Peder Møller is CEO of Bunker Holding. Image Credit: Bunker Holding

Bunker Holding, the world's largest marine fuels firm by sales volumes, saw a 59% gain in its pre-tax earnings in the 2025/26 financial year.

The firm reported pre-tax earnings of $73 million in the year to April 30, it said in an emailed statement on Tuesday, up from $46 million in pre-tax earnings from continuing operations in 2024/25. The 2024/25 figure excluded a write-down from discontinued operations of about $36 million related to the shutdown of its onshore cargo trading unit PSTV Cargo.

In 2023/24 Bunker Holding reported EBT of $127 million, but this figure excluded another PSTV Cargo-related write-down of about $125 million.

Image Credit: Ship & Bunker

Over the past five years the company has posted average annual EBT of $114.3 million, while over the past ten years the average was $95 million.

In 2026/27 the company expects to see 'intense market competition' as well as further investment in decarbonisation, it said.

Revenue Decline

Revenues in 2025/26 reached $13.1 billion, down by 4% on the year. The firm cited lower average oil prices across the whole year as the primary reason for this decline, despite the recent surge in prices linked to the war in Iran.

Ship & Bunker's G20-VLSFO Index of bunker prices at 20 leading locations averaged $578/mt in the year to April 30, down by 3.3% from the same period a year earlier.

World Fuel, another top global bunkering firm, saw income from marine operations of $19.1 million in the year to March 31, down by 63.8% from the same period a year earlier.

“This year, we have taken important steps to strengthen Bunker Holding for the future," Peder Møller, CEO of Bunker Holding, said in the statement.

"We have simplified parts of the organisation, brought teams closer together, and made the changes needed to make us more focused and efficient.

"Our markets remained challenging and unpredictable, but I am pleased with both the result we have delivered and the progress we have made."

'Fit for Future'

Bunker Holding has been focusing on its 'Fit for Future' strategy, which has entailed simplifying its global setup, concentrating activities in fewer locations and bringing teams and capabilities closer together with a view to modernising the organisation and positioning it for long-term growth.

“When we launched Fit for Future, the objective was straightforward: to create a simpler, stronger, and more focused company," Møller said.

"That has required some tough choices throughout the organisation, but we are already seeing the benefits.

"We collaborate better, we respond faster, and we are better equipped to adapt when markets change."