Monjasa has hailed a "special year" that saw profit soar following thorough preparation for IMO 2020.
The Danish bunker and tanker group called the new low-sulphur fuel rules a "defining moment" for the oil and shipping industries.
Monjasa said its supplied volumes rose 10% as it enjoyed significantly improved business fundamentals.
The company completed its first ship-to-ship transfer of compliant low-sulphur fuel oil (LSFO) in September.
A smooth transition was achieved by "seizing further ownership of the logistics surrounding marine fuel operations and cultivating IMO 2020 technical knowledge across supply chain relations," Monjasa added.
Net profit for 2019 was up to $26.5m, from $5m the year before, above its own expectations.
Revenue edged up to $2.2bn from $2.1bn, while total volumes increased to 4.5m tonnes from 4.1m tonnes in 2018.
The Americas region represented the most significant increase, up 35% to reach 1.15m tonnes.
Group chief executive Anders Ostergaard called 2019 "a special year leading up to one of the most defining moments in global shipping since the shift away from coal a century ago".
Matching supply to demand
"For Monjasa, this much anticipated shift to the more environmentally friendly marine fuels meant that our role of matching supply and demand with logistical solutions became a critical factor across the shipping industry," he added.
"Through extensive preparations together with our business partners, including suppliers, our oil terminals and fleet operations, Monjasa ended up strongly positioned to respond to a highly volatile market. The result was an increasing demand for our products and services, and a successful transition for our customers."
Monjasa also added four new lenders to its financing pool last year, boosting credit facilities by an additional $160m. Group equity has increased to $135m.
Given the unfolding global coronavirus health situation, 2020 will be another demanding year for most global industries, including shipping, the company added.
"However, confirming a solid position among the world’s top 10 marine fuel suppliers in 2019, Monjasa remains confident of representing a safe port for new and loyal customers throughout 2020 as well."
Last week, the company revealed its first-quarter fuel sales figures, underlining a massive shift to LSFO compared with the same period in 2019.
