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US-based World Fuel Services Corp. said its first quarter marine fuel sales stood at 4.2 million mt, staying steady compared with the previous quarter but falling by 13% against Q1 of last year. Bunker traders have come under increased pressure due to heightened competition and tough shipping markets as the global coronavirus pandemic continues to .
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Bunker traders have come under increased pressure due to heightened competition and tough shipping markets as the global coronavirus pandemic continues to dent demand and cast a somber cloud on global macroeconomics In addition to the pandemic-related impact, the year-over-year declines [in the marine segment] were principally driven by the strong results we saw in the first quarter of 2020, again related to the IMO transition to very low sulfur fuel oil, according to Ira Birns, executive vice president and CFO of the company, speaking on an earnings call on April 29. You re comparing to an extraordinary Q1 when the IMO implementation happened.
Operator
Ladies and gentlemen, thank you standing by, and welcome to the World Fuel Services Fourth Quarter and Full Year 2020 Earnings Conference Call. My name is Mike, and I ll be coordinating the call for this evening. [Operator Instructions]
I would now like to turn the conference over to Mr. Glenn Klevitz, World Fuel s Vice President, Treasurer and Investor Relations. Mr. Klevitz, you may begin your conference.
Glenn Klevitz
Vice President, Assistant Treasurer
Thank you, Mike. Good evening, everyone, and welcome to the World Fuel Services fourth quarter and Full Year 2020 Earnings Conference Call. I m Glenn Klevitz, and I ll be doing the introductions on this evening s call alongside our slide presentation.. This call is also available via webcast. To access this webcast or future webcasts, please visit the World Fuel Services Corporation website and click on the webcast icon. With us on the call today are Michael Kasbar, Chairman and Chief Executive Officer; and Ira Bir