Global oil and shipping Group, Monjasa, announces new credit agreement in the US on the back of positive sales volume developments across the Americas.
Steadily growing sales volumes
Since establishing the Group’s first trading office in Stamford, Connecticut in 2011, Monjasa has grown into a broad trading partner for American ship owners servicing all major shipping segments, including bulk, container, tankers and cruise lines.
In 2015, Monjasa Americas expanded its reach with a physical presence for operations and bunker trading in Panama City. By sourcing oil products exclusively from the largest commodity trading houses and introducing customers to an operating model backed by ISO standards, it has been possible to establish a prominent position as physical supplier in the Panama Canal.
This recent development also reflects in the sales volume going from 400,000 metric tonnes (mts) of fuel products in 2016 to 650,000 mts in 2017 across the Americas.
This new credit agreement caters for Monjasa’s working capital needs in relation to our growing US business and is in line with the Group’s ambition to partner up with top tier trade finance banks,”
Very pleased to welcome J.P. Morgan Chase
“We are very pleased to welcome a new partner in J.P. Morgan Chase Bank N.A. to the Group’s banking pool. This new credit agreement caters for Monjasa’s working capital needs in relation to our growing US business and is fully in line with the Group’s ambition to partner up with top tier trade finance banks,” says Rasmus Knudsen, Head of Treasury and Trade Finance.
The new credit agreement is already operational and for commercial reasons Monjasa will not be issuing further details.
Maintaining solid financial position at Group level
In Q2 2018, Monjasa released its Annual Report for 2017, revealing a positive financial year for the Group. The report saw Group total revenue growing to USD 1.4bn and a net profit of USD 7m, which was in line with management expectations. Consolidated Group equity grew to USD 124m, while the solvency ratio of 36.6% saw a further slight improvement.