Monjasa Finds New US Banking Partner, Reports Sales Volume Growth
- Business & Finance
Danish oil and shipping company Monjasa has unveiled a new credit agreement in the US on the back of positive sales volume developments across the Americas.
The agreement has been signed with New York-based J.P. Morgan Chase Bank.
As informed, the new credit agreement is already operational and no further details will be disclosed for commercial reasons.
“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,” Rasmus Knudsen, Head of Treasury and Trade Finance, commented.
Since establishing the group’s first trading office in Stamford, Connecticut in 2011, Monjasa said it has grown into a broad trading partner for American shipowners 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.
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, according to the company.
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.
With a fleet of some 20 tankers, Monjasa is present in niche markets of West Africa, Northwest Europe, the Arabian Gulf and Panama.