Global oil and shipping group, Monjasa, welcomes four new banks in 2019 and increases its overall credit facilities by an additional total of USD 160m. Thereby, Monjasa is ready to meet the anticipated growing working capital requirements arising from IMO 2020, the company said in its release.
Monjasa further bolsters its liquidity profile as overall marine fuel prices are expected to increase in connection with the near future IMO 2020 transition towards more environmentally friendly marine fuels.
In 2018, Monjasa already announced collaboration with J.P. Morgan Chase in the US and UBAF in the Middle East and Africa. Since then, both facilities have been extended and so has the credit lines with long-standing European banking partner, Sydbank.
Since 2014, Monjasa has made significant investments in corporate governance and an operating model backed by ISO management systems standards. These investments, alongside recent years positive results, are key enablers for this year’s extended facilities.
As a concrete example of such investments, our banking partners have emphasised the end-to-end integration of Lloyds List Intelligence and Dow Jones databases into Monjasa’s ERP platform. This has meant unparalleled due diligence transparency and strict sanctions compliance across Monjasa Group entities.
Monjasa’s 2018 Annual Report showed consolidated group equity of USD 121m and a solvency ratio of 29%. This year, Monjasa expects an increasing sales volume and a positive result of the year.