World News
World Fuel Co-Founder Michael J. Kasbar to Step Down in December
World Fuel co-founder Michael J. Kasbar will leave his role as executive chairman on December 31, with independent director Ken Bakshi set to become chairman of the board.
Kasbar co-founded marine fuel brokerage Trans Tec Services in 1984, which later formed the foundation of World Fuel, the firm said in an announcement on Thursday.
He spent more than four decades with the company, including as CEO and executive chairman, helping expand it into a global energy management business.
Bakshi has served on World Fuel’s board since 2002 and has more than 30 years of experience in international business, private equity and advisory roles.
His career has included leadership positions across the energy, healthcare, technology and business services sectors.
World Fuel said the appointment of an independent chairman would strengthen the board’s independent oversight and effectiveness.
“Michael's contributions to World Fuel are extraordinary,” Bakshi said. “His vision and entrepreneurial spirit helped build World Fuel into the company it is today.”
“When we started this company more than four decades ago, we set out to build an organization that could evolve alongside our customers and adapt to changing markets,” Kasbar said.
World Fuel was ranked among the Top Ten Bunker Companies for 2026 Report compiled by Ship & Bunker.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 889.50 | 18.50 | 1281.00 | 10.50 |
| Rotterdam | 715.00 | 13.00 | 1374.00 | 42.50 |
| Houston | 763.00 | 3.00 | 1419.50 | 4.50 |
| Fujairah | 967.50 | 20.50 | 1694.50 | 21.50 |
| Global 20 Ports Average | 895.50 | 1.50 | 1548.50 | 6.50 |
| Global 4 Ports Average | 833.50 | 12.50 | 1442.50 | 17.50 |
| Global Average Bunker Price | 959.50 | 13.50 | 1592.50 | 0.00 |
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