Market Share of World's Largest Bunker Companies Slipped in 2024

Ship & Bunker's Top Ten Bunker Companies for 2025 report shows the sales volumes of the top firms gained 2.2% to about 119.8 million mt last year. File Image / Pixabay

The world's top bunker companies saw their share of global volumes decline marginally last year.

Ship & Bunker's Top Ten Bunker Companies for 2025 report shows the sales volumes of the top firms gained 2.2% to about 119.8 million mt last year.

But the latest Ship & Bunker and 2050 Marine Energy volumes survey indicates total global volumes may have climbed by 4% to about 242.4 million mt in 2024, leaving the share of the top ten at 49.4% of total global volumes, down from 50.3% in 2023.

This should not be taken to mean small suppliers have significantly outperformed their larger rivals this year. The slight decline in the market share of the top ten is likely more to reflect large jumps in sales from bunker firms restricted to a single port in rapidly growing locations like Singapore and China.

Bunker Holding Remains on Top

Bunker Holding retains a dominant position in the bunker market with volumes stable at about 25 million mt, while in second place Peninsula saw a 24.1% jump to 18 million mt.

The firms are all listed in the full report, which this week has been updated for 2025 and includes each firm's 2024 annual sales volume.

Even taking into account that a proportion of the top ten's sales will not be to end users, they likely still represent at least half of global bunker sales to end users of fuel.

Interestingly, while the names of the ten largest players may have changed from a decade ago, the 50% figure seems to have remained.

Still, it is a far cry from the mid-2000s, when the 'big ten' were considered to control around 20-25% of the market.

To view the report in full, click here.