• The world’s top 10 bunker companies accounted for about half of global bunker demand in 2025
• Continues a pattern now established for several years
• Top ten bunker companies collectively sold about 124 million mt of marine fuels in 2025
• Total gained 3.7% over 2024's level
• Bunker Holding remains the company with most sales at 24m mt
• Peninsula makes the biggest gains, growing volumes 38% over the past 2 years
• Click here to read the full report: https://shipandbunker.com/bi/top10

The world's Top 10 global bunker companies are still responsible for about half of global marine fuel sales, according to Ship & Bunker's latest Top 10 Bunker Companies report, now updated to include annual sales volumes in 2025.

The composition of the Top 10 changed slightly in 2025, with Seascale Energy replacing Alpha Trading, while combined sales rose modestly to about 124 million mt — up around 3.7% from 2024.

With final Q4 2025 data not yet available for all markets, current indications suggest global bunker demand last year was around 250 million mt vs around 245 million mt for 2024.

This market share figure has remained little changed around the 50% mark for several years, having risen since the mid-2000s when the top ten were considered to control around 20-25% of the global market.

As in recent years, Bunker Holding remains the global bunker company with the highest sales volumes at 24 million mt of sales in 2025, down slightly from 25 million mt the previous year.

But it is Peninsula that is likely to attract the most attention.

With most every other firm on the top 10 list witnessing flat sales last year, Peninsula saw an 11.1% gain to about 20 million mt in 2025,.

Following growth of 24.1% the previous year, this means the supplier has grown its sales 38% over the last two years.

World Fuel Services, once the world's largest seller of marine fuels with almost 32 million mt of annual sales in 2016, saw a 4.9% decline in bunker sales in 2025.

It now stands behind Bunker Holding, Peninsula and Minerva Bunkering in its volumes figures with 15.8 million mt of sales in 2025 - half of what its sales were just nine years ago.

It should be noted that much of this decline has come from the intentional reduction of what then CFO Ira Birns has called "low margin, low return activity".

This new name of this year's report, Seascale Energy, was launched in May 2025 by commodities giant Cargill and tanker owner Hafnia as a marine fuel procurement joint venture.

The firm's volumes for 2025 are estimated at an annualised 7.2 million mt, based on Seascale's own sales since May and those of its predecessor companies - the Hafnia Bunker Alliance and Pure Marine Fuels - from January-April 2025.

They replaced Alpha Trading who for 2025 saw flat sales of around 3 million mt.

To view the report in full as well as Know Your Counterparty profiles for each of the top ten bunker companies, click here.