Wilhelmsen Marine Fuels (WMF)

What Wilhelmsen Marine Fuels (WMF) does

Wilhelmsen is a publicly listed Norwegian maritime services group (Wilh. Wilhelmsen Holding ASA, ticker WWI on Euronext Oslo Børs) operating across four core segments: Wilhelmsen Ships Service (marine product supply across the Unitor, Timm, Unicool, Nalfleet and Navadan brands), Wilhelmsen Port Services (ship agency, port logistics and cruise services in 2,200+ ports), Wilhelmsen Ship Management (technical and crew management across global offices, including the Wilhelmsen Ahrenkiel container arm and new Cyclus Marine lifecycle services company), and New Energy (offshore wind logistics, autonomous vessels, zero-emission shipping and digital vessel operations via NorSea, Massterly, Raa Labs, Topeka and Reach Subsea). The group's core technology platform combines the most extensive global maritime supply network in the industry — 2,200 port destinations, 100+ countries, 200,000+ product deliveries per year, supported by an authorised distributor network and direct field sales — with proprietary product brands, digital applications (Line Management Plan with AI-supported LineLens image inspection, CargoMax draft survey, Oneplace Inspection Dashboard), and an increasing software footprint via Pelagus on-demand manufacturing, Waterway IT onboard vessel IT, Konciv logistics software and the DNV–Wilhelmsen independent maritime software company.

The business model is a hybrid of transactional product/agency sales (unit-priced marine products, per-call port agency), recurring managed services (multi-year ship management and crew management contracts, contract-priced digital/software subscriptions), and investment income from strategic associates (notably Wallenius Wilhelmsen and Hyundai Glovis in the Strategic Holdings & Investments segment). Q1 2026 group total income was USD 308 million (+4% YoY) with EBITDA of USD 50 million (+10% YoY) and net profit of USD 113 million; Maritime Services contributed USD 223 million and New Energy USD 84 million. Note: the firmographics tag this entity as "Wilhelmsen Marine Fuels (WMF)" described as a bunker brokerage company, but the source material pertains to the broader Wilhelmsen group; no specific marine fuels bunker brokerage financials are disclosed in the input.

The group is family-influenced (current Group CEO Thomas Wilhelmsen), operates in 53 countries with ~5,500 onshore colleagues and nearly 15,000 seafarers, holds DNV-qualified proprietary technology in the TIMM Master SBA mooring rope (the only rope worldwide with DNV's statement of qualified technology for an integrated Snap Back Arrestor), and is positioning itself as a decarbonisation partner through autonomous vessels (Massterly JV with Kongsberg Maritime), zero-emission shipping (Topeka), on-demand OEM manufacturing (Pelagus JV with thyssenkrupp), and onboard IT (Waterway IT JV with MPC Capital).

Name

Wilhelmsen Marine Fuels (WMF)

Legal name

Wilh. Wilhelmsen Holding ASA

Website

https://wilhelmsen.com

Company type

Public

Founded year

1861

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Wilhelmsen is a publicly listed Norwegian maritime services group providing marine product supply, port agency, technical ship management and new energy/offshore wind services to global shipowners through a network reaching 2,200 ports in 100+ countries.

Ownership category

akta.pro rank

Product category

Maritime Fuel Bunkering Services

NAICS

Petroleum Bulk Stations and Terminals (424710), Port and Harbor Operations (488310), Ship Building and Repairing (336611)

akta.pro primary industry

Conventional Marine Fuel Bunkering (HFO/VLSFO/MGO/ULSFO) (TLAHAKAA)

akta.pro secondary industries

Bunker Procurement, Contracting & Risk Management (Hedging, Claims) (TLAHAKAE), Bunkering Equipment, Systems & Maintenance (Hoses, Couplings, Metering, Vapour Return) (TLAHAKAK), Marine Bunkering & Port Fuel Supply (EUALAIAG)

Keywords

• Bunker brokerage services
• Marine fuel supply
• Maritime port services
• Ship management services
• Marine product supply

Headquarters

HQ city

Lysaker

HQ country

Norway

HQ region

Europe

Offices18 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Maritime product sales (Unitor, Timm, Nalfleet, Navadan, Unicool): Physical product sales delivered to vessels via Wilhelmsen's global supply network handling over 200,000 product deliveries every year across 2,200 ports in 100+ countries; revenue recognised on delivery.
2. Port agency and maritime logistics services: Agency services for ships calling at port (husbandry, cargo operations, protective agency, bunker agency, canal transits, cruise agency, dry docking agency), freight forwarding, 3PL & terminals, liner agency, break bulk, ro-ro & project logistics; charged per call/transaction.
3. Ship management services: Technical ship management, crew management, newbuilding supervision and lifecycle services (including Cyclus Marine) provided to shipowners on a contracted, recurring basis.
4. Maritime training and professional services: International Maritime Training Centre (IMTC) delivers IMO-model course-aligned e-learning modules and toolbox talks; WilNor Governmental Services provides military logistics; Insurance Services and Global Business Services provided on a contract basis.
5. New Energy segment income (offshore wind, zero-emission shipping, infrastructure): Income from NorSea (supply bases / logistics), Edda Wind (offshore wind CTVs), Topeka (zero-emission shipping), Massterly (autonomous vessels), Raa Labs, Reach Subsea, Elevon and Konciv, including vessel sale gains (e.g., Edda Wind vessel fleet sale).
6. Software, digital subscriptions and digital applications: Recurring/digital revenue from Cyclus Marine, Waterway IT, Raa Labs, Konciv, Massterly, Pelagus digital inventory and joint DNV/Wilhelmsen maritime software company; governed by digital applications general T&Cs.
7. Investment income from associates: Share of profits from associates, notably Wallenius Wilhelmsen and Hyundai Glovis, reported within Strategic Holdings & Investments segment.

Pricing tiers

Go-to-market motion4 records

Distribution channels8 records

Marketing channels9 records

Core offering

Wilhelmsen Marine Fuels (WMF) operates as a bunker brokerage company within the broader Wilhelmsen group, sourcing and arranging marine fuel supply for shipowners and operators at ports worldwide. It sits alongside Wilhelmsen's four core business segments — Wilhelmsen Ships Service (marine product supply reaching 2,200 ports), Wilhelmsen Port Services (ship agency and maritime logistics), Wilhelmsen Ship Management (technical and crew management), and New Energy (offshore wind logistics, autonomous vessels, zero-emission shipping, on-demand manufacturing).

Product overview

Wilhelmsen operates as a multi-segment maritime platform rather than a single product: the group is organised around four core segments — Wilhelmsen Ships Service (marine product supply), Wilhelmsen Port Services (ship agency, port logistics and cruise services), Wilhelmsen Ship Management (technical ship management, including the Wilhelmsen Ahrenkiel container-vessel arm, Cyclus Marine lifecycle services, and the Waterway IT joint venture with MPC Capital), and New Energy (NorSea supply bases, Massterly autonomous vessels, Raa Labs digital services, Topeka zero-emission shipping, Reach Subsea and previously Edda Wind) — supplemented by Other services such as the International Maritime Training Centre (IMTC) and WilNor Governmental Services. Within these segments, Wilhelmsen packages a portfolio of named brands and products including the Timm conventional mooring rope family (anchored by the new-generation TIMM Master SBA™), the Unitor brand of welding/gas/surface-preparation products (including certified Unitor flashback arrestors), Unicool marine refrigerants, Nalfleet marine chemicals, Navadan tank and hold cleaning solutions, the Pelagus on-demand OEM manufacturing joint venture with thyssenkrupp, the Line Management Plan (LMP™) digital platform with its AI-supported LineLens image-inspection module, the CargoMax draft-survey and trimming application, the Re-Rope circular take-back program, and Environmental Product Declarations for select Unitor chemicals. The named products connect as follows: the LMP™/LineLens software and Re-Rope program wrap around the Timm rope family; the Welding Safety Inspection and GDS Inspection & Testing Service wrap around the Unitor welding and gas product line; CargoMax sits inside the Port Services digital suite; and Pelagus, Waterway IT and Cyclus Marine extend the platform into adjacent industrial-manufacturing, onboard IT and vessel-lifecycle domains. The unified deliverable across the platform is supported by a global supply and service network reaching 2,200 port destinations in more than 100 countries.

Differentiator

Problem solved

Functional benefit

Brands

• Wilhelmsen Ships Service: Global maritime supply network reaching 2,200 port destinations in more than 100 countries; handles over 200,000 product deliveries per year
• Wilhelmsen Port Services
• Wilhelmsen Ship Management
• Unitor
• Timm
• Unicool
• Nalfleet
• Navadan
• Pelagus
• Cyclus Marine
• Waterway IT

Products and services

• TIMM Master SBA™ mooring rope (new generation) Wilhelmsen's flagship conventional mooring rope under the Timm brand; the only mooring rope worldwide carrying DNV's statement of qualified technology for its integrated Snap Back Arrestor. Delivers a 34% improvement in abrasion resistance versus its predecessor.
• Unitor brand marine products Wilhelmsen Ships Service's flagship sub-brand for marine products including welding consumables, gas distribution systems, flashback arrestors and surface-preparation chemicals; conformant to ISO 5175-1 and supported by a global supply network of 2,200 port destinations.
• Unicool marine refrigerants Marine refrigerant range delivered through the Wilhelmsen Ships Service global supply network as part of its onboard marine chemicals portfolio.
• Nalfleet marine chemicals Marine chemicals brand used by Wilhelmsen Ships Service to support water treatment, cooling systems, environmental protection and onboard chemical applications; covered by EPD-Global verified Environmental Product Declarations for select products.
• Navadan tank and hold cleaning solutions Specialised tank and cargo-hold cleaning chemical solutions distributed by Wilhelmsen Ships Service; targeted at bulk-carrier and other dry-cargo hold cleaning applications including in hard-to-reach ports.
• Pelagus on-demand OEM manufacturing 50/50 joint venture between Wilhelmsen and thyssenkrupp operating as a technology-agnostic, on-demand manufacturing partner that creates production-ready digital definitions of OEM legacy parts and routes production through a global network of approximately 100 qualified partners.
• Cyclus Marine vessel lifecycle services Newest company under Wilhelmsen Ship Management, providing specialist technical capabilities across the full lifecycle of oceangoing vessels.
• Waterway IT onboard vessel IT platform Joint venture between Wilhelmsen Ship Management and MPC Capital; new global platform for secure and future-ready onboard vessel IT, positioned as a scalable one-stop provider.
• Massterly autonomous vessel operations The world's first dedicated company operating autonomous vessels; 50/50 joint venture between Wilhelmsen and Kongsberg Maritime within the New Energy segment, providing autonomous-vessel operations services.
• Raa Labs digital vessel operations Wilhelmsen 75%-owned digital services provider using data to optimise vessel operations, including battery/energy-use insights through its RaaEdge platform.
• NorSea supply bases and integrated logistics NorSea (Wilhelmsen 99% owned) provides supply bases and integrated logistics solutions to the offshore and renewables industries; owns subsidiary brands Elevon (project logistics for the global wind industry) and Konciv (cloud-native logistics software).
• Topeka zero-emission shipping Wilhelmsen 100%-owned zero-emission shipping company working towards decarbonising the maritime industry.
• Wilhelmsen Port Services Global maritime services provider delivering ships agency, port services and maritime logistics across more than 2,200 ports worldwide; over one million port calls handled; sub-offerings include Husbandry, Cargo operations, Protective agency, Bunker agency, Canal transits, Cruise agency, Dry docking agency, Liner agency, Break bulk/ro-ro/project logistics, Freight forwarding, 3PL & terminals, and Exploration drilling.
• Wilhelmsen Ship Management Ship-management segment providing technical ship management across multiple vessel classes from global hubs (Global HQ in Singapore); incorporates Wilhelmsen Ahrenkiel Ship Management (container vessel arm, ISO/IEC 27001 certified), Diana Wilhelmsen Management, and operates the new Cyclus Marine lifecycle services and Waterway IT JV.
• Wilhelmsen Ships Service Marine product supply division with the most extensive global maritime supply network, reaching 2,200 port destinations in more than 100 countries and handling over 200,000 product deliveries every year; supplies the Unitor, Timm, Unicool, Nalfleet and Navadan brands.
• International Maritime Training Centre (IMTC) Comprehensive training solutions tailored to the maritime industry, delivered by seasoned professionals across a diverse spectrum of courses and training programs for both onshore and onboard roles.
• WilNor Governmental Services Special-purpose company controlled by Wilh. Wilhelmsen Holding ASA, providing military logistics services in Norway and internationally, mirroring the logistics needs of air, sea and land forces in preparation, deployment and operations.
• Line Management Plan (LMP™) digital platform Digital platform providing a complete overview of mooring lines, certificates, inspection history, and retirement criteria across all devices on board and on shore; the LineLens add-on is an AI-supported, image-based inspection module that assesses external abrasion severity from rope images to standardise inspections.
• Welding Safety Inspection (WSI) and GDS Inspection & Testing Service Expert-service offering from Wilhelmsen Ships Service combining certified Unitor flashback arrestors with Port Service Engineer (PSE) on-board audits, lifecycle tracking and renewal reminders; supported by the Oneplace Inspection Dashboard for fleet-wide visibility.
• Environmental Product Declarations (EPDs) for Unitor chemicals Third-party-verified Environmental Product Declarations for select Unitor marine chemicals, developed with EPD-Global as programme operator; provide standardised, verified information on resource use, energy consumption and emissions across the product lifecycle.
• Marine Supply System Operational supply-system service offered through Wilhelmsen's portfolio to support vessel supply chains.
• Insurance Services Insurance services for marine and shipping operations offered through Wilhelmsen's portfolio of companies.
• Global Business Services Shared business services offered across Wilhelmsen's portfolio of companies.

Quantifiable outcome

• 34% improvement in abrasion resistance for new generation TIMM Master SBA™ vs predecessor
• +11 more outcomes

Named customers4 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability5 records

Feature10 records

Partnerships

15 partnerships are on record, tiered core, flagship and minor.

• Lloyd's Register (Cyclus Marine MoU)coreStrategic or Co-development Partner · 22 April 2026Cyclus Marine (newly established lifecycle services company within Wilhelmsen Ship Management) signed a Memorandum of Understanding with Lloyd's Register to strengthen and scale responsible ship recycling globally. Signed in Singapore, 21 April 2026.
• MPC Capital (Waterway IT JV)flagshipStrategic or Co-development Partner · 1 April 2026Wilhelmsen Ship Management and MPC Capital launched Waterway IT as a new global provider of secure and future-ready vessel IT. New company went live with ~400 vessels already signed up; positioned as a scalable one-stop provider for onboard vessel IT.
• DNV (Det Norske Veritas)flagshipStrategic or Co-development Partner · 6 August 2025DNV and Wilhelmsen established an independent maritime software company, combining DNV Maritime Software with Wilhelmsen's port software. The independent entity was created to provide software solutions across the maritime industry beyond both parent companies' portfolios.
• Yinson GreenTech + R W Marine Services (Marine Electrification MoU)coreStrategic or Co-development Partner · 27 March 2025Wilhelmsen Port Services signed an MOU with Yinson GreenTech and R W Marine Services to advance marine electrification and lower-emissions maritime transport in Singapore. Singapore signing, March 2025.
• MPC CapitalcoreStrategic or Co-development Partner · 10 February 2025German owner and asset manager MPC Capital expanded its maritime services division with a deal involving Wilhelmsen's technology platform, marking its first acquisition since taking over Castor Maritime. The transaction represents MPC Capital's continued push into maritime services through technology-focused investments.
• Kongsberg Maritime (Massterly JV)flagshipStrategic or Co-development PartnerMassterly is the world's first dedicated company operating autonomous vessels. Joint venture between Wilhelmsen and Kongsberg Maritime with 50% each, set up to operate autonomous ships and provide the necessary infrastructure for shore-side control.
• thyssenkrupp (Pelagus JV)flagshipStrategic or Co-development PartnerPelagus was established in 2023 as a 50/50 joint venture between Wilhelmsen and German engineering conglomerate thyssenkrupp, combining maritime reach with industrial manufacturing capability. Originally focused on additive manufacturing (Pelagus 3D), repositioning to a technology-agnostic, on-demand manufacturing partner for OEMs.
• NorSea Group (99% owned subsidiary)flagshipStrategic or Co-development PartnerNorSea provides supply bases and integrated logistics solutions to the offshore and renewables industries; Wilhelmsen owns 99%. NorSea subsidiaries include Elevon (project logistics for global wind) and Konciv (cloud-native logistics software for heavy-asset industries).
• Topeka (100% owned)coreStrategic or Co-development PartnerTopeka is a zero-emission shipping company working towards decarbonising the maritime industry; Wilhelmsen owns 100%.
• Raa Labs (75% owned)coreStrategic or Co-development PartnerRaa Labs is a digital services provider using data to optimise vessel operations; Wilhelmsen owns 75%. Publishes Raedge insights on vessel battery optimisation.
• Wilhelmsen Ahrenkiel (container vessel management arm)flagshipStrategic or Co-development PartnerWilhelmsen Ahrenkiel Ship Management operates in Germany and the Netherlands as the container vessel management arm of Wilhelmsen Ship Management; ISO/IEC 27001 certified. Kuala Lumpur office is the second certified management centre.
• EPD-GlobalcoreTechnology or IntegrationWilhelmsen Ships Service and Wilhelmsen Chemicals (WIC) engaged EPD-Global as an established programme operator to develop Environmental Product Declarations (EPDs) for select chemical products, providing third-party verified life-cycle environmental impact data.
• TRACE InternationalminorImplementation/ SI/ Consulting PartnerWilhelmsen shares data with TRACE, a globally recognized anti-bribery business organisation, for the purpose of performing integrity due diligence of its business partners.
• Elevon (NorSea subsidiary)coreStrategic or Co-development PartnerElevon is a NorSea subsidiary company that does project logistics for the global wind industry, supporting New Energy segment strategy.
• Konciv (NorSea subsidiary)coreTechnology or IntegrationKonciv is a NorSea subsidiary company that provides cloud-native software enabling efficiency and transparency in complex operations and logistics for heavy-asset industries.

Scale indicators16 records

Recent moves11 records

Expansion highlights8 records

Broad incumbents

• DNV: DNV is both a maritime classification incumbent and Wilhelmsen's joint venture partner in the independent maritime software company; DNV Maritime Software overlaps directly with Wilhelmsen's port software portfolio and competes more broadly across maritime advisory, certification and software.
• Wärtsilä: Wärtsilä is a broad marine technology incumbent with ship power, decarbonisation services, lifecycle solutions and digital offerings that overlap with Wilhelmsen's Ship Management, New Energy and Raa Labs digital portfolios across a wider installed base.

Direct peers

• KPI OceanConnect: KPI OceanConnect is a global bunker procurement and marine fuel services provider and one of the closest direct peers to Wilhelmsen Marine Fuels' bunker brokerage business, with overlapping shipowner client base and digital bunker procurement platform.
• GAC Group: GAC is one of Wilhelmsen's closest direct competitors, providing global ship agency, port agency, ship supply and logistics services from a similar worldwide port network. Both groups target the same shipowner and charterer customers with overlapping husbandry, bunker agency and protective agency offerings.
• Kongsberg Maritime: Kongsberg Maritime is Wilhelmsen's 50/50 Massterly JV partner and a broader marine technology incumbent with autonomous vessel, vessel IT and digital fleet solutions that intersect directly with Massterly, Waterway IT and Raa Labs offerings.
• Thome Group: Thome is a Singapore-based global ship management group delivering technical management, crew management and offshore services directly comparable to Wilhelmsen Ship Management's Singapore global HQ operations.
• Anglo-Eastern Univan Group: Anglo-Eastern is one of the largest independent ship managers worldwide, providing technical management, crew management and newbuilding supervision directly comparable to Wilhelmsen Ship Management and Wilhelmsen Ahrenkiel.
• Bunker Holding: Bunker Holding is one of the world's largest bunker brokerage and trading groups, directly comparable to the bunker brokerage positioning in Wilhelmsen Marine Fuels' stated scope; both serve global shipowners with marine fuel procurement and physical supply across major bunker hubs.
• Bernhard Schulte Shipmanagement: BSSM is a major German-headquartered ship management group offering technical and crew management comparable to Wilhelmsen Ship Management. The two groups compete for similar third-party managed vessel portfolios.
• V.Ships: V.Ships is a leading global third-party ship management group with technical management, crew management and lifecycle services directly comparable to Wilhelmsen Ship Management. Both compete for outsourced shipowner contracts across container, tanker and bulk segments.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat7 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/wilhelmsen_group
• Instagraminstagram.com/wilhelmsengroup
• Xx.com/wilhelmsengroup
• Facebookfacebook.com/wilhelmsengroup

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries22 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wilhelmsen Marine Fuels (WMF)