Global Top 10 Bunker Suppliers 2024 Revealed: Chimbusco Ranks No.1 as Asian Bunker Volume Growth Leads a Consolidating Market
Zhoushan, China | October 22, 2025 – The global marine fuel supply market recorded a notable reordering in 2024, with the combined volume of the world’s top ten bunker suppliers reaching an estimated 161.70 million metric tonnes (MT). The most consequential development was the ascent of Chimbusco to the top of the global ranking, following a year of accelerated volume growth concentrated in Asia’s major bunkering hubs.
The 2024 rankings, released at the 8th International Petroleum and Natural Gas Enterprises Conference (IPEC) in Zhoushan after full-year verification, underline a broader structural trend: suppliers with integrated infrastructure, refinery access, and expanding multi-fuel capabilities are capturing a growing share of global bunker volumes.
Table of Contents
2024 Top 10 Global Bunker Suppliers (Million MT)
| Rank | Bunker Supplier | 2024 | 2023 | YoY Change | YoY Growth |
| 1 | Chimbusco | 28.20 | 22.20 | +6.00 | +27.03% |
| 2 | Bunker Holding | 25.00 | 25.00 | +0.00 | +0.00% |
| 3 | Sinopec Bunker | 23.80 | 24.93 | -1.13 | -4.53% |
| 4 | Peninsula | 18.00 | 14.50 | +3.50 | +24.14% |
| 5 | World Kinect Corporation | 16.60 | 16.80 | -0.20 | -1.19% |
| 6 | Minerva Bunkering | 15.90 | 16.30 | -0.40 | -2.45% |
| 7 | Vitol Bunkers | 13.00 | 10.00 | +3.00 | +30.00% |
| 8 | Shell Marine Fuels | 12.20 | 11.30 | +0.90 | +7.96% |
| 9 | TFG Marine | 9.70 | 10.60 | -0.90 | -8.49% |
| 10 | Monjasa | 6.80 | 6.50 | +0.30 | +4.62% |
Chimbusco’s Ascent: Scale, Integration, and Hub Expansion
Chimbusco’s move from third to first place globally represents the most significant shift in the 2024 ranking. Its estimated 27.03% year-on-year increase, equivalent to 6.00 million MT, reflects sustained expansion across core operational hubs, particularly Zhoushan and Shanghai, which continue to scale as global bunkering and maritime service centres.
The company’s growth underscores the advantages of integrated supply chains, direct refinery access, and coordinated port infrastructure development, allowing suppliers to respond efficiently to rising demand for both conventional fuels and emerging alternative marine fuels.
At a market level, the combined volumes of Chimbusco (Rank 1) and Sinopec Bunker (Rank 3) continue to represent a substantial share of Asia’s bunker supply, reinforcing the region’s role as the primary engine of global volume growth.
Volume Stability Among Global Trading Leaders
Several long-established international suppliers maintained large volumes while recording limited year-on-year change, reflecting a more stable and competitive market environment.
- Bunker Holding (Rank 2) reported unchanged volume at 25.00 million MT, highlighting consistent global reach amid lower price volatility.
- World Kinect Corporation (Rank 5) and Minerva Bunkering (Rank 6) experienced modest volume adjustments, indicative of market normalization following several years of exceptional volatility.
Across this group, strategic emphasis has increasingly shifted toward operational efficiency, digitalization, and expanded alternative fuel offerings, rather than pure volume accumulation.
High-Growth Performers: Physical Expansion and Network Leverage
Two suppliers recorded the strongest percentage growth in 2024, driven by different but complementary strategies:
- Vitol Bunkers (Rank 7) delivered the highest growth rate at +30.00%, supported by its global trading network and expanded physical presence in key hubs, including Singapore.
- Peninsula (Rank 4) increased volumes by 24.14%, reflecting continued investment in physical infrastructure, logistics control, and supply chain resilience.
Both cases illustrate the competitive advantage of physical asset ownership combined with global trading capabilities.
Portfolio Optimization and Multi-Fuel Readiness
Three suppliers demonstrated disciplined portfolio management and continued investment in infrastructure and alternative fuels in 2024, reflecting a more balanced and competitive bunker market:
- Shell Marine Fuels (Rank 8) increased conventional bunker volumes, alongside ongoing expansion in LNG, biofuels, and methanol-ready infrastructure, highlighting the parallel development of conventional and alternative fuel supply in major global hubs.
- TFG Marine (Rank 9) supplied 9.70 million MT, reflecting a measured year-on-year adjustment as the company continues to advance physical integration, digital execution, and multi-fuel readiness across its global network.
- Monjasa (Rank 10) delivered 6.80 million MT, achieving 4.62% year-on-year growth supported by regionally anchored physical operations and continued investment in infrastructure, tonnage, and alternative fuel capability.
Together, their performance underscores the increasing importance of operational discipline, infrastructure-backed supply chains, and diversified fuel offerings across the global bunker supplier landscape.
Aggregate Market Performance
| Metric | 2023 | 2024 | Change | Growth |
|---|---|---|---|---|
| Total Top 10 Volume (MMT) | 158.13 | 161.70 | +3.57 | +2.26% |
Key Observations
- Volume distribution among the top ten remained relatively stable outside of the highest growth performers, indicating consolidation at the upper tier of the market.
- The majority of net volume growth in 2024 originated from suppliers expanding physical infrastructure in Asia.
Strategic Interpretation: Infrastructure and Multi-Fuel Readiness
The 2024 rankings reflect a maturing bunker market in which scale alone is no longer sufficient. Competitive positioning increasingly depends on:
- Integrated infrastructure, from refinery and storage to delivery
- Multi-fuel capability, including LNG, methanol, and high-blend biofuels
- Digital execution, including electronic Bunker Delivery Notes (e-BDNs)
- Regulatory readiness, in response to FuelEU Maritime and evolving IMO targets
Suppliers across all regions, national, independent, and integrated, are converging on these priorities.
The Next Phase of Global Bunkering
Discussions at IPEC 2025 highlighted a shared industry view: future leadership will be defined by the ability to operate complex, segregated supply chains at scale, while maintaining transparency, reliability, and regulatory compliance across multiple fuel types.
The competitive landscape is therefore shifting from a single-fuel volume race to an infrastructure- and execution-driven model, where investment depth and operational coordination determine long-term relevance.
Conclusion
The 2024 Global Top 10 Bunker Supplier rankings confirm a period of structural realignment in marine fuel supply. Chimbusco’s rise to the top reflects the growing importance of scale, integration, and sustained infrastructure investment, while the broader market demonstrates increasing convergence around multi-fuel readiness and operational excellence.
As regulatory complexity and fuel diversification accelerate, suppliers capable of delivering both volume and flexibility are best positioned to shape the next phase of global bunkering.
The International Petroleum and Natural Gas Enterprises Conference (IPEC)
The International Petroleum and Natural Gas Enterprises Conference (IPEC) is an annual international industry forum held in Zhoushan, China, focused on global oil, gas, and marine fuel markets. Since its launch in 2017, IPEC has become a recognized platform for industry dialogue, project coordination, and the release of market benchmarks, including rankings for leading bunkering ports and global bunker suppliers.
The conference is closely aligned with the development objectives of the China (Zhejiang) Pilot Free Trade Zone and Zhoushan’s role as a growing hub for oil, gas, and bulk commodity trading and logistics. Its agenda typically brings together national oil companies, international energy majors, trading houses, port authorities, and shipping stakeholders to discuss market trends, infrastructure development, and energy transition pathways in the maritime sector.
Attendance and Industry Impact
IPEC has consistently attracted senior industry participants since its inception, with attendance exceeding 800 representatives in the pre-pandemic period (2018–2019) and stabilizing in the 500–600 range in recent editions. Participants include a broad mix of Fortune Global 500 companies, regional energy suppliers, and international trading firms.
Through its role in facilitating commercial cooperation, infrastructure project announcements, and the publication of widely referenced market data, IPEC has established itself as an influential venue within the global energy and bunkering ecosystem. Its growing international participation reflects Zhoushan’s increasing integration into global maritime fuel supply chains and the wider energy value chain.
Source: IPEC 2025