World Fuel Services
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|Type||Public (NYSE: INT)|
|Headquarters||Miami, Florida, U.S.|
|Key people||Chairman: Paul H. Stebbins,
President, CEO, and Director: Michael J. Kasbar
|Revenue||US$38.95 billion (2012)|
World Fuel Services is a Fortune 500 company that is based in Miami, Florida. It provides marketing and financing of aviation, marine and ground transportation fuel products and related services to commercial and corporate aircraft, petroleum distributors and ships at more than 8,000 locations around the world.
With $38.95 billion in revenue, World Fuel Services ranked 85th on the 2012 Fortune 500 list.
World Fuel Services Corporation grew into a global fuel logistics company from several distinct origins, and its evolution continues into the present day.
In 1985, Paul Stebbins and Michael Kasbar founded Trans-Tec Services, Inc., a marine fuel brokerage company. Headquartered in New York City, the company focused on building excellence in service, technology and logistics in the international marine fuel market. Over the next 10 years they and their team successfully grew the company and built a global network of offices located in key markets. By 1994, Stebbins and Kasbar recognized that achieving transformative growth would require a stronger capital base. They identified International Recovery Corporation as a company in a similar business, capable of funding future growth. The sale of Trans-Tec to International Recovery in 1995 enabled the company to significantly increase organic growth and embark on a series of strategic acquisitions.
International Recovery Corporation was founded in Miami in 1984 and went public on the New York Stock Exchange (NYSE:INT) in 1986. To help fund growth, INT purchased an aviation fueling business in1988, and in a few short years it became the company’s primary growth driver. The acquisition of Trans-Tec in 1995 transformed the company into a truly global marine and aviation fuel services company, and the name was changed to World Fuel Services Corporation. Stebbins and Kasbar served as members of the board of directors and managed the marine business, prior to taking on the corporate positions they hold today.
Since then, World Fuel Services Corporation has continued its rapid growth in both aviation and marine fuel volume by internal expansion and a series of acquisitions. It has further expanded its scope to include the ground fuel market, with significant growth through acquisitions that began in 2008.
In 2013, the company was named as a co-defendant in various lawsuits as owner of Bakken formation light crude oil aboard a Montreal, Maine and Atlantic Railway train which derailed in Lac-Mégantic, Quebec on July 6, 2013, killing an estimated forty-seven people and destroying much of the community's downtown.