S&B ANALYSIS: WFS and TFG: A Tale of Two Margins by Jack Jordan, Managing Editor, Ship & Bunker Friday December 11, 2020 Bunker profit margins for new supplier TFG Marine appear to be less than half the level of the marine division of World Fuel Services, according to an analysis of the two firms' performance in the first nine months of 2020. Mixed Margins Golden Ocean's filings this year, the company saw overall profit of $4 million over the first three quarters. TFG has been expanding steadily over the year, and now says its bunker sales have reached 540,000 mt/month. Assuming a lower 300,000 mt/month average for the first nine months of the year, reflecting a slower start before all of its operations were up and running, the company saw a profit margin of