Monolithic catalysts made of cordierite and γ-Al 2 O 3 have been prepared and tested for the Fischer–Tropsch (FT) synthesis. When operated without oil circulation, washcoated cordierite monoliths have previously been shown to be as active and selective as the corresponding powder catalyst provided that the monoliths have low washcoat loadings. Two-phase operation, i.e. with oil/product circulation during reaction, resulted in improved heat removal and temperature control, in lower apparent activity and faster deactivation, but the C 5+ selectivity was equal to or even better than without oil circulation. The lower apparent activities obtained with oil circulation seem to be a combination of catalyst deactivation and flow-related problems in the present experimental set-up.