CMB.TECH increases stake in TFG Marine from 10% to 15%

Global marine fuel supplier TFG Marine Pte Ltd (TFG Marine) on Wednesday (27 May) announced that CMB.TECH, one of the world’s largest maritime groups, has increased its shareholding and committed to sourcing the bunker fuel requirements of CMB.TECH and its affiliates through the company.

Under the revised shareholder arrangements, effective from 1 June, CMB.TECH will increase its equity stake in TFG Marine from 10% to 15% through an issuance of new shares. The transaction also extends the existing marine fuel supply agreement to cover all bunker fuel demands of CMB.TECH and its affiliates. 

CMB.TECH and its affiliates represent a future-proof fleet of around 250 ocean-going vessels. Following completion of the transaction, the amended shareholding of TFG Marine will be 70% Trafigura, 15% Frontline and 15% CMB.TECH.

CMB.TECH acquired a 10% stake in TFG Marine last year through its acquisition of Golden Ocean, a previous shareholder in TFG Marine. CMB.TECH’s decision to increase its shareholding reflects its confidence in the joint venture’s ability to deliver reliable, efficient and transparent marine fuel supply at scale. 

By channelling its bunker procurement through TFG Marine, CMB.TECH will benefit from the joint venture’s global supply network, operational capabilities and market expertise across more than 35 strategic bunkering hub locations worldwide. CMB.TECH’s commitment reflects TFG Marine’s broader strategy to bring strategic partners on board as the business continues to grow.

“CMB.TECH’s decision to increase its stake and consolidate its bunker procurement through TFG Marine is a strong endorsement of what we have built together,” said Kenneth Dam, Executive Director of TFG Marine. 

“This transaction deepens our commercial relationship and reinforces TFG Marine’s position as the marine fuel supplier of choice for leading shipping groups.”

Alexander Saverys, CEO of CMB.TECH, said: “We inherited the shareholding in TFG Marine through our acquisition of Golden Ocean. Through this integration, we were able to witness the high quality of service TFG provides to the market and have decided to centralise our bunkering requirements through their platform. 

“TFG has established an excellent track-record and this transaction supports our long-term bunkering strategy.”

Lars H. Barstad, CEO of Frontline, said: “Frontline has been part of TFG Marine since day one, and our confidence in the venture has only grown.”

“TFG Marine was built to serve the bunker operations of its shareholder fleets, and it does exactly that — allowing us to focus on our core business with the assurance that our fuel supply is in expert hands. We look forward to the next chapter.”

Andrea Olivi, Global Head of Shipping at Trafigura, said: “As the founding and majority shareholder, Trafigura is proud of the business TFG Marine has become. TFG’s position as one of the leading marine fuel suppliers in the world is built on a foundation of operational excellence, underpinned by digitalisation, modernisation and transparency. With the support of its shareholders, TFG Marine has the platform and the ambition to continue its trajectory of growth.”

Photo credit: TFG Marine
Published: 28 May, 2026