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

• Bunker Volumes dropped to 15.76 million mt in 2025, down 4.9% year-on-year
• Q4 2025 sales were 4.11 million mt, down 0.4% year-on-year
• Marine margin shrunk to $0.05/mt in 2025, down from $3.88/mt in 2024
• Gross income from marine operations for 2025 was $900,000

World Kinect, one of the world's largest bunker suppliers and also known as World Fuel Services, saw its marine fuel sales drop to their lowest level since 2014, the earliest year for which data is available.

The company sold 15.76 million mt of bunker fuel in 2025, down 4.9% from 16.57 million mt in 2024, according to its Q4 financial results released on Thursday.

On a quarterly basis, World Kinect sold 4.11 million mt of bunker fuel in Q4 2025. This was down 0.4% year on year but up 1.3% from Q3 2025.

Bunker sales rose for a third consecutive quarter in Q4 2025 after hitting a record low in Q1 2025, indicating some recovery in volumes during the second half of the year.

Despite the sequential improvement, profitability in the marine segment deteriorated sharply.

Income from marine operations totalled $0.9 million for 2025, compared with $64.8 million in 2024, largely reflecting a significant downturn in Q2 2025.

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

The firm's average marine margin fell to $0.05/mt in 2025 as margins were negative in Q2, down from $3.88/mt the previous year.

On a quarterly basis, gross income from marine operations stood at $7 million in Q4 2025, compared with $12.7 million in Q4 2024. This left the firm's marine margin at $1.70/mt in Q4 2025, down from $3.08/mt in Q4 2024, but still up from the previous quarter's $1.16/mt.

The company had previously indicated that marine segment profits in Q4 would likely be lower on a year-on-year basis, citing weaker profit contributions and margins from certain physical supply locations.

The firm has appointed Ira Birns - formerly CFO - as its new CEO as of January 1, 2026. Birns's predecessor in the role, Michael Kasbar, has been appointed executive chairman of the board as of the same date.

Analyst Call

The marine business remains heavily influenced by macro factors, particularly fuel prices and market volatility, Birns said in a call with analysts. 

"The biggest macro factor that has historically helped if you look at our P&L over the years in the Marine business is price and volatility," Birns said.

"And we remain in a relatively low price environment, a low -- relatively low volatility environment."

Birns described the marine business as stable, with the ability to benefit when market conditions shift in its favour.

While trade lane developments and shipping activity could provide some support, he stressed that price levels and volatility remain the most significant drivers.

"But the most significant have always been price and volatility, and we're still, again, in the lower end of historical price range," Birns added.

"And therefore, we don't expect anything materially to change in '26."