---

Bunker firm Monjasa has appointed Anders Egelund Boutrup as its new Head of Credit.

Egelund, aged 37, developed his career within the banking sector. Prior to joining Monjasa, he worked for Danske Bank over a period of 10 years.

Commenting on the appointment, Monjasa Group COO, Svend Stenberg Molholt, said: "We are very pleased that Anders decided to join us at Monjasa. He comes with a decade of experience from the banking sector focusing on the oil and shipping sectors. Throughout his career, Anders has acquired the right competencies within credit analysis, credit rating models, risk management, and strategy execution.

"Anders will now be driving Monjasa's global credit efforts with our existing team of regional credit managers positioned at our offices in the Americas, Europe, and the Middle East & Africa. His focus will be on optimising day-to-day credit management while also taking a further strategic approach to Monjasa's key stakeholders, such as suppliers, banks, external credit analysts, and credit insurance."

Monjasa's new credit manager remarked: "I am pleased to be joining Monjasa and thereby continue working with the global shipping industry. Coming directly from the banking sector, I am pleased to experience that the existing credit management system is well documented and meets the high quality standards expected by a global company."

Risk exposure

On the issue of risk exposure, Monjasa explained that "the greater part" of its client portfolio is credit insured and that its credit risk portfolio is diversified in order to ensure that the company's credit performance is not reliant on large exposure to individual customers or industries.

Monjasa noted that it recorded "zero losses" as a result of the recent collapse of Hanjin Shipping and that its "punctual credit assessment process" led to Monjasa withdrawing from granting trading credit to the South Korean firm six months prior to its bankruptcy filing in August 2016.

Monjasa added that "no deterioration in realised credit losses has been recorded in 2016".