Business
Exclusive: Banle Group sets sights on expanding bunker supply network with successful IPO on Nasdaq
Following closing of CBL International Limited’s IPO on Nasdaq Capital Market, Banle Group revealed to Manifold Times its plans of enlarging the number of local marine fuel suppliers and increasing its bunkering options to customers.

Published
4 months agoon
By
Admin
In an exclusive interview with Singapore-based bunkering publication Manifold Times, marine fuel logistics firm Banle Group recently shared insights on the recent successful listing of CBL International Limited, its listing vehicle, on the Nasdaq Capital Market.
Mr. Teck Lim Chia, Chairman and Chief Executive Officer provides details on how much was raised in the initial public offering (IPO) and its plans on using the net proceeds to further grow and strengthen its bunkering business:
MT: Could you give our readers a brief introduction of the Banle Group?
Banle Group is an established marine fuel logistic company in Asia Pacific providing customers with one stop solution for vessel refuelling. We are a bunkering facilitator as referred to in the bunkering industry.
Our main market is the Asia Pacific market with business activities taking place in the major ports of Japan, Korea, China, Hong Kong, Taiwan, Vietnam, Malaysia, Singapore, Thailand, and other countries like Turkey, Belgium.
We currently have a network of over 40 ports in Asia Pacific region to supply marine fuel to our customers, making us one of the few bunkering facilitators that can provide network-based service in this part of the world.
We strive to provide our customers with the best quality bunker services and to become our customers’ best partner in providing tailor made and flexible solutions for vessel refuelling.
MT: How much was raised during the IPO? Was it USD 13.3million or oversubscribed at USD 15.3 million?
Initially, we offered 3,325,000 shares at an offering price of US$4 per share, raising USD 13.3 million. At the time of the IPO, the underwriters exercised their over-allotment in part for an additional 425,000 shares, hence, totalling 3,750,000 shares being offered, raising USD 15 million.
MT: During the announcement of the IPO, Banle said it intends to use the net proceeds to ‘enlarge the number of local suppliers to enhance its competitiveness’. Could Banle elaborate what this means to the bunkering industry?
We intend to establish new business relationships with additional local bunker suppliers in additional ports for which we will need the financial resources to make payments in advance for transactions before those local suppliers consider offering any trade credit to us.
Making use of the proceeds from the IPO, we intend to commence the business relationships with the new suppliers who may request payment in advance, or the issuance of letter of credit for their sales of the marine fuel.
MT: Banle also announced it intends to use the net proceeds to ‘increase the service options available in the Singapore and South Korea markets’? How does this trickle down into Banle’s bunkering business?
We constantly receive inquiries from customers for quotations and orders. However, in the past, we may not be able to fulfil all enquiries due to limitation of financial resources or lacking sufficient local bunker supplies in certain ports. As mentioned above, with the proceeds from the IPO and the expansion of our network of supply, we are now in a better position to establish new business relationships with additional local supplies, which in turn, will increase our ability to provide more bunkering options to our customers.
MT: In relation to the above two questions above on Banle’s intentions on utilising the funds, what is Banle’s plan to turn them into reality?
We intend to penetrate the market by soliciting new marine fuel suppliers to capture the demand from our existing customers or new customers in the Singapore market. In particular, we intend to establish such new business relationships with local suppliers for which we might need to pay in advance for transactions. To facilitate market development in Singapore, we have set up a new office in Singapore and employed two staff members.
Similar to Singapore, it is a challenge for us to obtain trade credit from local suppliers without established business relationships. With our aim to strengthen our supply network in South Korea, we plan to develop business relationships with potential suppliers in Ulsan and other ports in South Korea in order for us to provide a more flexible supply network to meet the demand of our existing customers and potential customers. To facilitate market development in South Korea, we have employed one staff member who is based in South Korea.
MT: Can you describe the challenges to execute Banle’s expansion plans and how will the company overcome them in current market conditions?
The fluctuations in marine fuel price may affect our working capital requirements. If the marine fuel prices increase substantially, we could only purchase less marine fuel from our suppliers with the same level of financial resources. We are therefore vulnerable to such unfavourable changes from the fluctuation of marine fuel prices. In the event that there is a significant increase in the price of marine fuel, we might require additional working capital in order to fulfil our customers’ needs.
To mitigate the effects of working capital limitation and unexpected increase in marine fuel price, it is our strategy to strengthen the financial resources available to us by utilising bank facilities and to obtain better trade credit from our suppliers.
Photo credit: Banle Group
Published: 13 June, 2023
Events
Singapore: PS Energy Group unveils new brand identity and moves to a new office
The group including its inland and marine bunkering units PS Energy Pte Ltd and CNC Petroleum Pte Ltd has underwent rebranding and moved to JTC Summit.

Published
12 mins agoon
October 4, 2023By
Admin
Last mile fuel distribution company PS Energy Group, including its inland and coastal and marine bunkering units, PS Energy Pte Ltd and CNC Petroleum Pte Ltd, has introduced a fresh brand identity learns Manifold Times.
The firm has unveiled its new company logos and branding that reflects its remarkable transformation as a company.
“Over the past few months, we have been working hard to create a new visual identity that truly captures the essence of who we are as a company which we hope will resonate, inspire trust, and build meaningful connections with our customers,” Sean Chua, Managing Director told Singapore-based bunkering publication Manifold Times.
“Our new logo embodies the core values and aspirations that have guided us throughout our journey, while incorporating elements that represent our vision and direction for the future. With its circular shape, the new logo depicts an entity in motion and embodies PS Energy Group’s agility, focus on innovation, and accessibility.”
The firm’s updated branding encompasses a comprehensive visual identity system that is now being integrated across all its assets and communication channels, including its inland and marine fleet, website, and social media platforms.

Besides the new brand identity, the Group has recently moved to a new and improved office space at the JTC Summit in Singapore. The firm said its team spent considerable time and effort in searching for the perfect location that aligned with its vision and values of providing the best service possible to its clients.

“The move represents a significant milestone in our company's journey and marks a new chapter of growth and opportunity. Our new office brings a host of exciting features and amenities that will undoubtedly elevate the overall experience for everyone involved,” according to Sean.
“From spacious workstations and ergonomic furniture to cutting-edge technology and collaborative spaces, we have designed the new office with both functionality and comfort in mind. We believe that this new workspace will foster even greater creativity, productivity, and collaboration among our team members, enabling us to deliver exceptional results and exceed the expectations of our clients.”
PS Energy Group’s new address is as follows:
8 Jurong Town Hall Road
#24-01 The JTC Summit
Singapore 609434
Related: Interview: PS Energy Group gears up for 2023 with sustainable bunker fuel products and digital transformation
Related: CNC Petroleum provides alternative bunker fuel to coastal and marine market with MGO B20
Related: Singapore: PS Energy Group acquires ISCC cert for biodiesel products
Photo credit: PS Energy Group
Published: 4 October, 2023
Business
Malaysia: Straits Energy proposes to list oil bunkering and shipping segment on Nasdaq
In a filing with Bursa Malaysia, the firm announced its intention to spin-off its oil bunkering and shipping related services segment for listing on NASDAQ stock exchange via a public offering.

Published
31 mins agoon
October 4, 2023By
Admin
Malaysia-listed Straits Energy Resources Berhad on Monday (2 October) announced the company’s intention to spin-off its oil bunkering and shipping related services segment for listing on NASDAQ stock exchange in the United States by way of a registered public offering.
In a filing with Bursa Malaysia, the firm said it intends to undertake a reorganisation of some of its subsidiaries involved in the oil bunkering and shipping related services segment, for the purpose of forming a separate listing group or Spin-Off Group suitable for the listing on NASDAQ.
“It is envisaged that these subsidiaries to be comprised in the Spin-off Group will continue to remain as
subsidiaries of Straits upon the completion of the Proposed Listing,” the company said.
Straits Energy added it will make a detailed announcement in relation to the proposed listing in due course, once the board of directors has finalised and approved the terms and structure of the exercise.
It said the listing would enable the Spin-Off Group to gain recognition and corporate stature through the listing status of its own on NASDAQ.
The company added the listing would further enhance its corporate reputation and profile which will be conducive in expanding its customer base whilst allowing the Spin-Off Group to expand and establish its global presence.
The proposed listing would also enable the Spin-Off Group to gain access to the capital market in the United States for capital raising and to provide the Spin-Off Group with financial flexibility for future expansion and growth.
It will also unlock shareholders' value in the oil bunkering and shipping related services and provide transparent valuation benchmark for the same on NASDAQ, it added.
Manifold Times previously reported marine fuel logistics firm CBL International Limited (CBL International), an ultimate holding company of Banle International Group Ltd (BVI), a 38%-associate company of Straits Energy Resources Bhd announced it would be listed on Nasdaq.
Later, Manifold Times did an exclusive interview with Banle Group who shared insights on the successful listing of CBL International Limited, its listing vehicle, on the Nasdaq Capital Market
Related: Malaysia: Straits Energy associate CBL International to be listed on Nasdaq
Related: Exclusive: Banle Group sets sights on expanding bunker supply network with successful IPO on Nasdaq
Photo credit: Straits Energy Resources Berhad
Published: 4 October, 2023
Employment
VPS announces new appointments for key positions
Andrew Morton has been appointed to the role of Managing Director AMEA while Captain Rahul Choudhuri has been appointed to the newly created role of President Strategic Partnerships.

Published
35 mins agoon
October 4, 2023By
Admin
Marine fuels testing company VPS on Tuesday (3 October) announced the appointment of Andrew Morton to the role of Managing Director AMEA (Asia, Middle East and Africa).
In this role, Andrew will apply his experience and knowledge to lead the delivery of VPS services to these important and growing regions. He joins VPS having spent the last 17 years working in the oil and gas industry, most recently with TotalEnergies in various positions and countries.
These included technical, commercial, management, mergers and acquisitions and most recently the New Energies space, including renewable energy, biogas and fuels, hydrogen and LNG. He has a BSc (Hons) in Chemistry and started his career in research and development in the lubricants industry for Fuchs.
Dr. Malcolm Cooper, VPS CEO, stated “We are delighted to welcome Andrew on board as our MD AMEA. His background and experience will be helpful in supporting our customers in these important Regions, particularly in the rapidly developing decarbonisation space.”
Andrew Morton, said: “I am delighted to join VPS and the team and take over the role of Managing Director - Asia, Middle East and Africa. It is a privilege to join the global market leader and to manage a zone where the maritime industry is growing. I look forward to working with the various companies and associations across the industry to help them with their decarbonisation journey.”
VPS also announced that Captain Rahul Choudhuri has been appointed to the newly created role of President Strategic Partnerships. In this role, Rahul will use his network to enhance and further develop relationships with customers and operators from across the shipping ecosystem to help VPS support their decarbonisation journey.
Dr. Malcolm Cooper, VPS CEO, stated “Captain Rahul is well-known across the Maritime sector and he has been the figurehead for VPS Asia and the Middle East for many years. He has been instrumental in many developments within VPS and across the shipping industry, making significant contributions to developments through a wide range of Committees and organisations.”
“His new role will enable him to focus more on our external relationships, which are of growing importance as we aim to support the shipping sector on it’s decarbonisation journey. We in VPS are very proud of Rahul’s achievements to date and we know there will be more to come.”
Rahul, said: “I am looking forward to this new opportunity. This role will allow me to use my experience and close relationships to strengthen, build and develop the industry partnerships needed to deliver new decarbonisation solutions offered by VPS. My work with industry associations allows a greater professional engagement with stakeholders to take the industry forward in challenging times”.
Photo credit: VPS
Published: 4 October, 2023

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