Monjasa Bags Credit Facility from Société Générale
Danish bunker fuel supplier and shipping firm Monjasa has signed a credit facility with French bank Société Générale for USD 80 million.
A statement from the company says credit facility is already operational. It also says has expanded business beyond bunkering activities and further up the value chain into oil trading.
"We see the establishment of this new facility as a seal of approval in the robustness of our business model," says Monjasa Group CFO, Kenneth Henriks.
Within the last year, Monjasa has expanded beyond bunkering activities and further up the value chain and into oil trading.
By seizing control of the oil products and logistics at an earlier stage, Monjasa is increasing reliability and efficiency of its worldwide physical supply of marine fuels.
Engaging into trading of larger oil parcels requires determination on combining distribution, compliance – and not least robust financial capabilities.
"Monjasa has grown considerably over the past years and we have gone from being a regional bunker company to a global diversified trading group. Our financing model is important for this development and decisive for offering our business partners the global services and efficiency they expect. Therefore, we have been very determined to obtain this deal and today I am delighted to introduce a new USD 80 million credit facility arranged by Société Générale," says Kenneth and continues.
"We see the establishment of this new facility as a seal of approval in the robustness of our business model and confirmation of the value of our strong balance sheet, most recently demonstrated in our 2015 Annual Report."
