Business

World Fuel founder Michael J. Kasbar to step down as Executive Chairman

Kasbar co-founded Trans Tec Services in 1984, the marine fuel brokerage business whose acquisition laid the foundation for World Kinect Corporation, operating as World Fuel.

Published

59 minutes ago

September 21, 2026

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World Fuel founder Michael J. Kasbar to step down as Executive Chairman

World Kinect Corporation (WKC), operating as World Fuel, Thursday (17 September) announced that Michael J. Kasbar will step down as Executive Chairman and independent director Ken Bakshi has been appointed Chairman of the Board.

The changes will be effective 31 December.

Kasbar co-founded Trans Tec Services in 1984, the marine fuel brokerage business whose acquisition laid the foundation for what we know today as World Fuel.

Over more than four decades with the company, including as Chief Executive Officer and Executive Chairman, he helped transform World Fuel from a startup into a Fortune 100 company and a global leader in energy management.

“Michael’s contributions to World Fuel are extraordinary,” said Ken Bakshi.

“His vision and entrepreneurial spirit helped build World Fuel into the company it is today. On behalf of the Board, I want to thank Michael for his decades of service and his unwavering commitment to our company’s mission and its stakeholders. I am honored to assume the role of Chairman and look forward to working closely with Ira Birns, our Chief Executive Officer, the Board and the management team as World Fuel continues to strengthen its global market position and create long-term shareholder value.”

“When we started this company more than four decades ago, we set out to build an organization that could evolve alongside our customers and adapt to changing markets,” said Kasbar.

“What makes me most proud today is not simply how far we have come, but the strength of our global platform and the culture and leadership team we have built. Throughout our history, World Fuel has consistently innovated and expanded its capabilities, finding new ways to create value for customers and shareholders. I have worked closely with Ira and our executive team for many years and have great confidence in their ability to build on the momentum already underway, capitalize on the opportunities ahead, and lead the company through its next chapter.”

Birns added, “It is hard to separate Michael from the history of World Fuel. His foresight, determination and commitment to excellence have given us the foundation from which we will continue to build. On behalf of our employees and management team, I want to thank Michael for his leadership and support. Ken’s experience and perspective will be invaluable as we build on World Fuel’s strong foundation and pursue the opportunities ahead.”

Mr. Bakshi has served on World Fuel’s Board of Directors since 2002 and brings more than three decades of international business, private equity and advisory experience.

Throughout his career, he has served as a public-company executive, founder and entrepreneur, with leadership experience spanning the energy, healthcare, technology and business services sectors. Together with more than 20 years of service on the Board, Mr. Bakshi’s broad business experience, strategic perspective and deep knowledge of World Fuel position him well to serve as Chairman. The Board believes that an independent Chair strengthens the Board’s independent oversight and effectiveness.

Photo credit: World Kinect Corporation
Published: 21 September, 2026

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Biofuel

Petrochina International blends over 30,000 mt of marine biofuel since March

Company has been developing marine biofuel blending operations at China (Zhejiang) Pilot Free Trade Zone, leveraging storage and logistics facilities at its Aoshan base.

Published

39 minutes ago

September 21, 2026

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Zhoushan completes China’s first batch of marine biofuel blending under pilot programme

Petrochina International Co Ltd recently said it has blended more than 30,000 metric tonnes (mt) mt of biofuel since completing the country’s first biofuel marine fuel blending operation on 13 March.

The company said the milestone demonstrates its ability to conduct continuous and large-scale biofuel marine fuel blending operations.

The company has been developing marine biofuel blending operations at China (Zhejiang) Pilot Free Trade Zone, leveraging storage and logistics facilities at its Aoshan base.

Its latest product, B24 marine fuel containing 24% biofuel component, meets relevant International Maritime Organization (IMO) requirements and marine fuel standards, according to the company. It said the product can be supplied for bunkering vessels operating on international routes.

It has used its global trading network to secure feedstock supplies and support cost control and supply security for the blending operations, it added.

The company said the large-scale blending of its marine biofuel products marks a development in China’s marine biofuel blending market.

It plans to work with upstream and downstream businesses within its group to support the development of Zhoushan Port as a major bonded marine fuel bunkering hub and contribute to its parent group’s transition towards lower-carbon energy.

Manifold Times previously reported China (Zhejiang) Pilot Free Trade Zone launching the first pilot programme for marine biofuel blending in China with the completion of the first batch of B24-HSFO.

The launch was marked with the blending of 2,000 mt of biodiesel and 6,300 mt of high sulphur fuel oil (HSFO) in storage tank F-02 of Sinochem-Xingzhong Oil Staging (Zhoushan), producing 8,300 mt of B24-HSFO.

Manifold Times also reported the first cross-regional bonded bunkering operation of blended biofuel in East China was successfully completed at the Meishan Port Area of Ningbo-Zhoushan Port.

The B24-HSFO used in the bunkering operation was supplied by the Aoshan Petroleum Base in Zhoushan from the first pilot programme for marine biofuel blending in China.

Photo credit: Sinochem-Xingzhong Oil Staging (Zhoushan)
Published: 21 September, 2026

Winding up

Singapore: Final general meetings scheduled for Dromond Shipping, related firms

A member is entitled to attend the meetings and should notify the liquidators’ team office via email no later than 48 hours prior to the meeting.

Published

44 minutes ago

September 21, 2026

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The final general meetings of Dromond Shipping Pte Ltd and related companies have been scheduled to take place on 19 October, according to the company’s liquidator on a notice posted on Friday (18 September) on the Government Gazette.

The other companies are Tidewater Emergency Response Services Pte Ltd, Tidewater Production Solutions Pte Ltd and Tidewater Salvage Pte Ltd.

The final general meetings of the members of the companies will be held via electronic means on 19 October 2026 at 2.00 pm, 2.30 pm, 3.00 pm and 3.30 pm (Singapore time), respectively.

The meetings are being held for the purpose of having accounts laid before the members showing the manner in which the winding up of the respective companies has been conducted and how the property of the respective companies has been disposed of and to hear any explanation that may be given by the liquidators.

The details of the liquidator is as follows:

Tan Kim Han
Joint and Several Liquidators
137 Amoy Street, #02-03, Far East Square
Singapore 049965

Note: A member is entitled to attend the above meeting and should notify the Liquidators’ team office via email to [email protected] or [email protected] no later than 48 hours prior to the meeting.

Photo credit: steve pb from Pixabay
Published: 21 September, 2026

Ammonia

NYK wraps up first STS ammonia bunkering operation in Japan

Ammonia fuel was transferred from the ammonia carrier “Shoei Maru” via the STS method to an ammonia-fuelled medium gas carrier, scheduled for delivery in November 2026.

Published

48 minutes ago

September 21, 2026

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NYK wraps up first STS ammonia bunkering operation in Japan

NYK Line, on Thursday (17 September) with Japan Marine United Corporation, Nihon Shipyard Co Ltd, Mitsubishi Gas Chemical Company, and Kokuka Sangyo Co Ltd, has completed the world’s first ship-to-ship (STS) ammonia bunkering operation to an ammonia-fuelled vessel.

At a quay within Japan Marine United Corporation’s Ariake Shipyard, ammonia fuel was transferred from the ammonia carrier Shoei Maru via the STS method to an ammonia-fuelled medium gas carrier (AFMGC) scheduled for delivery in November 2026.

The operation was conducted in preparation for sea trials of the AFMGC using fuel ammonia.

“This achievement represents an important initiative that has put into practice an operation essential for the future practical deployment of ammonia-fuelled vessels,” the company said.

The bunkering operation was conducted following extensive discussions among the companies involved. Safe operating procedures and work processes were established prior to the operation, enabling the transfer to be completed safely. Through this initiative, we have accumulated practical insights regarding safe fuel supply operations.

This operation serves as a pioneering example of the fuel-supply framework that will be required for the widespread adoption of ammonia-fuelled vessels.

The AFMGC is currently in the final stage of construction and is scheduled for delivery in November 2026.

“The successful completion of this operation marks a significant milestone toward the broader commercial use of fuel ammonia and the practical deployment of ammonia-fuelled vessels. It also represents an important step forward in establishing an ammonia supply chain,” the company added.

Photo credit: NYK
Published: 21 September, 2026