The Top 10 Bunker Companies for 2022 has been jointly compiled by Ship & Bunker and New York-based marine credit reporting agency SeaCred. The list represents who we believe are the key 10 global players in the year ahead in terms of bunker sales to the ned users of marine fuel.

The Top 10 Bunker Companies for 2022

Click on the company name or scroll down to read the individual company profiles.

How We Picked the Top 10

Selecting just 10 companies from the vast array of players operating in the marine fuels supply space is always going to be a difficult task, and there will never be consensus on who those 10 should be. The reality is that the bunker fuel business involves many hundreds of entities at many hundreds of ports worldwide, representing a wide assortment of business structures and sizes.

There are also many different company types involved in the bunker ecosystem. These include:

  • State-controlled companies: E.g. Petrobras, Aramco, Lukoil, Cepsa, Petroperu, YPF, Chimbusco etc
  • Oil Majors: E.g. BP, Shell, ExxonMobil, Chevron, Total etc.
  • Oil independent: E.g. Phillips 66, Nustar, Valero etc.
  • Commodity Houses: E.g. Glencore, Vitol, Mercuria and Trafigura
  • International pure bunker traders: E.g. SingFuels
  • International hybrid bunker trader/physical suppliers: Peninsula Petroleum, Minerva, and Monjasa.
  • Small traders: Hundreds of these exist at ports worldwide.
  • Pure Brokers: E.g. NSI, Liberty Marine Fuels and Prime's Bunkers Plus
  • Hybrid Broker/traders (or vice versa): KPI OceanConnect, Glander International Bunkering and Dan Bunkering
  • Sales and marketing arms for Storage terminals: E.g. Nalex Energy’s arrangement with Vitol
  • Trading platforms: E.g. Clearlynx, AuctionConnect, and Inatech
  • Bunkering arms founded on the volumes from shipping companies: E.g. Maersk Oil Trading, Delta Energy and Chimbusco
  • Bunker Buying Alliances: E.g. Hafnia, DeaL Energy

Selection Criteria

Sales volume to end users of fuel is a top consideration for inclusion in the Top 10, but global reach and overall potential to impact the supply chain are among the other key variables we have considered. For example, some of the biggest suppliers ranked by sales volume in Singapore have numbers that exceed some of those players selected in our Top 10, yet they only operate in that single market. Historically, when such a player departs, its lost supply capacity is quickly replaced by other suppliers at the port and there is very little impact to the local market, and none globally.

Thus, we have selected players that are not only significant in terms of supply volumes, but those who also provide the logistics and other services that make the global bunker ecosystem tick.

We have also focused on companies for whom bunkers is THE, or at least A, major business, and their goal is to sell to multiple industry counterparties (E.g. not just the trading unit of single shipping company). This is also why we have discounted several oil majors and national oil companies who are clearly dominant players, but bunkers represent only a small fraction of their overall business.

Given the above, this list of Top 10 Bunker Companies should not be taken to be the 10 largest bunker companies by sales volume.

An Important Note on Sales Volumes

The sales volumes in this list have been compiled using a combination of officially reported figures, and where that is not possible, best estimates based on available market intelligence. This report will be updated throughout the year whenever official information becomes available that supersedes best estimates.

This report was last updated on February 24, 2022

I Want Further Information, Who Can I Contact?

If you have questions or feedback about this Top 10 list, please contact Ship & Bunker here: shipandbunker.com/contact


Bunker Holding

Type: Hybrid: Bunker Trader / Physical Supplier / Broker
Annual Volume (2021): 30 million mt (traded, physical, broking)
HQ: Middlefart, Denmark
Website: www.bunker-holding.com

Company Profile

Bunker Holding A/S (BH) is a family-owned, private limited company incorporated in Denmark. It is owned by A/S United Shipping & Trading Co, which in turn is owned by Torben Ostergaard Nielsen. The company’s history dates back to 1876. BH is headed by CEO Keld Demant.

BH is by far the world’s largest bunker company in terms of volume sold to end users of fuel, with an annual sales volume in 2021 of around 30 million mt - the same as it recorded for 2020.

That fuel is all sold via a network of about 70 individually branded bunker trading, broking and supply entities with 70 offices across 35 countries worldwide - although it has an operating presence in over 150 countries.

As such, the structure of BH is unlike any other player in the bunker industry; a holding company for an amalgam of well-known global bunker brands such as BMS United, Amoil, and Unioil, all ostensibly operating independently and competing with each other for sales. These companies each have their own respective origins and histories.

BH’s most significant subsidiaries, all with global reach, are:

  • A/S Dan Bunkering: a trader founded in 1981 and based at BH HQ in Middlefart.
  • Glander International Bunkering: founded in NYC in 1961 and later moved to Florida, Glander is a broker/trader now based in Dubai. Today’s Glander International Bunkering brand was formed in 2013 when Dubai-based International Bunkering acquired the US-based Glander International.
  • KPI OceanConnect: a hybrid broker/trader that until recently was known as KPI Bridge Oil before acquiring and merging with OceanConnect in 2020.
  • Bunker One: Bunker Holding’s physical supply unit launched in 2018.

BH continues to eye growth and 2021 began with Demant telling Ship & Bunker his company would continue to look for acquisition opportunities as industry consolidation continues to gain pace. There were, however, no significant acquisitions completed in 2021.

While consolidation of the numerous BH brands is not seen as required, in 2021 its LQM brokerage business (which BH acquired in 2015) was folded into Dan Bunkering and the brand dropped.

In other developments during 2021, the company made headlines at the end of the year after Dan Bunkering, BH and CEO Demant were all found guilty of having breached EU sanctions with deals of jet fuel that ended up in Syria. BH stressed that the judgement found this was a result of “unintentional negligence” rather than a deliberate violation and chose not to appeal the verdict. The company has also suggested the ruling raises questions about the increasingly complex nature of supply chain responsibility in the bunker industry.

Elsewhere, a number of BH’s key units celebrated milestone years in 2021, with KPI OceanConnect marking its 50th anniversary, Glander International Bunkering its 60th and Dan-Bunkering its 40th.


World Fuel Services

Type: Trader, some physical
Annual Volume (2021): 18.4 million mt
HQ: Miami, FL
Website: www.wfscorp.com

Company Profile

Miami-based World Fuel Services Corp (WFS) is a publicly-traded company incorporated in Florida, USA.

Originally founded in 1984, following its $219 million IPO in 2010, by 2013 WFS was the only Fortune 500 company to have grown faster than tech giant Apple over the previous decade.

For many years WFS was the world’s top bunker trading company, and as recently as 2016 had annual sales of over 31 million mt.

Since then the company has shifted away from what it described as its “low margin, low return activity” centered largely on its Asia business, which by 2020 resulted in volumes falling as much as 46%. WFS counts the Cruise sector - including giants such as Carnival - among key customers, and naturally the suspension of the cruise line business during the coronavirus pandemic has also had an impact on volumes.

Still, for 2021 WFS posted annual volumes of 18.4 million mt, up from the 17.5 million mt posted for 2020 and notably the first time since 2015 that the firm has increased its annual sales.

The majority of that volume is traded, with some broking as well as physical business in the UK, Gibraltar, and Tampa Bay.

WFS also sells fuels within the air and land segments.

World Fuel Services reported quarterly volumes of 4.2 million mt, 4.6 million mt, 4.8 million mt, and 4.9 million mt for 2021's Q1, Q2, Q3, and Q4 respectively.


Peninsula

Type: Trader and physical
Annual Volume (2021): 16 million mt
HQ: Financial: Dublin; Operational: Gibraltar and London
Website: www.peninsulapetroleum.com

Company Profile

The Peninsula Petroleum Group is one of the world’s largest physical bunker suppliers and back-to-back traders. The group is owned and run by Gibraltar-based John A Bassadone.

The company counts Gibraltar, ARA, Las Palmas, Mauritius, Panama and Malta among its key bunkering locations.

Like a number of our recurring Top 10 players, 2021 was a good year for the group who last year grew their bunker sales to some 16 million mt, up from around 13 million in 2020.

Among its notable developments in 2021, the firm took a number of steps as part of the industry’s shift to alternative fuels, including in May 2021 announcing it was dropping “Petroleum” from its name in favour of being branded simply as “Peninsula”.

Peninsula also announced plans to operate an LNG bunker supply business in the Strait of Gibraltar.


Minerva Bunkering

Type: Physical supplier and trader
Annual Volume (2021): 15.5 million mt
HQ: Geneva
Website: www.minervabunkering.com

Company Profile

Minerva Bunkering was established in 2014 and is the bunker supply and trading arm of the Geneva-based Mercuria Energy Group, one of the world’s largest trading houses. Minerva Bunkering is headed by Tyler Baron who is also based in Geneva.

With a true global presence covering 40 ports with physical operations, Minerva lists its key operational hubs as Geneva, Athens, New York, Singapore, Antwerp, Panama, and Las Palmas.

Having been originally established as a pure bunker trader, in 2019 Minerva notably bought Aegean Marine Petroleum Network, once the world’s largest independent physical bunker supplier. Since then, the company has enjoyed steady growth. For 2021 volumes are understood to be around 15.5 million mt, up from around 13 million mt in 2020. Most (around 80%) of the company’s volumes are attributed to its physical business.

Among its numerous physical supply locations, the company enjoys a strong presence in Singapore where in 2021 it was ranked as the 13th largest player by volume for 2021, up nine places from 22nd in 2020.

Among other developments for the firm last year, Minerva introduced new physical operations in the Red Sea and Argentina, introduced a carbon offsetting programme, and launched its ADP digital bunkering platform.


TFG Marine Pte Ltd

Type: Supplier and trader
Annual Volume (2021): 8 million mt
HQ: Singapore
Website: www.tfgmarine.com

Company Profile

Singapore-based TFG Marine Pte Ltd is a relative newcomer in the bunkering space, having launched in early 2020 as the bunkering joint venture between majority owner Trafigura and John Fredriksen controlled shipping firms Golden Ocean Group Ltd and Frontline Ltd.

TFG is headed by Geneva-based Kenneth Dam.

As of the end of 2021, TFG says it has built up “one of the largest physical footprints in the global marine fuel supplies market” and has operations at more than 20 port and offshore locations across the Americas, Europe, Africa and Asia.

Last year TFG’s sales were estimated at 4 million mt, or 6.5 million mt annualised taking into account some of its operations not being in place for the entire year.

Since then its sales have grown significantly, notably in Singapore. In November the firm announced it expected to be among the top five suppliers licensed to operate in the city-state’s waters in 2021, and the Maritime and Port Authority’s list of Singapore suppliers by volume subsequently showed that to be true. Their position in the MPA list rose to fifth in 2021 from 16th in 2020.

In what was a busy year for TFG, the company also announced plans to ‘collaborate closely’ with new Mauritius bunker supplier GRM-EUT in November, launched a new Malta physical supply operation in August targeting as much as 480,000 mt/year of sales, launched physical supply in Antwerp earlier that month, expanded its operation in Corpus Christi in March with an additional barge, and set up physical supply in Falmouth, UK in January. The firm has also added a presence in New York in January 2022.


Integr8 Fuels

Type: Trader
Annual Volume (2021): 6.1 million mt
HQ: London
Website: www.integr8fuels.com

Company Profile

The Integr8 Fuels group is the marine fuel procurement and trading arm of the Navig8 Group, one of the world’s largest tanker operators. Integr8 has 12 offices worldwide, with Singapore, London and Dubai the major hubs, with additional offices in Athens, Houston, New York, Shanghai, Orlando, Hamburg, Mumbai, Oslo and Tokyo.

Managing Director Tushar Gole is based in Singapore. 

Integr8 handles all bunker purchases for Navig8’s tankers employed via its various pools, but today the company’s main business covers a large and stable portfolio of third party customers which it says extends to over 850 customers.

In recent years the company has enjoyed steady annual volumes of just over 6 million mt, and 2021 was no exception.

Integr8 is one of the few players with a presence in the bunkering technology space with its mobile app and close association with digital bunkering platform ENGINE, which launched in 2020.


Monjasa

Type: Physical Supplier + Trader
Annual Volume (2021): 5.7 million mt
HQ: Fredericia, Denmark
Website: www.monjasa.com

Company Profile

Fredericia, Denmark-based Monjasa Holding AS (Monjasa) is primarily involved in the trading and physical supply of marine fuels but the group has interests in a number of related businesses, most notably its CBED hotel services for offshore operations and IT consultancy, RelateIT.

Monjasa was founded in 2002 by Anders Østergaard and Jan Jacobsen. It is currently fully owned by its Dubai-based CEO Østergaard. Through 12 global offices and some 25 tankers and barges deployed across the Americas, Europe and the Middle East & Africa, the firm has a truly worldwide footprint and a headcount of just over 500.

The most recent chapter of Monjasa’s history has seen it enjoy some of its best ever years, achieving continued year on year growth despite the industry having faced a number of significant challenges, including IMO 2020 and the impact of the coronavirus pandemic.

Sources indicate the company will report another year of growth for 2021 with an annual sales volume of around 5.7 million tonnes, up some 16% on 2020 having posted volumes of 4.1 million mt, 4.5 million mt, and 4.9 million mt in 2018, 2019, and 2020 respectively. As in previous years, its sales volumes are roughly split 50 / 50 between its trading and physical activities.

Historically the company is known for its presence in West Africa, which still accounts for 22% of its business, but the Americas is now the firm’s leading market accounting for 28% of sales. Panama in particular is one of the company’s stronger sales locations. Last year Monjasa celebrated its 10 year anniversary in the Americas.

Most recent developments include new office openings in Houston and Athens to support the increasing demand in the Americas and Europe. In 2020, the balance of its business is split between Southeast Asia (18%), Europe (18%), and the Middle East (14%).

Marking new sustainability initiatives, Monjasa, as the first company in the bunker industry, has started to offer its customers accurate carbon footprint reports linked to each fuel order and covering the entire supply chain across production, transportation and customer use. 


Fratelli Cosulich Group of Companies

Type: Bunker trader and physical supplier
Annual Volume (2021): 5.5 million mt
HQ: Genoa, Italy
Website: www.cosulich.com

Company Profile

Family owned Fratelli Cosulich Group of Companies, whose history dates back to 1857, is active in the bunker industry through a number of Fratelli Cosulich-denominated subsidiaries. CEO Timothy Cosulich is based in Singapore – but is currently in the process of moving back to Italy – and in Singapore the group has a well-established physical supply presence that was ranked 25th on the MPA’s list of suppliers by volume for 2021, as it also was in 2020.

Cosulich is a well known figure in the bunker industry and currently serves as the Vice Chairman of the International Bunker Industry Association (IBIA).

After starting 2021 with the launch of a new office in Greece, the firm now has a presence in 25 countries: Italy, Bosnia Herzegovina, Brasil, China, Croatia, Czech Republic, France, Greece, Hong Kong, Indonesia, Ireland, Monaco, Netherland Antilles, New Zealand, Poland, Portugal, Serbia, Singapore, Slovenia, Switzerland, Turkey, UAE, United Kingdom, USA, and Vietnam.

Fratelli Cosulich has been one of the more active players in the alternative fuels space, in 2021 ordering two LNG bunkering vessels through its newly-established subsidiary Fratelli Cosulich LNG. The pair of bunkering vessels are due to be delivered at the end of 2023, and one of them is likely to be deployed in the Mediterranean. The company has also joined a group that is designing an ammonia bunkering vessel.

In terms of bunker volumes, 2021 was an excellent year for Fratelli, whose 5.5 million mt of sales represent a significant lift on the 4 million MT sold in 2020. The vast majority of sales come from the company’s trading activity.


Cockett Marine Oil

Type: Bunker Trader
Annual Volume (2021): 3.5 million mt
HQ: Dubai (de facto), Singapore (de jure)
Website: www.cockettgroup.com

Company Profile

Founded in the UK in 1979, the Cockett Group of companies has long been one of the world’s Top 10 suppliers in terms of bunker fuel and marine lubricants volume sold. Today, Cockett is a back-to-back trader operating out of 14 global offices, with a headcount of over 140 employees. Cockett is headed by CEO Cem Saral.

Cockett essentially has two bases: Cockett Singapore is its official headquarters, while the Dubai office is the commercial hub, and is where CEO Cem Saral and key executives are based and from where most operations and trading are handled.

Since 2012 Cockett has been jointly owned in a 50/50 JV by South African logistics conglomerate Grindrod Ltd and commodity trading group Vitol BV. Grindrod is currently looking to exit the marine fuels business as part of a wider shake up of its own operations, but any sale of its stake in Cockett is currently postponed and not viewed by them as likely in the short term. For its part, Vitol says it has no plan to sell its half of the firm or buy Grindrod’s stake, despite in 2021 Vitol launching its own, separate marine fuels business.

Cockett is estimated to have sold around 3.5 million mt of bunkers in 2021.


Alpha Trading SpA

Type: Trader + Physical Supplier
Annual Volume (2021): 3.2 Million mt
HQ: Genoa, Italy
Website: www.alphatrading.it

Company Profile

Italy-based Alpha Trading SpA (Alpha) is the largest marine fuel supplier in the Mediterranean, but the company has a truly international bunker trading operation that is responsible for the majority of its annual sales volume. It counts major cruise and container lines among its customer base.

Launched in October 2018, Alpha has been a physical supplier in Trieste and neighbouring ports of Koper, and Monfalcone.

Having been incorporated in 1985, Alpha has recently been enjoying some of its best ever years, reporting sales in 2018 of 3.7 million mt. Like many players the coronavirus pandemic slowed Alpha’s sales, slipping in 2020 to under 3 million mt, but 2021 is understood to have been another excellent year for Alpha where it lifted sales to some 3.2 million mt.