Monjasa bolsters capacity in the Middle East
Danish bunker company Monjasa has acquired an oil and chemical tanker from Golden-Agri Stena to support the increasing demand for its fuel solutions.
The 9,600-dwt vessel, formerly known as GS Adventure, has been renamed Monjasa Server and is set to start cargo and bunkering operations in the Arabian Gulf in November 2020.
Type: Oil and chemical tanker
Year built: 2009
“In combination with tightening regulatory frameworks across the industry, deployment of quality tonnage is increasingly relevant to ensure compliance and flexibility,” the company said.
The Monjasa Server strengthens Monjasa’s marine fuel operations across the Middle East, which currently consist of four tankers ranging between 4,000 and 10,000-dwt.
It is equipped with deepwell pumps and five tank segregations allowing multiple fuel grades onboard.
The vessel matches demand for transporting oil cargoes from the Fujairah bunkering hub to Monjasa’s main markets across Dubai, Abu-Dhabi and Sharjah ports, as well as performing ship-to-ship refuelling operations.
In 2019, Monjasa supplied 600,000 tonnes of marine fuels across the Middle East – equivalent to 13% of Monjasa’s 4.5m tonnes total volume.
Ahead of the implementation of the IMO 2020 Sulphur Cap Monjasa acquired full ownership of five bunker tankers.
The fleet investments and cultivating IMO 2020 technical knowledge across supply chain relations helped exceed the company’s expected profit in 2019, reaching $ 26.5 million, considerably higher when compared to 2018 result of $ 5 million.
”During the past years, we have actively pursued additional ownership of the supply chain through an increasing percentage of owned tonnage across our fleet. We have seen how the IMO 2020 sulphur cap sparked further market interest in how the new fuel products are being sourced, shipped and supplied,” Group CEO Anders Ostergaard said.
“This most recent acquisition fits well with our ambitions and matches market demand in terms of cargo capacity and high technical specifications.”
The company currently controls 20 tankers globally of which 11 are fully owned.