Our Story
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.
World Fuel has been consistently recognized as a high performing company on multiple lists compiled by Forbes and Barron’s.
Historical highlights can be viewed by year in the timeline below.
