S&B ANALYSIS: WFS Q1 Margins, Volumes Sink Year-on-Year From IMO 2020 Boom by Jack Jordan, Managing Editor, Ship & Bunker Friday April 30, 2021 Fuel supplier World Fuel Services saw its bunker margins and volumes sink on a yearly basis in the first quarter, falling from the highs of the IMO 2020 transition. $6.4 million from its marine division in the first quarter of 2021, down by 81% from the The company's bunker sales volume shrank by 13.4% on the year to 4.2 million mt. $1.52/mt, down from five years -- excluding $2.28/mt. The declines "were principally driven by the strong results we saw in the first quarter of 2020, related to the IMO transition to very low sulfur fuel,"