Danish bunker and tanker group Monjasa has logged its second-best profit as it reacted to global turmoil.
The company said 2023 was “another year of high volatility across the global shipping markets”.
Fuel volumes were up and equity hit an all-time high of $411m, from $323m in 2022.
Net profit dropped to $109m from the record $171m in the previous year, however, and revenue was down at $4.4bn, versus $5.5bn.
“In the marine fuels industry and across some of Monjasa’s core markets, this high volatility was felt through the changing maritime trade flows and operations,” it said.
Monjasa adapted to delays caused by drought at the Panama Canal by offering refuelling out at anchorages.
And it reacted quickly to match supply to a sudden spike in demand as vessels rerouted around South Africa to avoid Houthi attacks in the Red Sea.
Fuel volumes hit a record 6.5m tonnes, up 2% year on year, ranking the group at number seven on the list of the world’s biggest bunker companies.
Group chief executive Anders Ostergaard said the company “thrives on navigating new waters and thinking up unexpected solutions”.
Bigger fleet gives more control
“In combination with strengthening our fleet of owned tankers with four acquisitions, this contributed significantly to our financial performance,” he added.
“In a historically strong tanker market, we gained advantage of controlling a larger part of our logistics and having this fully integrated in the marine fuels activities.”
The fleet now numbers 30 ships. Vessels were acquired from Columbia Shipmanagement, Donsotank, Ultratank and Consort Bunkers last year.
The number of supply operations rose to 13,962 in 2023, from 13,425.
Ostergaard said Monjasa was awarded more long-term contracts involving global fuel supplies to some of the world’s leading shipowners.
“We are of course pleased to see that our services and personal business approach are in demand from this important group of business partners,” he said.
“Altogether, we are very satisfied with this strong set of results and by more than doubling total equity during the past two years.”
Monjasa expects 2024 to be another positive year, with a net result in the range between $40m and $80m.
