• Marine income $36.8 million, up from $4.7 million a year earlier and $22.2 million in Q2
  • Margin $9.88/mt, the highest since Q3 2022
  • Volumes 3.72 million mt, up 7.6% on the quarter, down 8.2% on the year
  • Marine gross profit $58.8 million, below Q2's record $79.7 million
  • Q4 marine gross profit expected above last year but down sequentially

For the third quarter of 2026 World Fuel, which reports under its legal name World Kinect, has reported its highest marine margins and operating income since 2022, as bunker volumes recovered from the second quarter's conflict-driven low.

Income from marine operations was $36.8 million in Q3, up from $4.7 million a year earlier and from $22.2 million in Q2, the company said in a results statement on Thursday.

That is the segment's best quarter since Q3 2022, when it earned $48.1 million.

Bunker volumes were 3.72 million mt, down 8.2% from 4.06 million mt a year earlier, but up 7.6% from the 3.46 million mt sold in Q2, when the Middle East conflict was said to have cut demand.

But the dip in year-over-year volume will be of little concern with total income from marine operations posted at $36.8 million, putting the margin on bunker sales at $9.88/mt.

That was not only up from $1.16/mt a year earlier and $6.41/mt in Q2, but the highest since the $9.96/mt seen in Q3 2022.

Marine gross profit was $58.8 million, up 131% on the year, but down from the record $79.7 million in Q2 and $66.4 million in Q1.

Over the first nine months of the year the marine business earned $92 million on 11.06 million mt, against a $6.1 million loss on 11.65 million mt in the same period of 2025.

"Turning to marine, we delivered another outstanding quarter as the business continued to outperform," said CEO Ira Birns on the company's earnings call, with fuel prices and volatility running higher through the quarter than management had expected in late July.

"Ongoing volatility, schedule disruptions, and shifting trade patterns continue to create opportunities," he added.

Addressing the lower sales volumes, CFO Mike Tejada said they reflect "continued conflict-related disruptions to shipping patterns and customer activity."

"Although margins have continued to moderate since the initial disruption, market prices and supply conditions continue to support increased profitability across the business."

Looking to Q4, Tejada said the company expects marine gross profit "to remain above the prior year level but decline sequentially" as incremental market benefits moderate.

"Although conflict-related market benefits continue to moderate, elevated fuel prices continue to support profitability," he said.

At group level World Kinect reported record adjusted earnings of $0.99 per share, up 83% on the year, and raised its full-year adjusted earnings guidance to $3.52 to $3.62 per share from $3.20 to $3.40.