The Global High Sulfur Fuel Oil (HSFO) Market was valued at USD 153.28 Billion in 2024 and is projected to reach USD 184.65 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 3.2% during the forecast period (2024–2030). This growth is being driven by strong demand from the maritime shipping industry, power generation in developing nations, and continued operations of legacy industrial facilities requiring cost-effective heavy fuel solutions.

As the energy sector navigates the transition toward cleaner alternatives while maintaining operational efficiency, the focus remains on major fuel suppliers who continue to dominate HSFO production, distribution, and trading. In this blog, we profile the Top 10 Companies in the High Sulfur Fuel Oil Industry—established refiners, integrated energy majors, and specialized bunker fuel providers maintaining critical fuel supply chains for global commerce and industry.

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🔟 1. ExxonMobil Corporation

Headquarters: Irving, Texas, USA
Key Offering: Heavy Fuel Oil, Marine Fuel Oil, Bunker Fuels

ExxonMobil is one of the world’s largest producers and suppliers of high sulfur fuel oil, with extensive refining operations across North America, Europe, and Asia. The company’s downstream division serves shipping, power generation, and industrial sectors with a comprehensive portfolio of residual fuels.

Refining & Production Capacity:

• Global refining capacity exceeding 4 million barrels per day
• Major HSFO supply hubs in Singapore, Rotterdam, and the Gulf Coast
• Trading operations spanning major global energy markets

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High Sulfur Fuel Oil (HSFO) Market – View in Detailed Research Report

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9️⃣ 2. Shell PLC

Headquarters: London, United Kingdom
Key Offering: HSFO 380 CST, HSFO 180 CST, Marine Fuels

Shell operates one of the world’s largest marine fuel businesses, with extensive HSFO production and global bunkering operations. The company maintains strategic refineries capable of producing substantial HSFO volumes for global markets.

Refining & Production Capacity:

• Integrated refining and trading operations across 70+ countries
• Leading position in Singapore, the world’s largest bunkering port

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8️⃣ 3. Chevron Corporation

Headquarters: San Ramon, California, USA
Key Offering: HSFO for power generation, industrial use, and marine bunkers

Chevron’s refining system produces significant HSFO volumes through complex conversion units. The company supplies marine fuel to global shipping fleets and maintains strategic storage facilities worldwide.

Refining & Production Capacity:

• Refining capacity of over 1.7 million barrels per day globally

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7️⃣ 4. TotalEnergies SE

Headquarters: Paris, France
Key Offering: TotalEnergies Marine Fuels, IFO 380, HSFO Trading

TotalEnergies remains a major player in HSFO markets, particularly in Europe and Africa. The company’s refining assets continue to produce HSFO while transitioning toward cleaner energy solutions.

Refining & Production Capacity:

• European refining leadership with 1.1 million barrels per day capacity
• Strategic position in Mediterranean and West African HSFO markets

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6️⃣ 5. BP PLC

Headquarters: London, United Kingdom
Key Offering: BP Marine Fuels, HSFO Bunkers, Fuel Oil Trading

BP’s integrated energy business includes substantial HSFO production and trading operations. The company supplies marine fuels to shipping customers globally through its extensive storage and supply infrastructure.

Refining & Production Capacity:

• Global refining system serving marine and power sectors
• Extensive bunkering operations in key global ports

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5️⃣ 6. PJSC Lukoil Oil Company

Headquarters: Moscow, Russia
Key Offering: Lukoil Bunkering, IFO 380, HSFO Production

Lukoil is a dominant player in Russian and CIS HSFO markets, with significant export volumes supplying global markets. The company’s large-scale refining operations produce substantial HSFO quantities for domestic consumption and international trade.

Refining & Production Capacity:

• Russia’s largest private oil company with extensive HSFO exports
• Strategic position supplying European and Asian HSFO markets

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4️⃣ 7. Gazpromneft Marine Bunker LLC

Headquarters: Saint Petersburg, Russia
Key Offering: Gazpromneft Marine Bunker Fuels, HSFO Supply

Gazpromneft Marine Bunker specializes in marine fuel supply across Russian and international ports. The company supplies HSFO to international shipping fleets operating in Arctic waters and key global shipping lanes.

Refining & Production Capacity:

• Russia’s leading marine fuels supplier
• Extensive HSFO production from Gazprom’s integrated refining system

Download FREE Sample Report:
High Sulfur Fuel Oil (HSFO) Market – View in Detailed Research Report

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3️⃣ 8. Clipper Oil

Headquarters: Stamford, Connecticut, USA
Key Offering: Marine Fuel Oil, Bunker Fuels, HSFO Trading

Clipper Oil specializes in wholesale fuel oil distribution, serving industrial and marine customers across North America. The company provides HSFO supply solutions for power generation and shipping applications.

Refining & Production Capacity:

• Global marine fuels supply and trading operations
• Strategic partnerships with major refineries and storage operators

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2️⃣ 9. Gulf Agency Company Ltd

Headquarters: Dubai, United Arab Emirates
Key Offering: GAC Bunker Fuels, IFO Supplies, HSFO Logistics

Gulf Agency Company provides integrated HSFO supply solutions in the Middle East, Africa, and Mediterranean regions. The company’s integrated services include fuel supply, port agency, and marine logistics.

Refining & Production Capacity:

• Leading marine services provider across growth markets
• Strategic position in Middle East refining and bunkering hub

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1️⃣ 10. Bomin Bunker Holding GmbH & Co. KG

Headquarters: Hamburg, Germany
Key Offering: Bomin Bunker Fuels, Marine Fuel Supply

Bomin Bunker operates as a specialized marine fuel supplier with global operations. The company provides HSFO bunkering services across major global ports with specialized expertise in European and Asian markets.

Refining & Production Capacity:

• Major independent bunker supplier with global coverage
• Strategic partnerships with shipping companies and refinery suppliers

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🌍 Outlook: The Future of HSFO Amidst Energy Transition

The high sulfur fuel oil market continues to evolve amid global energy transition pressures. While IMO 2020 regulations drove significant market restructuring, HSFO maintains strong demand from sectors with installed scrubber technology, power generation in developing economies, and industrial applications where conversion to alternatives remains economically challenging.

📈 Key Factors Shaping the HSFO Market:

• Sustained demand from scrubber-equipped vessel fleet exceeding 5,000 ships globally
• Continued reliance on HSFO for power generation across South Asia, Middle East, and Africa
• Competitive pricing maintaining HSFO’s economic advantage for certain applications
• Infrastructure investments supporting continued HSFO supply in strategic markets
• Regulatory adaptation maintaining HSFO’s role in specific sectors and regions

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High Sulfur Fuel Oil (HSFO) Market – View in Detailed Research Report

The companies profiled above represent the enduring backbone of global HSFO supply—continuing to power critical industries and global trade while navigating the complex energy transition landscape.