Banle Group achieves 70% increase in port coverage since Nasdaq listing

CBL International Limited, the listing vehicle of Banle Group (Banle), a marine fuel logistic company in the Asia-Pacific region, on Wednesday (28 August) announced a significant milestone by expanding its global port coverage to over 60 ports across fourteen countries and regions in four continents.

The company now provides bunkering services in Belgium, China, Hong Kong, India, Japan, Korea, Malaysia, Mauritius, Panama,  Taiwan, Thailand, Turkey, and Vietnam, representing a 70% increase in port coverage since its Nasdaq listing in March 2023.

“The Group’s footprint includes nine out of the top ten container ports globally by throughput volume in 2023, highlighting its dominance in key maritime hubs,” the company said in a statement. 

The Asia Pacific region, accounting for 70% of global container port throughput, remained a key focus for Banle, while the company continues to expand its presence in Europe and other regions.

The company said it is actively preparing to capitalise on the growing demand for greener marine fuels, driven by international regulations like the FuelEU Maritime initiative and the IMO’s strategy for greenhouse gas reduction.

Banle has obtained the required ISCC EU and ISCC Plus certifications to comply with these regulations.

The company has achieved key milestones in biofuel bunkering services, including:

• July 14, 2023: Commencement of biofuel supply in Hong Kong.
• September 5, 2023: First export to China cargo supply.
• March 15, 2024: Introduction of biofuel supply in Guangzhou, China.
• April 13, 2024: Launch of biofuel supply in Shenzhen, China (Yantian).
• June 28, 2024: Inaugural biofuel supply in Port Klang, Malaysia.

According to BIMCO, the container shipping market has exceeded growth expectations, with forecasts predicting a 5 – 6% increase in container volumes for 2024 and a 3 to 4% increase for 2025. 

“Banle is well-positioned to capitalise on this growth, continuing to facilitate essential bunkering services that support the efficient and profitable operations of container liners globally,” the company added. 

“Since our Nasdaq listing, we have made remarkable strides in expanding our port coverage and enhancing our service offerings to meet the growing demands of our customers, the international shipping companies,” said Mr. Teck Lim Chia, Chairman & CEO of Banle Group. 

“Our expansion into Europe, with establishments in Ireland, underlines our commitment to developing our green marine fuels business, which is critical for our long-term sustainability goals.”

Related: Exclusive: Banle Group sets sights on expanding bunker supply network with successful IPO on Nasdaq
Related: Malaysia: Straits Energy associate CBL International to be listed on Nasdaq

Photo credit: Kyle Sudu on Unsplash
Published: 29 August, 2024