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

CBL International Limited (CBL), the listing vehicle of Banle Group (Banle), a marine fuel logistic company in the Asia-Pacific region, will be hosting its Investor Webcast regarding its 2024 Annual Results announcement.

The webcast will be held at 10am HKT/MST on 17 April (10pm US ET on 16 April). 

Dr. Teck Lim CHIA, Chairman and Chief Executive Officer, Mr. Nicholas Fung, Assistant Chief Financial Officer and Ms. Venus Zhao, Investor Relations & Public Relations Director, will be present as part of the management. 

CBL facilitates bunkering mainly through local physical suppliers in over 60 major ports covering Belgium, China, Hong Kong, India, Japan, Korea, Malaysia, Mauritius, Panama, the Philippines, Singapore, Taiwan, Thailand, Turkey and Vietnam.

Webcast link:
https://edge.media-server.com/mmc/p/99dbfk3g

For enquiries:

Ms. Iris Au Yeung
Tel: (852) 2114 4913

Mr. Henry Ding
Tel: (852) 2864 4858

Ms. Sophia Lei
Tel: (852) 2864 4873
Email: [email protected] 

Photo credit: CBL International
Published: 16 April, 2025

Marine fuel supplier Monjasa on Wednesday (9 April) recorded a net result of USD 65 million for 2024, a 40% drop from the USD 109 million reported in 2023.

Despite this, Monjasa said 2024 became another positive year for the company and was its third-strongest year ever when looking at the financial performance.

“The financial year was positively affected by a strong demand in both trading activities and across Monjasa’s own maritime logistics and supply chains,” the company said. 

In particular, Monjasa continued to see a steady increase in demand from global customers, which includes the world’s largest shipowning companies benefiting from collaboration across Monjasa’s 16 international offices.

Another important contributor to the 2024 financial performance was the continued investments in Monjasa’s global tanker fleet and fully integrating these into the marine fuels activities. With the purchases of an additional three tankers, Monjasa Hunter, Monjasa Rover and Monjasa Master, the Monjasa fleet concluded the year with a total of 33 owned and chartered vessels deployed worldwide.

The company concluded last year with a 4% increase in total volume which reached a record 6.8 million metric tonnes (mt), surpassing the company’s 2023 volume of 6.5 million mt of marine fuels supplied to shipowners and operators worldwide. 

The total volume of 6.8 million mt “sustains Monjasa’s ranking as the world’s 7th largest global marine fuels supplier.”

Worldwide, Monjasa’s total volume distribution was led by the Americas (35%), the Middle East & Africa (33%) and Asia (24%).

Monjasa Group CEO, Anders Østergaard, said: “We are satisfied with the achieved results and to record a 4% volume increase despite the overall global trade slow-down. This shows that Monjasa continues to deliver the right quality and that our personal service is in demand by shipowners.

“At a time where global trade confrontations and uncertainties are building up, we also take comfort in our stable customer base and diversified business and geographic presence across trading, shipowning activities, technical ship management and offshore logistics. 

“This allows us to keep evolving Monjasa, but we need to keep our eyes wide open and focus on our adaptability and where Monjasa can make a real difference to the maritime industry.”

Monjasa’s expectations for 2025 include a high degree of global trade volatility and a continuous slow-down of recent years’ strong shipping markets. 

However, several years of solid financial performances leaves Monjasa in a strong industry position to face future challenges. 

Overall, Monjasa expects 2025 to be another positive financial year with a net result in the range of USD 30 to 60 million.

Photo credit: Monjasa
Published: 10 April, 2025