The Global Bunker Fuel Market was valued at USD 147.13 Billion in 2024 and is projected to reach USD 240.79 Billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period (2025–2032). This robust growth is driven by expanding maritime trade volumes, the global implementation of IMO 2020 sulfur cap regulations, and the accelerating adoption of cleaner fuel alternatives like Liquefied Natural Gas (LNG) and Very Low Sulfur Fuel Oil (VLSFO).

As the shipping industry navigates a complex regulatory landscape and pursues decarbonization, the companies supplying its lifeblood are more critical than ever. In this blog, we profile the Top 10 Companies in the Bunker Fuel Industry—a diverse group of global energy majors, specialized traders, and logistics giants shaping the future of marine fuels.

---

🔟 1. World Fuel Services

Headquarters: Miami, Florida, USA
Key Offering: VLSFO, HSFO, MGO, LNG, and Marine Fuel Logistics

World Fuel Services is the undisputed leader in the global bunker fuel market, holding an estimated 9% market share. The company excels not as a refiner but as a premier global intermediary, providing end-to-end marine fuel solutions and sophisticated risk management services to over 8,000 commercial and naval clients. Its vast supply chain network spans all major global bunkering hubs, making it a pivotal partner for shipping companies navigating volatile markets.

Sustainability Initiatives:

• Expanding global supply of VLSFO and biofuel blends

• Strategic partnerships for LNG bunkering infrastructure development

• Digital platforms for carbon emission tracking and fuel optimization

Download FREE Sample Report: Bunker Fuel Market – View in Detailed Research Report

---

9️⃣ 2. Bunker Holding

Headquarters: Middelfart, Denmark
Key Offering: Full range of marine fuels, physical supply, and trading

As one of the world’s largest independent bunker companies, Bunker Holding operates a vast network of subsidiaries across six continents. The group is renowned for its deep expertise in physical supply and risk management, facilitating over 25 million metric tons of bunker fuel annually. Their resilience and adaptability have made them a trusted partner for shipowners worldwide.

Sustainability Initiatives:

• Active investment in and supply of future marine fuels like green methanol

• Implementation of digital solutions to enhance supply chain transparency

---

8️⃣ 3. Shell

Headquarters: London, United Kingdom
Key Offering: Shell VLSFO, Shell MGO, LNG Bunkering

Shell leverages its integrated energy major status to be a dominant force in bunker fuel supply. The company has a significant global refining footprint dedicated to producing compliant low-sulfur fuels and is a pioneer in LNG bunkering, with operations in key ports like Rotterdam, Singapore, and Jacksonville.

Sustainability Initiatives:

• Target to have at least 10% of global fuel sales as sustainable solutions by 2030

• Leading several pilot projects for hydrogen and ammonia as future marine fuels

---

7️⃣ 4. BP

Headquarters: London, United Kingdom
Key Offering: BP Marine VLSFO, BP Marine MGO, and alternative marine fuels

BP’s marine fuels business is a cornerstone of its downstream operations, supplying a significant portion of the world’s bunker demand. The company has strategically positioned itself to meet the IMO 2020 regulations by optimizing its refineries for VLSFO production and expanding its digital bunkering services.

Sustainability Initiatives:

• Aiming to increase bioenergy production and develop hydrogen hubs for shipping

• Investing in decarbonization technologies and carbon offset programs for customers

Download FREE Sample Report: Bunker Fuel Market – View in Detailed Research Report

---

6️⃣ 5. ExxonMobil

Headquarters: Irving, Texas, USA
Key Offering: ExxonMobil VLSFO, HDME 50, Marine Diesel Oil

ExxonMobil is a key supplier of marine fuels, drawing on its massive global refining capacity. The company provides a wide array of fuels to meet diverse vessel needs and has developed advanced lubricants that work synergistically with new low-sulfur fuels to enhance engine performance and efficiency.

Sustainability Initiatives:

• Research into lower-emission fuels, including biofuels and carbon capture applications

• Focus on operational efficiency to reduce the carbon footprint of its supply chain

---

5️⃣ 6. Chemoil (A Helios Energy Company)

Headquarters: Singapore
Key Offering: Bunkering services across key Asian and global ports

Chemoil, now part of Helios Energy, has a formidable presence, particularly in the Asia-Pacific region, which accounts for 38% of global bunker demand. The company has a strong foothold in Singapore, the world’s largest bunkering port, and is known for its reliable physical supply operations and trading prowess.

Sustainability Initiatives:

• Adapting supply chains to meet regional environmental regulations

• Exploring opportunities in the sustainable marine fuel segment

---

4️⃣ 7. Aegean Marine Petroleum

Headquarters: Athens, Greece
Key Offering: Physical bunkering, lubricants, and integrated services

Aegean Marine Petroleum is a major physical supplier of marine fuels with a strong operational presence in the Americas, Europe, and Asia. The company operates a large fleet of bunkering vessels and storage facilities, ensuring reliable delivery to clients at strategic ports worldwide.

Sustainability Initiatives:

• Expanding its portfolio to include VLSFO and other compliant fuels

• Implementing quality assurance programs to mitigate fuel contamination risks

---

3️⃣ 8. TotalEnergies

Headquarters: Paris, France
Key Offering: TotalEnergies VLSFO, MGO, and LNG bunkering

TotalEnergies is a leading energy major with a significant and growing marine fuels division. The company is heavily invested in the energy transition, making substantial strides in LNG bunkering and biofuels, positioning itself as a key supplier for a decarbonizing shipping industry.

Sustainability Initiatives:

• Ambitious targets to produce sustainable fuels, including biofuels for marine use

• Development of LNG bunkering infrastructure in key European ports

---

2️⃣ 9. China Marine Bunker (Chimbuso)

Headquarters: Beijing, China
Key Offering: Bunker supply services across Chinese and Asian ports

As a dominant player in the world’s largest trading nation, China Marine Bunker (Chimbuso) holds a critical position in the global market. The company benefits from China’s vast refining capacity and plays a vital role in supplying the country’s enormous and growing commercial fleet.

Sustainability Initiatives:

• Aligning with China’s national goals for peak carbon emissions and carbon neutrality

• Exploring domestic production and supply of low-carbon marine fuels

---

1️⃣ 10. Sinopec (China Petroleum & Chemical Corporation)

Headquarters: Beijing, China
Key Offering: Fuel oil production and bunker supply

Sinopec, one of the world’s largest refining companies, is a major force in the bunker fuel market through its extensive downstream operations. The company supplies a significant volume of marine fuels to the domestic and international markets, leveraging its strategic refinery locations along the Chinese coast.

Sustainability Initiatives:

• Investing in refinery upgrades to increase yield of compliant low-sulfur fuel oil

• Research and development into alternative and renewable marine energy sources

Get Full Report Here: Bunker Fuel Market – View in Detailed Research Report

---

🌍 Outlook: Navigating Toward a Greener Horizon

The bunker fuel market is at a pivotal crossroads. While traditional heavy fuel oils still power the majority of the global fleet, the industry is steering decisively towards a more sustainable future, driven by regulation, investor pressure, and technological innovation.

📈 Key Trends Shaping the Market:

• Accelerated adoption of VLSFO and MGO as the new baseline for compliance

• Rapid expansion of LNG bunkering infrastructure, with over 40 major ports now offering services

• Intensifying R&D into zero-carbon fuels like green ammonia, hydrogen, and methanol

• Digitalization of bunker procurement, leading to greater transparency and efficiency

Get Full Report Here: Bunker Fuel Market – View in Detailed Research Report

The companies listed above are not only powering global trade—they are at the helm of the maritime industry’s challenging but essential voyage towards decarbonization.