Image Credit: Ship & Bunker/ Data Credit: World Kinect

• Marine operations income was $33 million in Q1, up from $14.8 million a year ago
• Third best quarter on record for the firm's marine business
• Profit margin on bunker sales was $8.53/mt in Q1 vs $3.98/mt a year ago
• Bunker volumes sold in Q1 were 3.87 million mt, up 4% on the year

Marine fuel profits at World Kinect – one of the world's largest bunker suppliers, also known as World Fuel Services – jumped in the first quarter of 2026, primarily driven by higher bunker prices and elevated price volatility.

The firm saw income from marine operations of $33 million in Q1, it said in an earnings release on Thursday.

The figure was up by 123% on the year and by 78.8% from Q4 2025. This is also the firm’s highest income from marine operations since Q4 2022.

Gross profit from the marine segment was $66.4 million in Q1, up from $35.7 million a year earlier.

“First quarter 2026 gross profit was $66 million, an increase of 86%, primarily driven by higher bunker fuel prices, elevated price volatility, and strong execution supported by disciplined risk management in a dynamic market environment, it said in the earnings call presentation.

The firm sold 3.87 million mt of bunker fuel in Q1, up by 4% on the year, but down by 5.8% on the quarter.

That left a Q1 profit margin on its bunker sales of $8.53/mt, up from $3.98/mt a year earlier and from $1.70/mt in the previous quarter.

Last year, the company sold 15.76 million mt of bunker fuel, down 4.9% from 16.57 million mt in 2024.

Analyst Call

The company has started 2026 on a strong note despite volatile market conditions, Ira Birns, CEO of World Kinect Corporation, said in a call with analysts on Thursday.

"This strong performance marks our third best quarter on record for marine, he said.

“Despite a far more volatile and unpredictable environment than anyone could have expected, we delivered a strong start to 2026, driven by strong execution and the continued benefits of our focused portfolio strategy."

“As conditions shifted rapidly following the escalation of the conflict in the Middle East, driving sharp price movements and heightened uncertainty across global energy markets, our teams remained focused, disciplined, and deeply engaged with our customers and suppliers.”

CFO Jose-Miguel Tejada says the marine business has a proven track record to tackle these challenging environments.

“As we have discussed in the past, Marine’s baseline performance in low price, lower volatility environments deliver solid returns with minimal working capital requirements, Tejada said.

“However, when prices rise, credit availability tightens, and volatility increases, the spot nature of the business positions us well and enables us to continue to provide our customers with the products, services, and credit they require when they need it most.

“Our Marine business has a proven track record of executing in these environments while maintaining disciplined risk management, and this quarter was no exception.”

The company also announced that World Fuel Services will serve as its unified corporate and commercial brand from now.