The Top Ten Bunker Companies for 2025 report has been compiled by Ship & Bunker and represents who we believe are the ten key global players for the year ahead in terms of bunker sales to the end-users of marine fuel.

The Top 10 Bunker Companies for 2025

Click on the company names 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, Moeve, Petroperu, YPF, Chimbusco etc
  • Oil Majors: E.g. BP, Shell, ExxonMobil, Chevron, TotalEnergies 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. Sing Fuels
  • International hybrid bunker trader/physical suppliers: Peninsula, Minerva, and Monjasa.
  • Small traders: Hundreds of these exist at ports worldwide.
  • Pure Brokers: E.g. NSI, Liberty Marine Fuels
  • 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. ZeroNorth, 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 a 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.

Where volumes figures come from company sources, Ship & Bunker has not independently verified the figures, and relies on self-disclosure by the companies. This report will be updated throughout the year whenever official information becomes available that supersedes best estimates.

This report was last updated on February 28, 2025.

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 (2024): 25 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 the Ostergaard Family: Torben Ostergaard Nielsen and his daughters Nina Ostergaard Borris and Mia Ostergaard Rechnitzer. 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 2024 of around 25 million mt - little changed from its figure for 2023, and down from about 30 million mt in 2022 and 2021.

That fuel is all sold via a network of individually branded bunker trading, broking and supply entities with 66 offices across 34 countries worldwide - although it has an operating presence in over 150 countries and availability at 1,764 ports worldwide.

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 Glander International Bunkering and Dan-Bunkering, 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.

Bunker Holding had a difficult 2023/24 financial year, reporting profit before tax of $127 million from continuing operations in the year to April 30, down from $222.7 million a year earlier. Not included in this figure, the firm lost around $125 million related to the shutting down of PSTV Cargo, an onshore cargo trading firm dealing in Africa.

The company announced a management reorganisation in November 2024, splitting its commercial department into two divisions, Bunker Holding Sales and Bunker Holding Operations, led respectively by Chief Commercial Officer Anders Grønborg and Chief Operations Officer Peder Møller.

The firm is seeking to use the reorganisation to respond to the increasingly complex market in a more focused way, CEO Keld Demant told Ship & Bunker in January 2025.

"We see companies finding the business environment when it comes to bunkers becoming more complex, which we agree with,” Demant said.

"And to make sure that we don't become dinosaurs, but keep developing with the market that we are in, we made a program - we call it Fit for Future - and it's very simple; we make sure that our people do have the skills, the knowledge and are working with the client where they can actually provide the most value.

"The major change is that, if you look 25 years back, everybody could work with everybody, but now we are more specialised.

"With either a specific geographic area or a specific segment, you are working more focused on that, and that is the change.”

The company announced a new LNG bunkering unit, Bunker One LNG BV, in October 2024, chartering the 10,000 m3 LNG bunker vessel Coral Fraseri to carry out its deliveries. The firm is in the process of applying for permits to supply LNG at key ports in Northwest Europe.

Bunker Holding expects shipping’s energy transition to be a key element in providing it with new opportunities, CCO Anders Grønborg told Ship & Bunker in January 2025.

“Over the past couple of years, Bunker Holding has invested significant resources in bolstering our consultancy offering on alternative fuels and CO2 reduction initiatives,” Grønborg said.
“We have, for instance, established a centre of excellence for new fuels and carbon markets, consisting of a strong team of experts from various related industries and across the world as well as upskilling our existing sales force.

“I believe that the increase in market share experienced in 2024 is to a large extent due to customers trusting us to provide accurate and timely information on alternative fuels and strategies to help reduce CO2 emissions.”

World Fuel Services

Type: Broker/Trader/Physical Supplier
Annual Volume (2024): 16.6 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. It provides fuel-related logistics and services to the marine, land, and aviation industries.

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.

The company then made a conscious decision to move away from what it described as its ‘low margin, low return activity’ centered largely on its Asian business, which by 2020 resulted in volumes falling by 46.5% from 2015’s level to 17.5 million mt in 2020. It should be noted that WFS counts the cruise sector - including giants such as Carnival - among key customers, and the suspension of the cruise line business during the coronavirus pandemic also had an impact on volumes at that time.

More recently the firm’s marine division has seen an uptick in both volumes and profits, while its decision to avoid lower value business has boosted gross margins.

For 2024 WFS saw annual volumes of around 16.6 million mt, down from the 16.8 million mt posted in 2023, 19.1 million mt posted in 2022 and 18.4 million mt in 2021. Quarterly volumes in 2024 were 4 million mt, 4.2 million mt, 4.3 million mt and 4.1 million mt for the first, second, third and fourth quarters, respectively.

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

WFS’s gross profit margin from marine sales had jumped significantly to record highs in 2022 as a result of the geopolitical turmoil’s effect on oil markets, and these margins declined sharply again in 2023 and 2024 as the market normalised.

Taking 2024 as a whole, marine income sank by 21.3% on the year to $64.8 million, while the marine gross margin fell by 20.2% to $3.88/mt.

The holding company of World Fuel Services is now referred to as World Kinect Corporation, but in the market the company is still known as World Fuel Services.

Peninsula

Type: Trader and Physical Supplier
Annual Volume (2024): 18 million mt
HQ: Financial: Dublin; Operational: Gibraltar and London
Website: www.peninsula360.com

Company Profile

Peninsula is one of the world’s largest integrated bunker suppliers active in cargo sales, shipping, barging, derivatives, carbon management, and physical supply. The group is owned and run by Gibraltar-based John A Bassadone.

The company counts Gibraltar, Algeciras and surrounding ports, with all ports in the ARA region, Las Palmas, Mauritius, Panama (Balboa and Cristobal), Malta, Skaw, Copenhagen, Fujairah and Khor Fakkan among its key bunkering locations.

2024 saw the company’s bunker volumes jump to 18 million mt, up from 14.5 million mt in 2023 and 2022 and from 16 million mt in 2021.

In August 2024 the firm launched a new physical supply operation covering the English Channel and North Sea, deploying one tanker for the operation initially with plans to add a second.

The company added Abu Dhabi and Jebel Ali to its UAE physical supply footprint in October 2024, and re-entered the Houston physical supply market in November 2024.

The firm also added four ultra-spec bunker supply vessels and one 18,000 m3 LNG bunkering vessel to its fleet in 2024, as well as taking on Vice Admiral Sir David Steel as a non-executive director.

In September 2024 Peninsula owner John Bassadone launched a new shipping company, Hercules Tanker Management, which operates as an independent ship owner active in chartering tonnage and commercial management and facilitates Peninsula's cargo flows and physical supply operations.

Minerva Bunkering

Type: Physical supplier and trader
Annual Volume (2024): 15.9 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 59 ports with physical operations, Minerva lists its key operational hubs as Geneva, Athens, New York, Singapore, Las Palmas, Panama, Rotterdam and Houston.

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.

For 2024 volumes are understood to be around 15.9 million mt, down marginally from the 16.3 million mt seen in 2023 and 16.5 million mt in 2022. 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 2023 it was ranked as the 12-largest player by volume, down three places from ninth in 2022.

In 2024 the company acquired the Bomin USA business, increasing its presence in the US Gulf and East Coast.

The firm also extended biofuel blending operations into the ARA market, continued to modernise and expand its fleet of 41 owned vessels and took on two newbuild bunkering tankers for its Singapore business that can run on both LNG and conventional fuels.

Minerva continues to deploy ADP digital bunkering service across its network, but during 2024 the technology platform was spun off into a separate company and has independently commercialized the service to various bunker suppliers.

TFG Marine Pte Ltd

Type: Supplier
Annual Volume (2024): 9.7 million mt
HQ: Singapore
Website: www.tfgmarine.com

Company Profile

Singapore-based TFG Marine Pte Ltd was 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.

The firm saw sales in its 2023-24 financial year to September 30, 2024 of about 9.7 million mt, down from 10.6 million mt the previous year and 10 million mt in 2022.

Singapore has been a notable success story for TFG. The company was the city-state’s second-largest bunker supplier by volume in 2023, up from third place in 2022 and fifth in 2021. This came at a time when the overall Singapore market saw record volumes for 2023.

For 2024 the Maritime and Port Authority has not ranked its top suppliers by volume, but released an alphabetical list of its top ten suppliers, in which TFG is included.

The firm added two LNG dual-fuelled barges in Singapore in 2024, as well as setting up operations in Mauritius.

The company signed a long-term charter for Fratelli Cosulich’s first methanol dual-fuelled IMO Type 2 bunker tankers in January 2024, and signed long-term charters for four newbuild IMO Type 2 tankers capable of carrying methanol and biofuels in July.

At the start of 2025 TFG announced the launch of a bunkering joint venture with the Oman Oil Marketing Company, TFG-OOMCO LLC, to supply bunker fuels to vessels at the ports of Duqm, Muscat and Sohar. TFG Marine already operates the 7,994 DWT bunker delivery vessel Margherita Cosulich in the region, supplying vessels at Sohar.

In December 2024 the company announced its acquisition of a majority stake in Spanish bunkering company Vilma Oil Med had been completed. Vilma Oil Med has been in the bunker business around the Strait of Gibraltar and Western Mediterranean for 18 years, supplying more than 1,500 vessels per year. The company is based in Madrid, and has an 84,000 m3 storage terminal and a bunker barge.

TFG has been a significant supporter of the rollout of mass flow meters (MFMs) across the global bunker industry in a bid to reduce quantity disputes and improve transparency. The firm is aiming to have 80-85% of its vessels fitted with MFMs by the end of 2025, CEO Kenneth Dam told Ship & Bunker in October 2024.

The company is also considering joining the global LNG bunkering market, Dam said.

Integr8 Fuels

Type: Trader
Annual Volume (2024): 6.3 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 hovering just over 6 million mt. In 2024 the volumes total was 6.3 million mt, little changed from 2023’s figure and up from 6.2 million mt in 2022.

In 2024 the firm expanded to Australasia for the first time, opening a new office in Perth targeting the renewables segment as well as offshore oil and gas projects.

The firm also has representation on bunker industry body IBIA’s technical and future fuels working groups.

Integr8 is one of the players with a presence in the bunkering technology space with its mobile app and digital bunkering platform ENGINE, which launched in 2020. A separate trading firm, Engine X – spun off from parent company Navig8 but separate to Integr8 – was launched in September 2023.

In early 2025 UAE-based ADNOC Logistics and Services completed its acquisition of a majority stake in Navig8. The company now holds 80% of parent company Navig8 TopCo Holdings, and intends to acquire the remaining 20% in mid-2027.

Monjasa

Type: Physical Supplier + Trader
Annual Volume (2024): 6.8 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 project and hotel services for offshore operations.

Monjasa was founded in 2002 by Anders Østergaard and Jan Jacobsen. It is fully owned by its Dubai-based Group CEO, Østergaard. Through 16 global offices and more than 30 tankers and barges deployed across the Americas, Europe, the Middle East & Africa and Asia, the firm has a truly worldwide footprint and a headcount of over 600.

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 2024 with an annual sales volume of just over 6.8 million mt, up from 6.5 million mt in 2023 and 6.4 million mt in 2022.

As in previous years, its sales volumes remain roughly split 50 / 50 between its trading and physical activities.

In April the firm announced a relocation of its Stamford office to New York City, seeking to tap into a larger pool of candidates for the office by doing so.

In July the firm added two more tankers to its fleet in West Africa, catering to increased demand in the region amid diversions away from Suez.

The company made its first biofuel blend delivery in Singapore in August, and announced plans to do the same in Panama in early 2025.

Monjasa expanded its physical supply footprint in the US Gulf in October, chartering an additional tanker to supply the offshore US Gulf market and adding to three existing barges in the Greater Houston area.

In September Monjasa took on its largest ever cohort of trainees, bringing in 13 new trainees for its two-year training programme at its offices around the world.

At the start of 2025 the company carried out the first LNG bunker delivery in the UAE, using its delivery vessel the Green Zeebrugge. The firm is seeking to develop the UAE as a leading shipping hub for alternative fuels.

And in February 2025, Monjasa established its fourth regional office in Asia by starting trading from Tokyo, Japan, in addition to Singapore, Ho Chi Minh and Shanghai.

Fratelli Cosulich Group of Companies

Type: Bunker trader and physical supplier
Annual Volume (2024): 5.3 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 Italy, and in Singapore the group has a well-established physical supply presence that was ranked 36th on the MPA’s list of suppliers by volume for 2023.

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, South Korea, Switzerland, Turkey, UAE, United Kingdom, USA, and Vietnam.

In terms of bunker volumes, 2024 saw a small decline for Fratelli Cosulich, whose 5.3 million mt of sales was down from 5.5 million mt the previous year and 6 million mt in 2022. The vast majority of sales come from the company’s trading activity.

The company launched its second LNG bunkering vessel, the Paolina Cosulich, in 2024, as well as deploying the Margherita Cosulich under charter to TFG Marine in Oman.

The firm placed an order for four IMO II bunker vessels for delivery from Q1 2026, and started EUA trading and reached the milestone of 100,000 EUA certificate sales.

The company also opened an office in Seoul, operating under the name Fratelli Cosulich Korea.

Vitol Bunkers

Type: Supplier and trader
Annual Volume (2024): 13 million mt
HQ: Dubai (de facto), Geneva (de jure)
Website: www.vitolbunkers.com

Company Profile

Commodity trading firm Vitol has long played a role in global bunker markets, but only set up its dedicated marine fuels unit, Vitol Bunkers, in May 2021.

The operation at first had a heavy focus on the Singapore market, where Vitol had acquired local supplier Sinanju Tankers Holdings in March 2020 and renamed it under its own brand. Singapore remains a strong area for the firm – it was listed as the city-state’s fifth-largest supplier by volume in 2023 and fourth-largest in 2022 – but the company has since considerably expanded its global presence.

The company has physical supply operations in Australia, St Eustatius, China, Singapore, Fujairah, Houston and offshore in the US Gulf, as well as in Turkey, ARA and the Maldives.

The company carried out about 13 million mt of physical bunker deliveries in 2024, up from about 10 million mt seen in 2022.

A notable achievement has been the company’s hold on the biofuel bunker market in Singapore. The firm delivered a total of about 190,000 mt of biofuel blends in Singapore in 2023, or almost 36% of the city-state's total.

Early in 2024 the firm took delivery of its first specialised biofuel bunker delivery vessel in Asia. Because the vessel is specialised rather than being classed as a general oil tanker, it will be allowed to deliver biofuel blends of up to 100% bio content, while other delivery vessels have to keep the bio content below 25%.

In July 2024 the company announced it had ordered on 12,500 m3 LNG bunker delivery vessel and another 20,000 m3 one from CIMC Sinopacific Offshore & Engineering in China, and chartered a new 20,000 m3 one from Avenir LNG.

The firm expects to receive a licence to supply LNG as a bunker fuel in Singapore in due course, as it intends to deploy at least one of these vessels in the city-state’s waters, Vitol Asia CEO Mike Muller told Ship & Bunker in October.

Vitol acquired South African products retailer Engen in 2024, as well as increasing its stake in Italian refiner Saras.

Alpha Trading SpA

Type: Trader + Physical Supplier
Annual Volume (2024): 3 million mt
HQ: Genoa, Italy
Website: www.alphatrading.it

Company Profile

Italy-based Alpha Trading SpA (Alpha) is one of the largest marine fuel suppliers 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.

The firm saw sales of 3 million mt in 2024, little changed from 2023’s level despite the impact of diversions away from Suez on the Mediterranean bunker market. The company is preparing for a shift in marine fuel demand this year as the new 0.1% sulfur ECA is imposed in the Mediterranean from May.

Other Players of Note

Hafnia Bunkers

Type: Bunker Buying Alliance
Website: hafniabw.com/bunkers/

As a buyer alliance, Hafnia buys fuel both for its own fleet’s needs and on behalf of other owners, and as such some may argue they do not strictly meet our criteria of being a seller to the end-user of the marine fuel. Still Hafnia covered about 3.7 million mt of sales in 2024, up from about 3.5 million mt in 2023 and 2022, so it certainly meets the criteria of being a player of note.

Bunker industry veteran Peter Grünwaldt set up the shipping firm’s bunker desk in 2016, before rapidly expanding its focus to become a buying alliance procuring fuel for firms including Swire, Equinor and Clearlake.

In early 2025 the company announced plans to combine its bunker alliance with Cargill’s Pure Marine Fuels, creating the joint venture Seascale Energy. This new entity is expected to cover 7.5 million mt/year of sales, about half of which will be sales to third parties, indicating this company will take up a prominent position in next year’s report if all goes as planned.

Cockett Marine Oil

Type: Bunker Trader
Website: www.cockettgroup.com

Founded in the UK in 1979, Cockett Group has long been one of the world’s top suppliers in terms of bunker fuel and marine lubricants volumes, and has previously featured as one of the companies on our Top 10 list. Today, Cockett is a back-to-back trader operating out of 14 global offices, with a headcount of more than 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 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 and commodities firm Vitol.

Grindrod is currently looking to exit the marine fuels business as part of a wider shake-up of its own operations, but any sales 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 plans to sell its half of the firm or buy Grindrod’s stake, despite since 2021 Vitol having launched its own, separate marine fuels business.