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

• Marine income: $22.2 million (vs. $25.6 million loss YoY)
• Marine volumes: 3.46 million mt (-10.4% YoY)
• Bunker sales margin: $6.41/mt (vs. -$6.62/mt YoY)
• Marine segment gross profit: $79.7 million (vs. $27 million YoY)
• Q3 outlook: Marine gross profit expected to rise YoY

World Kinect – one of the world's largest bunker suppliers, also known as World Fuel – said weaker demand associated with the Middle East conflict weighed on marine fuel volumes in Q2.

The firm saw income from marine operations of $22.2 million in Q2, it said in an earnings release on Thursday.

The result compared with a loss of $25.6 million in Q2 2025, but was down from income of $33 million in the first quarter of 2026.

Gross profit from the marine segment was $79.7 million in Q2, up from $27 million a year earlier.

The firm sold 3.46 million mt of marine fuels in Q2, down by 10.4% on the year and 10.5% from previous quarter. 

That left a Q2 profit margin on its bunker sales of $6.41/mt, up from loss of $6.62/mt a year ago but down from $8.53/mt profit in Q1 2026.

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 said the marine business delivered one of its strongest quarters on record, with higher bunker fuel prices and market volatility boosting margins despite lower sales volumes.

"Aviation and marine each delivered record quarterly gross profit, supported by favourable market conditions, including continued volatility associated with the conflict in the Middle East," Ira Birns, CEO of World Kinect Corporation, said.

"During periods of disruption, customers place an even greater premium on certainty of supply, operational execution and trusted relationships."

Chief Financial Officer Mike Tejada said marine volumes fell to 3.5 million mt, down about 10% from a year earlier, primarily because of weaker demand linked to the Middle East conflict.

“Despite the lower volume, marine gross profit increased almost three times the prior year level to $80 million, the highest quarterly gross profit in the history of the segment,” Mike said.

“Looking to the third quarter and considering our July activity to date, we expect marine gross profit to be up year-over-year, reflecting continued momentum in the business.”