Danish bunkering specialist Monjasa announced it welcomed four new banks in 2019 in addition to increasing its overall credit facilities by an additional total of USD 160 million.
The company said the undertaking would prepare it for the anticipated growing working capital requirements arising from IMO 2020.
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.
“We are pleased to welcome four dedicated trade finance banks to our existing banking pool, which reconfirms Monjasa as a robust business partner in 2020 and beyond,” Rasmus Knudsen, Group Director Legal and Treasury, said.
“Besides securing adequate working capital for developing our global activities, we now also have the right financial flexibility to navigate the volatile oil and shipping markets.”
“Working with regionally dedicated trade finance banks, which understand the local business contexts by heart, builds additional confidence with our business partners and manifests Monjasa as a safe port in challenging niche markets around the world,” Roger Dekkers, Head of Trade Finance, added.
In 2018, Monjasa already announced collaboration with J.P. Morgan Chase in the U.S. and UBAF in the Middle East and Africa. Since then, both facilities have been extended and so has the credit lines with longstanding European banking partner, Sydbank.
Monjasa noted it would not issue further information on banking partners or the total credit facility in place across the group, citing commercial reasons.