Leading global oil and shipping group, Monjasa, welcomes French international bank Société Générale S.A. as new financial partner and reveals a newly established credit facility of USD 80 million.
Within the last year, Monjasa has expanded beyond bunkering activities and further up the value chain and into oil trading. By seizing control of the oil products and logistics at an earlier stage, Monjasa is increasing reliability and efficiency of its worldwide physical supply of marine fuels. Engaging into trading of larger oil parcels requires determination on combining distribution, compliance – and not least robust financial capabilities.
Monjasa has grown considerably over the past years and we have gone from being a regional bunker company to a global diversified trading group.
“This new facility enables Monjasa to grow its business”
“Monjasa has grown considerably over the past years and we have gone from being a regional bunker company to a global diversified trading group. Our financing model is important for this development and decisive for offering our business partners the global services and efficiency they expect. Therefore, we have been very determined to obtain this deal and today I am delighted to introduce a new USD 80 million credit facility arranged by Société Générale,” says Monjasa Group CFO, Kenneth Henriks and continues.
“We see the establishment of this new facility as a seal of approval in the robustness of our business model and confirmation of the value of our strong balance sheet, most recently demonstrated in our 2015 Annual Report.”
The new credit facility is already operational, however for competitive reasons, Monjasa cannot go into further details about it.
New facility underlines strong financial position
During Q2 2016, Monjasa Group released the Annual Report 2015, which revealed another positive year.
“Presenting an increased consolidated equity of a total USD +140 million and a solvency ratio of 40%, Monjasa is in a very good financial position and well equipped to accommodate future growth,” Kenneth Henriks concludes.
Also in Q2 2016, the Monjasa Group increased an existing credit facility related to financing of the group’s offshore ship-owning activities by USD 15 million.