Financial Result

CBL International reports net loss of USD 3.87 million for FY 2024

Despite the net loss, CBL reports a 35.9% revenue increase, which was primarily driven by a 38.1% increase in sales volume, supported by the addition of new customers during the year and more.

Published

1 year ago

April 17, 2025

Admin

CBL International Limited (CBL), the listing vehicle of Banle Group, a marine fuel logistic company in the Asia-Pacific region, on Thursday (17 April) announced its annual financial results for the year ended 31 December 2024.

The company reported a consolidated revenue of USD 592.52 million for the year, marking a 35.9% increase from USD 435.90 million in 2023.

This growth was primarily driven by a 38.1% increase in sales volume, supported by the addition of new customers during the year, expansion of its supply network to cover more ports, and a broader customer base that now includes bulk carriers and oil and gas tankers in addition to container liner operators.

However, due to challenging market conditions, CBL reported a net loss of USD 3.87 million in 2024, compared to a net income of USD 1.13 million in 2023.

This was mainly attributed to a 25.5% decrease in gross profit to USD 5.37 million in 2024 from USD 7.21 million in 2023 and a 56.8% rise in operating expenses to USD 8.70 million in 2024 from USD 5.55 million in 2023.

The company adopted a volume-driven growth strategy that involved offering more competitive pricing in a market characterised by intensified competition and pricing pressure.

“While this approach supported increased sales volume and market share, it also contributed to narrower profit margins,” it said.

In addition to reduced gross margins, the net loss was impacted by increased expenses for business expansion, biofuel operation, additional expenses to enhance ESG, and a rise in interest expenses. These were partially offset by a reduction in income tax expenses.

The financial outcome reflects both the dynamic nature of the bunkering industry and the company’s ongoing investment in client base development and geographic growth, which are expected to enhance long-term positioning as market conditions normalise.

Earnings per share (EPS) reflected this, decreasing to USD (0.136) in 2024 from USD 0.045 in 2023. Cash and cash equivalents increased by 8.3% to USD 8.02 million as of December 31, 2024 from USD 7.40 million as of December 31, 2023.

Business Expansion in Challenging Times

CBL International’s operational expansion was a key focus in 2024, particularly in a challenging industry environment marked by geopolitical tensions, such as the Red Sea crisis and broader Middle East tensions. The company grew its service network from 36 ports at the time of its IPO in March 2023 to over 60 ports by year-end 2024, covering Asia Pacific, Europe, Africa, and Central America. Revenue growth year-on-year was notable across China, Hong Kong, Malaysia, Singapore, and South Korea.

Key new ports included Mauritius, Panama, and India, enhancing its global reach. This expansion was supported by servicing nine of the world’s top 12 container shipping lines, representing nearly 60% of global container fleet capacity. The Company’s European expansion focused on strengthening cross-regional service offerings for Euro–Asia trade routes. Growth was supported by a stronger presence in the Amsterdam-Rotterdam-Antwerp (ARA) region and a new Ireland office established in late 2023, enhancing local sourcing capabilities.

Customer diversification was another priority, with the share of non-container liners in total revenue increased, and sales concentration among the top five customers declined in fiscal year 2024.

A significant highlight was the company’s push towards sustainability, with biofuel sales surging by 628.8% and volume by 603.0%. The introduction of B24 biofuel (76% fossil fuel, 24% used cooking oil methyl ester) in Hong Kong, China, and Malaysia reduced greenhouse gas emissions by 20%, supported by ISCC EU and ISCC Plus certifications secured in 2023. This aligns with global trends towards greener shipping solutions and positions CBL as a leader in sustainable fuel logistics.

Strategically, CBL enhanced its IT systems, implementing real-time order tracking, data analytics, and workflow automation to improve efficiency. Credit risk management was strengthened, and working capital management improved with increased factoring facilities and a cash balance rise, navigating macroeconomic challenges through pricing strategies and port network adjustments. Additionally, CBL expanded its funding sources by accessing capital markets, such as private placement, increasing financial flexibility to support growth initiatives.

CBL’s Outlook for the Future

Despite the net loss, CBL’s management remains optimistic about the future, viewing current industry challenges as an opportunity to build resilience and enhance customer loyalty.

While prudently evaluating the impact of the latest US tariff policy, among other macro incidents such as geopolitical tensions, regulatory changes, and shifting global trade dynamics, on the economy and the bunkering sector, CBL believes its broad global network, primarily focused on intra-Asia and Euro-Asia trade routes, helps mitigate potential adverse effects. Since the company has no operation on U.S. ports, the impact of such policies may be limited in the near future.

The company’s strategic expansion of ports, diversification of its client base, and commitment to sustainable initiatives are designed to position it for growth when market conditions improve.

By investing in new ports and expanding relationships with key industry players, CBL aims to secure long-term partnerships that will strengthen its market position as global trade stabilises and profitability improves.

Dr. Teck Lim Chia, Chairman and CEO of CBL International Limited, stated, “We are confident in our strategy to expand our service network, maximise sales volume and explore sustainable offerings, even in these challenging times.”

“Our investments in new ports, diversified clients, and sustainable fuels are building a foundation for future growth. We believe that by demonstrating our capabilities at present, we will earn customer loyalty that will yield substantial benefits as the market recovers, positioning CBL International for significant success in the years ahead.”

Looking ahead, CBL remains focused on expanding its market presence, particularly in biofuels, and enhancing its global supply network.

Photo credit: Kyle Sudu on Unsplash
Published: 17 April, 2025

Up Next

Notice of intended dividend issued for defunct bunkering firm Coastal Oil Singapore

Don't Miss

Chinese shipbuilder delivers CMA CGM’s Singapore-flagged LNG-powered boxship

Financial Result

Glander International Bunkering reports USD 23.4 million EBT for FY2025/26

Firm has been supporting clients through a wide portfolio including alternative bunker fuels, allowing it to increase its visibility in the market and contributed to doubling its new fuels volumes over the past year.

Published

7 days ago

July 15, 2026

Admin

Glander International Bunkering reports USD 23.4 million EBT for FY2025/26

Global bunker trading company Glander International Bunkering on Tuesday (14 July) announced its financial results for the year ended April 30, 2026 – reporting a turnover of nearly USD 2 billion and earnings before tax (EBT) of USD 23.4 million.

In the previous year, the company reported a turnover of USD 3 billion and EBT of USD 22 million, including a non-recurring item.

The results come after shipping has faced a year of regulatory acceleration, disrupted trade routes and tight avails.

There was a fundamental shift in market conditions, with geopolitical tensions, Red Sea risks and US tariffs. This was later compounded by the conflict in the Middle East conflict, which led to severe restrictions in the Strait of Hormuz and widespread rerouting, longer voyage time and increased freight costs.

CEO Carsten Ladekjær noted: “The real challenge was managing uncertainty, especially when things are changing by the day, sometimes by the hour. What has stood out is how our teams across the world have responded, how they have stayed close to clients and navigated that disruption in real time.”

Fuel EU entered its first full compliance cycle, becoming a direct factor in voyage economics. Then regulatory uncertainty persisted with key decisions at the MEPC in October being delayed.

Appointed Head of New Fuels in February 2026, Dionysis Diamantopoulos has overseen the continued expansion of the company’s new fuels offering during the past critical few months.

He said, “We are supporting clients through a wide and evolving portfolio that includes biofuels and biofuel blends, LNG and bio-LNG, pooling and insetting solutions.”

“This approach has allowed us to increase our visibility in the market and contributed to doubling our new fuels volumes over the past year.”

Glander International Bunkering has continued to develop its approach to well-to-wake bunker management, which is a more integrated model of managing fuel, emissions, price and risk.

Ladekjær explains: “It has undeniably been a volatile year for global shipping, and it has changed our role in bunker trading. Our clients do not only come to us for fuel supply, they come to us to manage cost, compliance, and risk.”

The company said this approach reflects a broader shift in the market, where bunker decisions are no longer standalone transactions. They are directly linked to cost exposure, compliance and operational performance across the full fuel lifecycle.

Photo credit: Glander International Bunkering
Published: 15 July, 2026

Financial Result

KPI OceanConnect pre-tax earnings up 21% for FY2025/2026

Company delivered 13 million mt of marine fuel, increasing revenue to USD 6.2 billion and Earnings Before Tax increased by 21% to USD 10.9 million.

Published

2 weeks ago

July 10, 2026

Admin

KPI OceanConnect appoints Dorthe Bendtsen as interim CEO

Global provider of marine energy solutions KPI OceanConnect on Thursday (9 July) announced its financial results for the year 2025/2026.

The company delivered 13 million metric tonnes (mt) of marine fuel, increasing revenue to USD 6.2 billion and Earnings Before Tax increased by 21% to USD 10.9 million.

“The results reflect a year of strong operational performance, business expansion and continued investment in supporting the maritime industry’s energy transition amid heightened volatility,” it said.

In January this year, the company completed the strategic integration of marine fuel company Baseblue into KPI OceanConnect. The move strengthens the company’s global footprint, aligns regional teams more closely and enhances its ability to deliver consistent service, and greater value to customers worldwide.

“By integrating Baseblue, investing in our people and expanding both our advisory and digital capabilities, we have further enhanced our ability to help customers navigate market volatility, regulatory change and the practical realities of the energy transition. The results for the year reflect the strength of our partnerships, the dedication of our teams and the trust our customers place in us every day,” said Dorthe Bendtsen, CEO of KPI OceanConnect.

In response to geopolitical and regulatory challenges over the past year, including the effective closure of the Strait of Hormuz, KPI OceanConnect continued to invest in the expertise, technology and capabilities required to support customers in developing fuel and compliance strategies aligned with their commercial and operational objectives.

Through its Alternative Fuels & Carbon Markets team, the company expanded support for customers seeking guidance on biofuels, LNG, methanol, carbon compliance and FuelEU Maritime strategies. KPI OceanConnect also saw growing demand for EU Allowance (EUA) trading and FuelEU Pooling solutions, trading more than two million EUAs during the year and helping 250 shipowners and operators identify practical and commercially viable pathways to compliance.

The company continued to leverage the strength of the Bunker Holding Group’s global supply network, which today provides access to biofuel solutions in more than 250 ports worldwide. This extensive infrastructure enables customers to access lower-carbon fuel options where and when they need them, supporting both compliance and commercial objectives while helping prepare for the evolving regulatory landscape.

“The industry is operating in a period where energy, regulatory and geopolitical risks are increasingly interconnected,” said Dorthe Bendtsen.

“Our role is to help customers navigate these complexities by providing market insight, compliance expertise and access to a broad range of fuel and risk management solutions.”

Photo credit: KPI OceanConnect
Published: 10 July, 2026

Alternative Fuels

Dan-Bunkering reports 50% increase in alternative marine fuel orders in 2025/26

Company says the positive trend has continued into the new financial year as it continued to support customers as demand for alternative fuel solutions accelerated.

Published

2 weeks ago

July 8, 2026

Admin

Dan-Bunkering reports 50% increase in alternative fuel orders in 2025/26

Global bunker supplier Dan-Bunkering on Tuesday (7 July) said it delivered a strong financial performance in 2025/26, reporting earnings before tax (EBT) of USD 36.4 million and revenue of USD 3.1 billion.

Throughout a year marked by changing market conditions and renewed geopolitical uncertainty, the company continued to expand its customer base, with bunker volumes increasing by more than 5%.

Claus Bulch Klausen, CEO of Dan-Bunkering, said: “This year has shown that when uncertainty increases – whether through supply disruptions, rising price volatility or geopolitical developments – our customers value trusted partnerships more than ever.

“At the same time, we have had a strong focus on the wellbeing of our colleagues and their families in Dubai and across the region. This year’s result reflects the commitment and professionalism our colleagues demonstrate every day.”

Dan-Bunkering said it continued to support customers as demand for alternative fuel solutions accelerated.

Orders for new fuels increased by around 50% during the financial year, and this positive trend has continued into the new financial year.

“We are seeing growing interest from customers who are preparing for a more diverse fuel landscape. Our role is to help them understand their options and provide the expertise they need to make informed decisions as the market continues to evolve,” said Klausen.

Dan-Bunkering also expanded its European presence during the year through the integration of Baseblue Netherlands. Since 1 December, the Groningen office has operated under the Dan-Bunkering name. The integration has also brought a team in Groningen into the Dan-Bunkering organisation, further strengthening its capabilities in the region.

Photo credit: Dan-Bunkering
Published: 8 July, 2026