Monjasa, the Danish bunkering expert, acquired four new banks in 2019, while increasing its credit facilities by an additional total of USD 160 million, amid preparations of the upcoming 2020 sulphur cap.
Specifically, the company reported that is ready to welcome the anticipated growing working capital requirements arising from IMO 2020.
In light of commercial reasons, the company stated that it will not provide any information on banking partners or the total credit facility.
Moreover, Monjasa additionally bolsters its liquidity profile as marine fuel prices are expected to increase in connection with the near future IMO 2020 transition towards more environmentally friendly marine fuels.
Rasmus Knudsen, Group Director Legal and Treasury stated that
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.
Recently, Monjasa supplied the first very low sulphur fuel oil via ship-to-ship (STS) operation. Concluding, tn September, it was announced that Monjasa had completed its first ship-to-ship supply for the new very low sulphur fuel oil (VLSFO) in light of the approaching IMO 2020 regulations.
