Image Credit: World Fuel Services

Miami-based World Fuel Services is the biggest publicly traded name in the marine fuels space.

The company was, for many years, the world's largest bunker trading company, posting sales of over 31 million mt as recently as 2013. Since then, however, World Fuel's strategy has been to separate itself from transacting in certain lower-margin or higher risk business.

The majority of today's sales volume is traded, with some broking volume as well as physical supply activities in the UK, Gibraltar and the US. Sales are to a broad spectrum of the shipping industry, covering all shipping sectors such as container operators, cruise companies and naval vessels.

On an annualised estimation based on the first three quarters of the year, the company's annual marine fuel sales for 2025 were approximately 15.5 million mt. While sales in 2023 and 2024 were slightly higher, at 16.8 million mt and 16.6 million mt respectively, the firm argues this change largely reflects the challenges faced by the marine industry due to global conflicts and economic uncertainties.

Company History

The company was originally incorporated in Florida in 1984 as International Recovery Corporation with an initial focus on used oil recycling in Miami.

In 1995 the firm acquired the marine fuel brokerage firm Trans-Tec Services, and rebranded itself as World Fuel Services.

The company rapidly expanded in the ensuing years, went through a $219 million IPO in 2010, and by 2013 was the only Fortune 500 company to have grown faster than Apple over the previous decade.

World Fuel now sells marine fuels at more than 1,200 ports around the world. The company also serves the marine sector with marine lubricants, marine fuel additives, marine fuel management solutions, and digital marine technology solutions.

Further expansion now has the company heavily involved in offering fuels to a wide range of other world markets. For example, its aviation and land fuel segment sales have been notably successful, outperforming its marine fuel business gross profits by as much as 4.5 times and 2.6 times respectively in 2025.

In October 2025, the firm announced that Michael Kasbar - a longstanding employee of the
company, and one of the founders of its early acquisition Trans-Tec Services - would be
stepping down as CEO from January 2026 to take on the role of executive chairman. Kasbar
has been replaced as CEO by Ira Birns, formerly CFO.

World Fuel's holding company was rebranded as World Kinect in 2023, but the company
remains known as World Fuel Services in its market operations.

2025 Results

In 2025, the marine segment in general continued to be negatively affected by geopolitical tensions and other disruptions. Consequently, World Fuel's marine business declined from the extremely strong profitability it enjoyed in previous years.

In 2024, net income for the first nine months was $52.1 million with a gross profit margin of $9.85/mt, whereas a net loss of $6.1 million and a gross profit margin of $7.60/mt was reported for the same period in 2025, a decline of 27.8%.

This decline in marine profits for 2025 was cited as being due in large part to 'an unfavourable transaction tax settlement recorded in the second quarter and weaker performance at certain marine physical inventory locations in the US'.

By the third quarter of the year, this segment had returned to profit with gross profits of $25 million.