The Global Marine Gas Oil (MGO) Market was valued at USD 34.56 Billion in 2024 and is projected to reach USD 48.92 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period (2024–2030). This robust growth is primarily driven by the stringent enforcement of International Maritime Organization (IMO) sulphur cap regulations, expanding global maritime trade volumes, and the accelerating adoption of cleaner burning fuels to meet environmental compliance across commercial shipping sectors.

As the maritime industry navigates the complex transition towards low-sulphur operations and sustainable shipping, the role of key fuel suppliers becomes increasingly critical. These companies are at the forefront of ensuring fuel availability, compliance, and innovation in logistics. In this blog, we profile the Top 10 Companies in the Marine Gas Oil (MGO) Industry—comprising global energy majors, specialized refiners, and strategic suppliers that are powering the world’s merchant fleets.

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🔟 1. ExxonMobil Corporation

Headquarters: Irving, Texas, USA
Key Offering: EMF.AR.® Marine Gas Oil (MGO), EMF.AR.® Low Sulphur Fuel Oils

ExxonMobil is a preeminent global supplier of marine fuels, with a vast distribution network spanning major bunkering hubs worldwide. The company’s marine fuels division provides a range of compliant MGO and other distillates, backed by technical support and supply chain reliability that serves container lines, tanker operators, and cruise ships.

Sustainability & Regulatory Initiatives:

• Development and supply of Very Low Sulphur Fuel Oils (VLSFO) and MGO to meet IMO 2020 standards.
• Investment in advanced refining capabilities to increase low-sulphur fuel yield.
• Research into marine biofuels and future carbon-neutral fuel pathways.

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9️⃣ 2. Shell plc

Headquarters: London, United Kingdom
Key Offering: Shell Marine Gas Oil, Shell LNG, and marine lubricants.

Shell’s marine business is one of the largest suppliers of MGO and other marine fuels globally, operating in over 800 ports. The company leverages its integrated energy portfolio to offer a broad spectrum of solutions, from conventional fuels to liquefied natural gas (LNG) and digital bunkering services.

Sustainability & Regulatory Initiatives:

• Pioneering the development and deployment of bio-LNG and liquid biofuels for shipping.
• Committed to achieving net-zero emissions by 2050, with a focus on decarbonizing the maritime sector.
• Digital solutions for emissions tracking and fuel efficiency optimization.

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8️⃣ 3. BP plc

Headquarters: London, United Kingdom
Key Offering: BP Marine Gas Oil, BP Advanced Marine Fuels.

BP is a leading global energy company with a significant presence in the marine fuels market. Through its strategic positions in key bunkering locations like Singapore, Fujairah, and Rotterdam, BP supplies MGO and other compliant fuels to a diverse clientele, including some of the world’s largest shipping companies.

Sustainability & Regulatory Initiatives:

• Expansion of low-carbon fuel offerings and exploration of green ammonia and hydrogen as future marine fuels.
• Implementation of strategic alliances with ports and shipping companies to create green corridors.
• Focus on enhancing the sustainability profile of its entire value chain.

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7️⃣ 4. Chevron Corporation

Headquarters: San Ramon, California, USA
Key Offering: Chevron Marine Gas Oil, Chevron Marine Lubricants.

Chevron supplies high-quality MGO and other marine fuels to commercial vessels across the globe. The company is recognized for its technical expertise and focus on fuel quality and reliability, serving customers through a network of trusted suppliers and bunker traders.

Sustainability & Regulatory Initiatives:

• Offering a range of ISO 8217:2017 compliant MGO and distillate fuels.
• Active research in renewable diesel and biodiesel blends suitable for marine applications.
• Commitment to lowering the carbon intensity of its operations and products.

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6️⃣ 5. TotalEnergies

Headquarters: Paris, France
Key Offering: TotalEnergies Marine Gas Oil, VLSFO, and biofuels.

TotalEnergies is a major player in the European and global marine fuels market. The company has a strong focus on developing sustainable marine energy solutions and has made significant investments in producing and distributing low-sulphur fuels in compliance with environmental regulations.

Sustainability & Regulatory Initiatives:

• Production and supply of bio-based marine fuels, including marine biofuels derived from advanced waste feedstocks.
• Ambition to be a world-class player in the energy transition, with a target to achieve net-zero by 2050.
• Strategic partnerships to advance the use of LNG and other alternative marine fuels.

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5️⃣ 6. China Marine Bunker Co. (Chimbusco)

Headquarters: Beijing, China
Key Offering: Marine Gas Oil, Low Sulphur Fuel Oil, bonded bunkering services.

Chimbusco is the largest marine fuel supplier in China and a dominant force in the Asia-Pacific bunkering market. As a key subsidiary of China National Petroleum Corporation (CNPC), it plays a vital role in fueling the extensive shipping traffic through major Chinese ports like Shanghai, Ningbo-Zhoushan, and Shenzhen.

Sustainability & Regulatory Initiatives:

• Significant supplier of IMO-compliant low-sulphur fuels within the Emission Control Areas (ECAs) of China.
• Investing in storage and blending infrastructure to meet the diverse fuel requirements of international vessels.
• Focus on expanding its digital bunkering platforms for increased efficiency.

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4️⃣ 7. World Fuel Services

Headquarters: Miami, Florida, USA
Key Offering: Global MGO supply, physical supply & logistics, risk management solutions.

World Fuel Services is a global leader in energy procurement, logistics, and management solutions. While not a producer, it is a critical intermediary, providing MGO and other marine fuels to over 8,000 clients worldwide through its extensive network of supply partners and physical operations at key ports.

Sustainability & Regulatory Initiatives:

• Offering comprehensive carbon footprint assessment and reduction strategies for shipping clients.
• Facilitating access to sustainable biofuels and coordinating supply chains for alternative fuels.
• Providing transparency and compliance assurance in a complex regulatory environment.

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3️⃣ 8. Bunker Holding A/S

Headquarters: Middelfart, Denmark
Key Offering: MGO, VLSFO, marine fuel trading and brokerage.

As one of the world’s largest independent bunker trading companies, Bunker Holding operates through a vast network of subsidiaries across all major maritime regions. The group’s strength lies in its deep market knowledge, risk management, and ability to source and deliver marine fuels, including MGO, efficiently and reliably.

Sustainability & Regulatory Initiatives:

• Dedicated subsidiary, Bunker Holding Green, focused on sourcing and supplying green fuels like biofuels and facilitating carbon trading.
• Commitment to the Poseidon Principles, promoting responsible shipping finance and decarbonization.
• Investment in digital platforms to enhance supply chain transparency and efficiency.

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2️⃣ 9. Gazprom Neft (Marine Bunker)

Headquarters: Saint Petersburg, Russia
Key Offering: MGO, LSFO, bunkering services in the Baltic and Arctic regions.

Gazprom Neft’s bunkering business, operating under the G-Fuel brand, is a leading supplier of marine fuels in the Baltic Sea and Russian Arctic ports. It is a key player in fueling vessels along the Northern Sea Route and serves a significant portion of the regional shipping market.

Sustainability & Regulatory Initiatives:

• Supplying compliant low-sulphur MGO to meet IMO regulations in designated ECAs.
• Development of its bunkering fleet with a focus on operational safety and environmental protection in sensitive Arctic waters.
• Implementation of digital bunkering documentation systems.

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1️⃣ 10. PetroChina International Co., Ltd.

Headquarters: Beijing, China
Key Offering: Marine Gas Oil, fuel oil, integrated energy solutions.

As the trading arm of PetroChina, one of the world’s largest oil and gas companies, PetroChina International is a major force in the global energy market. It supplies substantial volumes of MGO and other refined products to the international shipping industry, leveraging the vast production and refining capacity of its parent company.

Sustainability & Regulatory Initiatives:

• Increasing production and supply of IMO 2020-compliant marine fuels from its refineries.
• Investment in research and pilot projects for alternative and renewable marine energy sources.
• Expanding its international bunkering footprint to serve global shipping routes.

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🌍 Outlook: Navigating a Sustainable and Compliant Future

The Marine Gas Oil market is at a pivotal juncture, propelled by environmental mandates and the long-term imperative of decarbonization. While MGO remains a dominant compliance fuel today, the industry is actively exploring and investing in a portfolio of future-proof energy solutions.

📈 Key Trends Shaping the Market:

• Regulatory Stringency: Beyond IMO 2020, upcoming regulations like the Carbon Intensity Indicator (CII) are pushing for greater operational efficiency and lower-emission fuels.
• Bio-MGO and Green Fuels: Rapid scaling of bio-blended MGO and pilot projects for green methanol, ammonia, and hydrogen as long-term zero-carbon solutions.
• Digital Bunkering: Adoption of digital platforms for fuel procurement, supply chain optimization, and automated emissions reporting.
• Regional Market Dynamics: Asia-Pacific, particularly Singapore and China, continues to dominate bunker sales, but new hubs are emerging in the Middle East and Mediterranean.

The companies profiled above are not just supplying fuel; they are integral partners in the maritime industry’s journey toward a more efficient, compliant, and ultimately sustainable future.

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Global and Regional Marine Gas Oil (MGO)Market – View in Detailed Research Report