Endeavour Invest Aps

Development in activities and financesIn a year of continued turmoil in global trade, the Group operations (EBIT) generated a result of USD 185m (2021: USD 29m) and a net result after tax of USD 170m (2021: USD 20m).


The year concluded with a record-high total volume of 6.4m metric tonnes (2021: 5.7m mts) of marine fuels supplied to shipowners and operators worldwide.

In fact, from supplying 3.5m tonnes in 2017, Monjasa has increased total volume by 83% in five years earning a solid position among the world’s top 10 largest marine fuel suppliers.

By 31 December 2022, consolidated Group equity amounts to USD 327m (2021: USD 157m), resulting in a return on equity of 53% in 2022 (2021: 14%).

In 2022, land and buildings have increased with USD 17m due to the acquired property in Fredericia, Denmark and acquired land in Dubai, United Arab Emirates.

Overall, Management expresses satisfaction with the strong set of results.


Executive management statement
By remaining a close and observant partner to our customers, Monjasa recorded an increasing demand for our maritime activities and achieved the strongest year ever.

The combination of historically strong shipping markets, high volatility and global trade flow disruptions contributed to a highly dynamic marine fuels market – an environment that provides customers and stakeholders with a safe port in Monjasa. We therefore remind ourselves of our strong operating model, which has made Monjasa in demand as a safe port across IMO2020, the pandemic, and most recently, unprecedented volatile oil and shipping markets.

Continuing our way of business
This also means that Monjasa will stick closely to our way of business no matter the markets we face. Our partners will continue experiencing Monjasa as a quality and relations-focused maritime logistics provider.

We will keep running a responsible business based on in depth due diligence on all counterparties and resulting in low realised losses on debtors.

Another example of continuing our way of business is Monjasa’s strict compliance measures which were put to the test by Russia’s invasion of Ukraine on 24 February 2022. Monjasa instantly halted all trade with Russian entities and suspended the purchase of oil products of Russian origin. For the remainder of the year, we have been constantly monitoring and successfully implementing adequate measures matching the ever-changing sanctions compliance landscape.

Navigating imbalanced markets
We believe that several factors contributed to making 2022 our strongest year ever. In particular, we saw how our fantastic group of colleagues continued living our values and supporting customers during uncertain times as well as the full value and recognition of running high-quality operations and holding a robust financial position.

The Monjasa organisation builds on the ability to observe and navigate the world and markets around us. We remain purpose-driven in how we work and the Group’s overall ability to renew itself, adapt and change quickly has been an important driver when matching supply and demand in turmoil markets.

Turning to logistics, we saw how the marine fuels supply chain was put to the test in ports around the world due to the heated shipping markets and shifting trade flows. However, led by our operational standards and flexible upstream partnerships we were able to support our customers and suppliers during critical moments.

For Monjasa, this meant gaining market share at higher margins reflecting increased volatility and imbalanced supply and demand.

At sea, Monjasa’s fleet increased to a total of 30 owned and chartered tankers and barges (2021: 22 vessels) of which 12 are owned. It remains a priority to have the fleet composed of an adequate mix of owned and chartered vessels to ensure both operational and financial flexibility across the Monjasa Group.

Lastly, the historically high price fluctuations favoured financially robust suppliers such as Monjasa, who were able to navigate this scenario together with suppliers and customers.

Extending our financial flexibility
Looking at our financial developments in a five-year retro perspective, we have improved our financial profile significantly over time. By the end of 2022, we can demonstrate a solvency ratio well above 40% and we have more than doubled return on equity during the past year.

Moreover, we have reduced net debt significantly in 2022 and by this year total cash exceeds total bank debt, leaving us an extended financial headroom when looking to the future.

2022 concluded with improved consolidated equity of a total USD 327m (2021: USD 157m) and an industry-leading solvency ratio of 47% (2021: 32%). The Group thereby continues to demonstrate a highly robust financial position in the oil and shipping industries.

Enabling the fuel mix of tomorrow
During the year we continued making progress across our three pillars of Responsibility - Minimising our Environmental Impact, Leading Industry Governance and Promoting People and Relations.

Monjasa holds a unique position in the supply chain between upstream partners and downstream customers and we are firmly committed to enabling the logistics of tomorrow’s alternative fuel mix by engaging in new partnerships. During the past year, we have supplied biofuels to the shipping industry in the Middle East and the Americas, while also entering into a collaboration to promote long-term green ammonia availability in Europe. This is just the beginning and we will continue building relations and forming new partnerships minding the short, medium and long-term alternative fuels demand.



A positive year in offshore and IT
Looking into the Monjasa Group’s offshore wind activities, CBED, performed above expectations and demonstrated a record-high fleet utilisation rate of 96% for its SOV, Wind Innovation, during 2022. As a leading offshore wind logistics company, CBED foresees another busy year with a continued strong chartering demand throughout 2023.

Our IT business unit, RelateIT, also experienced strong demand for its consultancy services throughout the year. This meant that RelateIT further expanded its industry footprint in terms of specialised Microsoft solutions, geographical reach and a total workforce which increased by 28% to a total of 166 consultants.