The firm hosted its 10th annual IE Week reception in London on Tuesday. Image Credit: Ship & Bunker

Marine fuel trading firm Termoil sees potential for bunker margins to grow from current low levels in the second half of this year.

The firm hosted a broad cross‑section of the global bunker community at its annual IE Week gathering in London on Tuesday, marking the 10th anniversary of the event. The reception was held at The Admiralty in the centre of the UK capital, a location selected by UK office manager David Noakes for its naval theme.

During the reception, Ship & Bunker spoke with Termoil's general manager and partner, Bjarke Staal, to discuss the company's view on the outlook for the bunker market in 2026.

"There's no doubt that the bunker market has come under some stress the last one or two years, and both volumes and margins have been lower,"  Staal said.

"But I actually think we may see some of that pressure subsiding in the second half of the year, once we see oil prices starting to rise again.

"I also think the geopolitical situation, while very tense right now, will improve during the year, supporting trade and in turn more bunker volume.

"Global trade is likely to be picking up again by that point, which should deliver higher bunker volumes, in particular in the Asia-Pacific region."

Termoil keeps a relatively low profile in the industry despite being in operation for 22 years. The company is owned by three partners: Staal, who oversees the trading business, Finance Director John Kotrozos and Sotiris Tsafoulias, the firm's founder and majority shareholder as well as being well-known in Greece for his work in  film and theatre.

The company has three offices in Greece, Cyprus and the UK, with eight experienced traders operating across these locations.

The firm's UK office is in North Wales, with industry veterans Noakes and Suzanne Hunter-Jones living locally and having set up the office there more than a decade ago. 

"We are very excited for 2026," Staal said.

"Not just in terms of business, but we also have a number of new initiatives within the company that we have very positive expectations for.

"The Greek office has recently moved from Glyfada to Sotiris' owned theatre building in central Athens.

"This consolidation also reflects nicely his career in film and theatre."