The LatAm port sector from the perspective of a maritime fuel supplier

Ports like Peru's US$3.6bn Chancay megaproject are poised to generate greater international trade, and supply chain players are confident in the new business opportunities that come with them.

Monjasa, a Danish marine fuel company founded in 2002, is one of those and it hopes to gain participation through its presence in markets such as Colombia, Peru, Brazil, Argentina and Panama. 

The company operates in more than 800 ports globally and distributes about 6.5Mt of fuel each year. It posted revenues of US$4.38bn in 2023. 

BNamericas speaks with Jonas Bruslund, Monjasa’s trading director for the Americas, about his outlook for the port sector, the introduction of biofuels and strategies for the region.

BNamericas: What is your diagnosis of the port infrastructure in the region?

Bruslund: From a bunkering perspective, if the region is compared to Europe and Asia, it’s clear that there is room for development and improvement when it comes to ports, especially in the biofuels segment.

Although a general lack of infrastructure characterizes the Latin American region, we continue to thrive and hope that efforts are made to enhance the ports, which represent an important revenue for some Latin American countries.

BNamericas: Do you have plans to grow in the region?

Bruslund: We continue to see great growth potential in the industry, even as it becomes increasingly complex, but our philosophy is to observe and navigate. We prepare ourselves for the challenges based on our environment, so when opportunities arise, we’re capable of advancing quickly and taking full advantage of the situation. 

This means that when we do encounter an opportunity to grow in the region, we will take advantage. We’re currently present in Colombia, Peru, Brazil, Argentina and Panama, where we're becoming increasingly stronger. 

BNamericas: Monjasa made a first delivery of biofuels in Peru. What are your expectations regarding the distribution of biofuels in the medium term?

Bruslund: Our strategy is to be ready to serve our clients when they're ready to transition to cleaner fuels. We have certified biofuel specialists ready to support our clients, and, unlike our competitors, we have experience in the region. 

Our deliveries in Cartagena and Callao were very successful, and we continue to seek further scalability. Now we're in dialogue with some customers who have shown interest in biofuels. 

However, decision-making is naturally long and will be limited, while there is no regulatory incentive to pay the extra bill, because the price difference is significant; the transition to biofuels is a challenge to the entire industry.

BNamericas: Will you open biofuel supply locations throughout the region to support it? What about offices?

Bruslund: We're currently capable of supplying in Colombia, Peru and Argentina, and we’re exploring other markets in the region. 

A natural step would be to expand to Panama where we have our biggest operations. This is the major hub in the region with convenient short flights to major markets, where we will soon be expanding our offices. However, we don’t exclude the possibility of opening offices in other markets if it makes sense. 

BNamericas: In Peru, the Chancay megaport is under construction. What does this imply for the shipping sector, and what opportunities are there for you?

Bruslund: There is no doubt that the dynamic will change, hopefully creating more traffic and bunker demand. We’ve seen an uptake in Peru due to the water level in the Panama Canal, but that’s also changing constantly, and hopefully, it’ll have a positive impact in the future. 

We’ve been in Peru for a long time, and we hope and trust we will be a key player in this new opportunity.