How World Fuel Services is Fuelling Superyachts Around the World
As a Fortune 500 company, providing energy procurement advisory services, supply fulfillment, and transaction and payment management solutions to the marine, aviation and land transportation industries, World Fuel Services must be doing something right. It’s no surprise then that the IGY Trident program has chosen the company as one of its main strategic partners.
Not only will World Fuel Services provide member pricing on global fuel bunkering including in Gibraltar, access to a dedicated 24/7 technical team, transparent member pricing and access to carbon offset credits, but the team at IGY has also negotiated a benefit that allows members to buy fuel at a fixed price around the world.
We speak to Mark Tamsitt, Senior Vice President, Marine Sales for Europe, Middle East, Africa, and Asia, on how World Fuel Services got started, the effect of the COVID-19 pandemic, and all the incredible benefits an IGY Trident member can expect to receive from the group.
What's the full scope of what World Fuel Services offer?
We are principally engaged in distributing fuel and related products from the world's major oil companies in more than 8,000 locations. For more than three decades, World Fuel Services has delivered fuel, energy solutions, and services to businesses in the marine, land, and aviation industries with great success. Today we are a Global Fortune 500 company and operate in more than 200 countries, servicing thousands of marine customers in over 1,400 ports worldwide.
What proportion of your business serves the maritime sector, and has this changed over time?
Our marine services offering includes fuel bunkering, lubricants, price risk management, technology and technical products, and services to yachts and global maritime fleets.
One of the exciting aspects of our global marine segment is since 2000, we have had a dedicated team of experts focused on services and solutions for superyachts. This sub-segment within the Marine Industry requires a different understanding of the customer experience, with differing demand and supply than the commercial marine markets. Leveraging the World Fuel global supply network, physical operations and technical expertise, our dedicated team works closely with yacht owners to find the most suitable fueling options, including sustainability solutions for performance and cost-effectiveness. Overall, we are strongly committed to this specific customer group, and this is emphasized through our global presence and capabilities.
How you came to work for World Fuel Services?
I started at World Fuel Services in January 1995. During these 27 years I have filled various positions, mostly in sales management, and today, currently based in Singapore, I am Senior Vice President of Marine Sales for Europe, the Middle East and Africa, as well as Asia.
Joining World Fuel Services was, in many ways, a natural progression from my earlier working career within Shell International. My last position with Shell was in bunker sales, which gave me a strong introduction to the marine market.
The marine industry is going through a period of rapid transformation, from IMO 2020 to the upcoming carbon emission regulations, and we are here to support our customers and create solutions that best fits their individual operations and needs.
What's the makeup of the World Fuel Services team and where are you based?
Our company is headquartered in Miami, Florida. However, the majority of our 5,000+ employees and local experts are in offices located in more than 200 countries and territories around the world.
How did COVID-19 affect your business?
Throughout 2020 and 2021, the COVID-19 pandemic significantly impacted the global economy and the transportation industries in particular. During this period we continued to support our customers as they adjusted to the situation, and we endeavored always to deliver on our commercial commitments. We have maintained our position as the counterparty of choice to our global aviation, marine, and land-based customers, suppliers, and partners.
How did you become involved with the IGY Trident program, and what are the benefits for you as an organisation?
We are a strategic partner of the IGY Trident initiative, which offers superyacht owners a comprehensive set of beneficial services. We share IGY’s commitment to reducing and offsetting carbon emissions, and we create positive synergistic effects by working together on sustainability issues.
For World Fuel Services as an organization, the key benefit is the visibility within the superyacht community that partnering with IGY presents. It is, in every sense, a mutually beneficial arrangement.
Any last comments?
World Fuel Services has been firmly committed to sustainability for many years. We provide marine solutions that support the IMO’s targets for decarbonized commercial shipping operations and are simultaneously cost-effective. This focus applies equally to our yacht customers, where there is increasing interest and concern for environmental issues. We are committed to seeking the most sustainable solutions matching our customer's needs.
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