World Kinect, one of the world’s largest bunker suppliers also known as World Fuel, reported a decline in marine fuel volumes for the second quarter of 2026, attributing weaker demand to the ongoing Middle East conflict, according to Ship & Bunker.
The company sold 3.46 million mt of marine fuels during the quarter, marking a 10.4% drop year-on-year and a 10.5% decrease from the previous quarter, Ship & Bunker reported. Despite the volume decline, the marine segment posted strong financial results.
Marine Segment Posts Record Profitability
Income from marine operations reached $22.2 million in Q2, according to Ship & Bunker, a sharp turnaround from a $25.6 million loss in the same period last year, though down from $33 million in the first quarter of 2026.
Gross profit from the marine segment climbed to $79.7 million, up substantially from $27 million a year earlier. This translated into a bunker sales margin of $6.41 per metric ton, compared with a loss of $6.62 per metric ton in Q2 2025, though down from $8.53 per metric ton in the first quarter of 2026.
CFO Mike Tejada said, as quoted by Ship & Bunker, that marine volumes fell to 3.5 million mt, a decline of roughly 10% year-on-year, “primarily because of weaker demand linked to the Middle East conflict.” He added that “despite the lower volume, marine gross profit increased almost three times the prior year level to $80 million, the highest quarterly gross profit in the history of the segment.”
World Kinect CEO Ira Birns told Ship & Bunker that both the aviation and marine businesses delivered record quarterly gross profit, supported by “continued volatility associated with the conflict in the Middle East.” Birns added that during periods of disruption, “customers place an even greater premium on certainty of supply, operational execution and trusted relationships.”
Looking ahead, Tejada said the company expects marine gross profit to rise year-over-year in the third quarter, citing continued momentum based on July activity to date, according to Ship & Bunker.
For the full year 2025, World Kinect sold 15.76 million mt of bunker fuel, a 4.9% decline from the 16.57 million mt sold in 2024, Ship & Bunker reported.
Does This Matter to You?
This report offers insight into how ongoing Middle East tensions continue to reshape bunker demand and pricing dynamics for suppliers, traders, and vessel operators. The volume decline reported by World Kinect suggests that regional disruptions are altering fuel purchasing patterns, even as elevated price volatility has allowed suppliers to capture stronger margins.
For those monitoring supply reliability and cost trends amid geopolitical instability, these figures from a major global bunker supplier provide a data point on how the conflict is filtering through into commercial fuel markets. The source material does not detail specific regional volume shifts or which trade lanes were most affected, so the broader operational implications remain unclear.
Gulf Bunkering does not provide operational or security guidance. This article is for informational purposes only. Operators should consult flag state authorities, P&I clubs, and relevant advisories for decisions relating to transit planning.
Sources: Ship & Bunker
