Bunker group Monjasa has acquired a handysize product tanker from Neste for its refuelling and shipping operations in West Africa.
In a recent statement, the Danish company said it acquired the 25,117-dwt Neste (built 2005) from Finnish energy firm Neste without disclosing the price.
The ship, previously engaged in the European trade, has been renamed Monjasa Trader and is sailing to Lome, Togo.
“We are operating in an extremely competitive commodities market and we need to constantly adapt our fleet logistics to the shifting market dynamics,” Monjasa chief executive Anders Ostergaard said.
Since the beginning of 2020, refineries in Angola, Nigeria, Ghana and Ivory Coast have raised low-sulphur fuel oil production to meet the International Maritime Organization’s regulatory requirements.
“Before the IMO 2020 transition to low-sulphur marine fuels, we used to purchase and transport the fuel from Europe to West Africa using suezmax tankers,” Ostergaard said.
“Today, we are sourcing much of our fuel oil products from local refineries across West Africa and for this purpose the flexi size and high specifications of Monjasa Trader makes her an ideal vessel for assessing various local loading points.”
Monjasa began to supply bunkers across West Africa in 2009 and is one of the most active marine fuel suppliers there.
The company currently has a fleet of 10 tankers in the region, including the 120,000-dwt SKS Dokka (built 2010), which serves as a floating storage facility off Lome.
Monjasa supplied 4.9m tonnes of bunker fuels globally last year, a record high and a 9% increase from 2019. West African volume exceeded 1m tonnes.
The Danish company said 2020 was a year of "great contrasts", starting with the IMO 2020 transition and then the Covid-19 pandemic.
Its annual net profit hit $30m, above its expectations and up from $26.5m in 2019. Revenue dipped to $2bn from $2.2bn, as oil prices fell.
The company has been in expansion mode in recent quarters, having bought the 9,200-dwt GS Adventure (built 2009) last year.
Overall, Monjasa now controls a fleet of 25 tankers and barges globally.
