Mikkel Kannegaard is switching from a position as Managing Director of Monjasa's European business to a top position at Maersk Oil Trading. Kannegaard has previously worked for Maersk and was formerly personal assistant to Maersk Mc-Kinney Møller.
Monjasa is one of 24 companies that have joined Danish Shipping's initiative to get more women into shipping, but the company will not set a specific goal for the proportion of women. COO explains why to ShippingWatch.
Monjasa is currently the world's sixth-largest bunker supplier, and the company plans to climb further, says COO Svend Mølholt to ShippingWatch. West Africa is no longer the company's biggest market, "but we're there for the long haul," he says.
Bunker company Monjasa increased its bottom line significantly in 2019, while revenue and volumes also grew. Owner and CEO Anders Østergaard points to the new sulfur regulations as part of the explanation.
The collapse of the oil price is particularly expected to impact the smaller offshore companies the hardest. The situation is being monitored closely by bunker companies Bunker One and Monjasa, which are both keeping an extra eye on vulnerable customers.
A court in Denmark has rejected a million-dollar claim from Stena Oil filed against Monjasa and two of the company's directors. The claim relates to Monjasa's purchase of a seized oil cargo in island nation São Tomé & Príncipe in 2013. "We're disappointed," Stena Oil tells ShippingWatch.
Bunker supplier Monjasa has no five-year plan lying ready in its desk drawers. Instead, customers determine where future growth will come from, COO says, adding that customers have started placing even higher demands on bunker traders.
In the first two weeks of 2020, Monjasa has delivered twice as many tons as in the same period last year. The reason is the new sulfur regulations, says COO, who also outlines some of the challenges that have already emerged in relation to the new fuels.
Monjasa has now employed two dedicated bunker vessels in Houston. The ships supply the Bostco terminal and deliver low-sulfur fuel oil, which according to Monjasa already represents most of the demand.
Bunker firm Monjasa has entered agreements with four new banks increasing its credit facilities by more than USD 160 million. The company has done so to be better prepared for 2020, when new fuels will put increased pressure on bunker suppliers.