worldwide and supplied a total volume of 6.4m tonnes of marine fuels in 2022 – an increase of 12% compared to 2021. 

Welcome aboard!

You can learn more about the MOST programme here.

By enabling a sustainable and scalable biofuel option for the maritime industry in Latin America, global top 10 marine fuels supplier, Monjasa, prepares for the changing fuel mix of the future. However, Monjasa still awaits the shift away from biofuel trial voyages to a broader pick-up in demand.  

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Global top 10 marine fuels supplier, Monjasa, announces further expansion in Asia by commencing the company’s first supply operations in the Port of Singapore. 

Monjasa is already a well-established trading partner to the Asian shipping community with three offices located in Singapore, Shanghai and Ho Chi Minh City and supplying 1m tonnes of marine fuels across the Asian region yearly.

“Coming from 15 years as a trading company in Singapore, Monjasa is all set to embrace this new opportunity of controlling tonnage as well”

Through this new expansion, Monjasa seizes further ownership across the industry value chain by offering end-to-end maritime logistics in the world’s largest and most transparent bunker hub. According to the Maritime & Port Authority (MPA), Singapore recorded a total volume of 48m tonnes of marine fuels supplied in 2022.

Monjasa expects its new Singapore operation to consist of a total of three tankers during 2023.

Morten Østergaard Jacobsen, Managing Director Asia, shares:

“Coming from 15 years as a trading company in Singapore, Monjasa is all set to embrace this new opportunity of controlling tonnage as well. We are now taking further ownership across sourcing, shipping and supply of the fuel products to continually evolve our services across the great Singapore anchorage.

The Port of Singapore is one of the busiest and most competitive markets in the world, but we are confident that shipowners will benefit from the increased flexibility and maritime quality matching Monjasa’s global standards. The Monjasa fleet already counts 30 vessels deployed around the world, and this is the strong maritime experience we now build on here in Singapore as well.” 

Logistically ready for biofuels supply

Monjasa is determined to become an enabler of future fuels and the new Singapore operations also open up for supply of biofuels according to local requirements.

The MPA is a globally recognised leader on the regulatory framework and enforcement across Singapore’s maritime activities, including standardised B24 Marine Biodiesel products. As an International Sustainability & Carbon Certification (ISCC) holder, Monjasa meets all biofuels supply requirements.

Monjasa continues to observe the biofuels demand carefully and remains logistically ready to play its role as an enabler in decarbonising the shipping industry.  

Three new tankers for Monjasa

As part of the operations, Monjasa has already deployed one tanker in full service and she is expected to be joined by additionally two tankers later this year.  

All three tankers are SIRE vetted and bring experienced crews when it comes to handling ship-to-ship bunkering operations in the Port of Singapore.

The Monjasa Group recently released its Annual Report 2022 which concluded with a record-high activity level and a total volume of 6.4m tonnes of marine fuels supplied worldwide, total revenue of USD 5.5bn and a net result of USD 171m.

For more information about our Singapore operations please contact singapore@monjasa.com

Oil and shipping group, Monjasa, acquires the oil and chemical tankers, Monjasa Thunder (19,991 dwt) and Monjasa Shipper (7,991 dwt) for bunkering and cargo operations across West Africa and in the Arabian Gulf. Both tankers will assume operations during this month.

Recently, Monjasa’s Annual Report 2022 showed a 12% volume increase to a total of 6.4m tonnes of marine fuels supplied, and the new vessels are expected to further contribute to Monjasa’s maritime logistics and fleet which today consists of 30 tankers and barges deployed worldwide.

Delivery and dry docking in Riga and Singapore

Monjasa has already taken delivery of Monjasa Thunder (formerly Solando) in Riga, Latvia and Monjasa Shipper (formerly Pearl Mercury) in Singapore, and the two tankers are currently inbound Lomé, Togo and Dubai, UAE respectively.

Following delivery, both tankers were dry docked for renewal survey, name change and subsequent hull blasting and painting according to the Monjasa fleet design.

“We are pleased to seal these two acquisitions in a challenging tanker market. Both of these vessels are very well-maintained and highly functional additions to our existing fleet of tankers.“

Group Shipping Director, Torben Maigaard Nielsen says:

“We are pleased to seal these two acquisitions in a challenging tanker market. Both of these vessels are very well-maintained and highly functional additions to our existing fleet of tankers. In fact, as part of Monjasa Thunder’s current voyage to West Africa, we successfully completed the first cargo operation in Rotterdam. Here, we experienced the ship’s high-efficiency potential and in today’s tanker market it is not an easy task to find quality second-hand tonnage.”

Matching supply and demand

Capacity-wise both tankers match the demand for performing ship-to-ship refuelling operations and transporting oil cargoes and thereby further bolstering Monjasa’s end-to-end logistics.

With a carrying capacity of around 20,000 dwt, Monjasa Thunder, is somewhat bigger than Monjasa’s existing West Africa tankers, which usually range between 8,000-13,000 dwt. This size positions her in the flexi tanker segment and thereby built to a high specification for moving cargoes.

Monjasa Shipper was built in 2018 and brings a very high operational standard. She is able to carry and segregate several different fuel grades, which fits well with Monjasa’s emerging biofuel activities in the UAE.

Overall, the Middle East & Africa account for 27% of Monjasa’s total volume of 6.4m tonnes of bunkers.

MT Monjasa Thunder
Year built: 2009
Flag: Liberia
Deadweight: 19.991t
LOA: 150m
Beam: 23,4m

MT Monjasa Shipper
Year built: 2018
Flag: Singapore
Deadweight: 7,991t
LOA: 115m
Beam: 19m

We are pleased to share our Responsibility Report 2002 which showcases our ambitions and yearly progress in detail across our three pillars of Responsibility.

Read full report here.

New green fuels partnerships

Under our pillar of Minimising our environmental impact, one of our main ambitions is to actively engage in the green transformation of the maritime sector, by being an enabler in the logistics of future fuels. One of our main activities in 2022, therefore revolved around establishing sustainable biofuel and green ammonia partnerships across key markets, including partnering with ISCC-certified suppliers to ensure complete value chain traceability.

Establishing climate targets

In an effort to reduce our indirect and direct carbon emissions within our own operations and the wider value chain, we have established climate targets for 2050 across Monjasa’s three scopes of carbon emissions. We believe this to be an important step and one that is necessary on our decarbonisation journey.

”One of our main ambitions is to actively engage in the green transformation of the maritime sector, by being an enabler in the logistics of future fuels”

Matching ever-changing sanctions compliance

Claiming a leading industry position on corporate governance requires year-on-year improvements and the ambition to go beyond our stakeholders’ expectations. As an example, our Compliance department engaged in three workshops with Deloitte to ensure that our risk management approach fits the ever-changing global trade risk environment.

In addition, we have been constantly monitoring and implementing adequate measures matching the sanctions compliance landscape 1:1. It is indeed during moments like these that we see the full value of having a flexible operational setup and experienced compliance specialists.

Shaping unique leadership journeys

Monjasa means personal business. Our corporate purpose keeps guiding our organisation and we continuously find new ways of promoting people and relations.

One new element on this journey has been to launch the Connected Leadership programme together with FANT, a journey aiming to create leadership scenarios where participants can mirror their current leadership approach, purpose and impact, and rethink this to identify who they want to be as human beings and leaders in Monjasa.

We believe that this report demonstrates the transparency efforts of the Monjasa Group and look forward to continuing making progress in close dialogue with our partners.  

You can learn much more about our Responsibility efforts here and contact our Responsibility team responsibility@monjasa.com.

During 2022, the combination of historically strong shipping markets, high volatility and disrupted global trade flows contributed to a dynamic marine fuels market affecting Monjasa Holding A/S positively.

The marine fuels supply chain was put to the test in ports around the world, however, with the right organisation and maritime operations in place, 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 imbalanced supply and demand.

Sustaining 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.

Group 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.

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.

Annual Report 2022 highlights

• 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)

You can download the Monjasa Holding A/S Annual Report 2022 in full here.