World Kinect Sees First Quarterly Marine Fuels Loss Since 2017

World Kinect posted a loss $25.6 million from the marine segment operations in Q2. Image Credit: Ship & Bunker / Data Credit: World Kinect

World Kinect – one of the world's largest  bunker suppliers, also known as World Fuel Services – saw its first quarterly loss from marine fuels since the end of 2017 in Q2.

World Kinect sold 3.87 million mt of bunker fuel in Q2 2025, down by 7.1% on the year but up by 3.9% from Q1.

The firm reported a loss from marine operations of $25.6 million in Q2 2025, it said in its latest earnings release. This was its first quarterly loss from this segment since Q4 2017, and compares to an income of $10.4 million in Q2 2024 and $14.8 million in Q1 2025.

Gross profit from the marine segment was $27 million in Q2, down from $36.7 million a year earlier.

This was due to unfavourable tax settlements recorded in the second quarter and weaker performance at certain marine physical inventory locations, especially in the US.

The firm's marine margin slipped to a loss of $6.62/mt, from a $2.49/mt profit in Q2 2024 and $3.97/mt in Q1 2025.

World Kinect is the new name for the firm's overall holding company, but it remains known as World Fuel Services in its market operations.

Analyst Call

Despite macroeconomic and market challenges in Q2, the firm says it is reshaping its portfolio to focus on resilient, high-return core activities that drive long-term value.

"Our marine business, it's a spot business," CEO Michael Kasbar said during the firm's analyst call on Thursday.

"The team has done a phenomenal job in terms of creating efficiency in that market.

"We've got a good physical capability there."

CFO Ira Birns expects lower year-on-year gross profit in Q3 due to weakness in certain locations.

"While the [Q2 bunker] volume decline was primarily related to ongoing global trade-related uncertainty, the decline in gross profit was primarily related to an unfavourable transaction tax settlement recorded in the second quarter and weaker performance at certain marine physical inventory locations in the U.S," Birns said.

"In our Marine segment, we recorded a $32 million asset impairment in the second quarter related to a physical inventory location that no longer aligns with our long-term strategic objectives," Birns added.