Core Insights - CBL International Limited's Chairman and CEO, Teck Lim Chia, recently appeared on Nasdaq's Amplify Spotlight program to discuss the company's initiatives in sustainable fuels, particularly the adoption of B24 biofuels, which led to a nearly 96% increase in biofuel sales in the first half of 2024, aligning with global decarbonization efforts [1] - The company provides comprehensive refueling services at over 60 ports worldwide and is expanding into new markets in Europe and Africa [1]

Core Viewpoint - CBL International Limited is focused on expanding its sustainable fuel solutions and has experienced significant growth since its establishment in 2015, including a public listing on Nasdaq in 2023 [1][3][4]. Company Overview - CBL International Limited, listed on NASDAQ as BANL, is a marine fuel logistics company based in the Asia Pacific region, established in 2015 [6]. - The company provides comprehensive one-stop refueling solutions, known as bunkering, across over 60 major ports globally, including regions such as Europe, Africa, and Asia Pacific [3][6]. Growth and Expansion - Since its founding, CBL has seen substantial growth, highlighted by a nearly 96% increase in biofuel sales in the first half of 2024, driven by the adoption of sustainable fuels like B24 biofuel [3]. - The company is actively expanding its market presence and promoting the use of sustainable fuels, aligning with global decarbonization efforts [3][4]. Sustainability Commitment - CBL emphasizes its commitment to sustainability as a core aspect of its operations, aiming to provide safe, reliable, and environmentally responsible refueling solutions [4][6]. - The company has received ISCC EU and ISCC Plus certifications, underscoring its dedication to sustainable practices in the bunkering industry [6].

Core Insights - CBL International Limited, led by Chairman and CEO Mr. Teck Lim Chia, emphasizes its commitment to sustainability and growth in the bunkering industry, particularly through the adoption of sustainable fuels [1][3][4]. Company Overview - CBL International Limited is the listing entity of Banle Group, established in 2015, and focuses on providing comprehensive refueling solutions across over 60 ports globally [6]. - The company went public on Nasdaq in 2023 and has expanded its operations into new markets, including Europe and Africa, in addition to Asia Pacific [3][6]. Sustainable Initiatives - CBL has adopted sustainable fuels, such as B24 biofuel, resulting in a nearly 96% increase in biofuel sales in the first half of 2024, aligning with global decarbonization efforts [3]. - The company has received ISCC EU and ISCC Plus certifications, highlighting its commitment to promoting sustainable fuels [6]. Future Outlook - Mr. Chia expresses optimism about the future of the bunkering industry and CBL's role in driving the transition to sustainable fuels, contributing to global decarbonization efforts [4].

Company Overview - CBL International Limited (NASDAQ: BANL) is the listing entity of Banle Group, with its Chairman and CEO, Mr Teck Lim Chia, recently featured in an exclusive interview on Nasdaq's Amplify Spotlight program [1] Strategic Initiatives - The company has adopted sustainable fuels like B24 biofuel, leading to a nearly 96% increase in biofuel sales in 1H2024, aligning with global decarbonization efforts [2] - CBL provides comprehensive refueling services at over 60 ports worldwide and is expanding into new markets such as Europe and Africa [2] Investor Engagement - Investors and stakeholders can watch the full interview on Nasdaq's website to gain deeper insights into CBL's operations and strategic direction [3]

预计两个数字将在2029年之前保持适度的年增长率在2024年所有贸易的集装箱吞吐量增长了5%长途贸易和区域贸易的增长率达到了6%这些数据反映了全球贸易的持续复苏和扩张 销售总量增长38.1%而收入总额增长了35.9%达到592.5百万美元受到更高需求和运营扩张的推动现金增长8.3%达到800万美元经营现金流激增80.6% CPL的人有补给业务网络与这个趋势高度契合目前我们在全球前15大集装箱港口中有13个港口的业务包括上海新加坡和宁波舟山等全球前10大港口我们都有业务在运营在客户方面 CBL目前为全球前12家集装箱航运公司中的9家提供服务这些公司在全球集装箱航运市场占据约60%的市场份额接下来让我们看一下这张幻灯片上面的内容重点突出了CBL的地缘政治韧性 全球海上贸易在2024年面临重大的干扰这是由地缘政治紧张局势造成的自2023年10月开始的红海危机严重影响了苏伊士运河和巴巴尔曼德普海峡等关键海上航线这也导致 船只改道航行时间延长和运营成本的增加例如从路透丹到上海的航程从25.5天增加到34天这种干扰还导致运费率的飙升 以及我们看到在一些地区比如说亚太地区毛里求斯和开普敦等地区燃油补给需求增加中东紧张的局势 ...

Financial Data and Key Metrics Changes - Revenue for the first half of 2024 grew by 44.4% year-on-year, reaching $277.2 million, driven by a 39.4% increase in sales volume [10][12][46] - Gross profit declined by 32.2% to $2.71 million, primarily due to reduced premiums sold to customers [12][13] - Operating expenses rose by 64% to $4.12 million, attributed to higher selling and distribution expenses [13][61] - Net loss for the first half of 2024 was $1.62 million, a shift from a net income of approximately $1.15 million in the same period of 2023 [13][58] Business Line Data and Key Metrics Changes - The biofuel segment saw volumes and revenue increase by 84.6% and 95.8% respectively compared to the first half of 2023 [20][43] - Sales volume surged by 39.4% in the first half of 2024, attributed to the expansion of the service network and rising demand [18][46] Market Data and Key Metrics Changes - China and Hong Kong contributed 51.3% and 34.8% of revenue respectively in the first half of 2024, with significant growth in Singapore, Hong Kong, Malaysia, China, and South Korea [14] - The global green marine fuel market is projected to grow to $201.35 billion by 2030, with a CAGR of 50.4% from 2023 to 2030 [27] Company Strategy and Development Direction - The company aims to expand its service network, particularly in the Asia-Pacific region, while also entering European markets to meet the demand for sustainable fuels [25][52] - Focus on diversifying fuel offerings, including biofuels and exploring other sustainable options like LNG and methanol [26][55] - Commitment to align with international environmental regulations and enhance operational capabilities through strategic partnerships [42][56] Management's Comments on Operating Environment and Future Outlook - Management maintains a cautiously optimistic outlook for the global economy, expecting moderate growth driven by emerging markets [31][34] - The ongoing geopolitical tensions are anticipated to sustain high bunker demand in the Asia-Pacific and Western European markets [33] - The company is well-positioned to capitalize on the growing demand for biofuels and sustainable fuels due to regulatory pressures [34][37] Other Important Information - The company operates on a debt-free basis with zero long-term borrowings, leveraging non-recourse factoring facilities to maintain liquidity [15] - The service network has expanded from 36 ports to over 60 ports since the IPO in March 2023, enhancing market coverage [16][17] Q&A Session Summary Question: What is Banle's macroeconomic outlook for the remainder of 2024? - Management sees moderate growth in the global economy, driven by resilient activities in emerging markets, with continued recovery efforts from various governments [31][34] Question: What is your view on the sustainable fuel market? - The transition from fossil fuels to sustainable alternatives is accelerating, driven by market forces and regulatory pressures, positioning the sustainable fuel market for rapid growth [36][37] Question: How is Banle optimizing supply chain to manage the increased demand for biofuels? - The company is establishing strategic partnerships and aligning its supply chain with industry standards to meet the growing biofuel demand [42][43] Question: What drives Banle's revenue growth in the first half of 2024? - Revenue growth was primarily driven by a significant increase in sales volume and expansion of the supply network [46][47] Question: Why did gross profit margin decline despite revenue growth? - The decline in gross profit margin was due to lower premiums offered to customers and increased competition in the market [49][50] Question: What led to the shift from net income in 2023 to a net loss in the first half of 2024? - The shift was primarily due to lower gross margins and higher operating costs associated with market expansion efforts [58][59] Question: What factors contributed to the rise in operating expenses and what is the expected impact on future costs? - Operating expenses rose due to higher selling and distribution expenses related to sales growth and strategic expansions [61][63]

| --- | --- | --- | |-------------------------------------------|-------|-------| | | | | | | | | | | | | | CBL International Limited Interim Results | | | | September 13, 2024 | | | Disclaimer and forward-looking statements This presentation contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, m ...

[Unaudited Condensed Consolidated Financial Statements](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's unaudited condensed consolidated financial statements, including balance sheets, income statements, statements of changes in shareholders' equity, cash flows, and detailed explanatory notes for the interim period [Unaudited Condensed Consolidated Balance Sheets](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets increased to **$68.2 million** from **$53.5 million** at year-end 2023, driven by a rise in accounts receivable, while total liabilities grew to **$44.5 million** from **$28.2 million**, primarily due to increased accounts payable, resulting in a slight decrease in total shareholders' equity from **$25.3 million** to **$23.8 million** Condensed Consolidated Balance Sheet Summary (in USD) | Account | June 30, 2024 (Unaudited) | December 31, 2023 (Unaudited) | | :--- | :--- | :--- | | **Total Current Assets** | $67,130,891 | $52,126,915 | | **Total Assets** | **$68,219,855** | **$53,461,908** | | **Total Current Liabilities** | $44,446,064 | $27,974,389 | | **Total Liabilities** | **$44,546,240** | **$28,168,762** | | **Total Shareholders' Equity** | $23,765,574 | $25,299,675 | [Unaudited Condensed Consolidated Statements of Income and Comprehensive Income](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) For the six months ended June 30, 2024, revenue significantly increased to **$277.2 million** from **$192.0 million** in the prior year, but gross profit declined to **$2.7 million** from **$4.0 million**, leading to an operating loss of **$1.4 million** and a net loss of **$1.6 million**, or **($0.06)** per share, compared to a net income of **$1.2 million**, or **$0.05** per share, in 2023 Income Statement Summary (in USD) | Metric | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Revenue | $277,231,636 | $191,955,811 | | Gross Profit | $2,715,618 | $4,005,818 | | (Loss) / Income from Operations | $(1,401,746) | $1,494,747 | | Net (Loss) / Income | $(1,619,531) | $1,153,445 | | Basic and Diluted EPS | $(0.06) | $0.05 | [Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) For the six months ended June 30, 2024, total shareholders' equity decreased from **$25.3 million** to **$23.7 million**, primarily due to a net loss of **$1.6 million**, while the number of ordinary shares outstanding remained constant at **25,000,000** Shareholders' Equity Movement - H1 2024 (in USD) | Description | Amount | | :--- | :--- | | Balance as of December 31, 2023 | $25,293,146 | | Net Loss | $(1,619,531) | | **Balance as of June 30, 2024** | **$23,673,615** | [Unaudited Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In the first six months of 2024, the company generated **$2.3 million** in cash from operating activities, a significant improvement from the **$7.2 million** used in 2023, with minimal investing activities and no financing activities, leading to a **$2.3 million** increase in cash, ending the period at **$9.7 million** Cash Flow Summary (in USD) | Cash Flow Activity | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $2,302,241 | $(7,236,872) | | Net Cash from Investing Activities | $(17,415) | $(541,750) | | Net Cash from Financing Activities | $0 | $13,176,716 | | **Net Increase in Cash** | **$2,284,826** | **$5,398,094** | | **Cash at End of Period** | **$9,687,716** | **$10,430,984** | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the company's accounting policies and specific financial statement items, covering business operations, basis of presentation, accounts receivable, derivative instruments, property and equipment, leases, income taxes, revenue by geography, and a significant subsequent private placement event [1. Organization and Principal Business](index=6&type=section&id=1.%20Organization%20and%20Principal%20Business) CBL International Limited is a marine fuel logistics company providing one-stop vessel refueling solutions, detailing its corporate structure, 2022 reorganization, and March 2023 Nasdaq Capital Market IPO under the ticker 'BANL' - The Company operates as a marine fuel logistics firm, facilitating vessel refueling between ship operators and fuel suppliers in the Asia Pacific, Europe, and other regions[15](index=15&type=chunk) - The company's ordinary shares began trading on the Nasdaq Capital Market on **March 23, 2023**, under the ticker symbol **"BANL"** following an IPO of **3,325,000** ordinary shares[18](index=18&type=chunk)[37](index=37&type=chunk) [2. Basis of Presentation, New Accounting Standards, and Significant Accounting Policies](index=7&type=section&id=2.%20Basis%20of%20Presentation,%20New%20Accounting%20Standards,%20and%20Significant%20Accounting%20Policies) The unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP, with consistent accounting policies from the 2023 annual financial statements, and the adoption of new standards had no material impact - The financial statements are prepared in accordance with U.S. GAAP for the purpose of filing the Form 6-K interim report[20](index=20&type=chunk) - Accounting policies are consistent with the 2023 annual report, and the adoption of new standards effective **March 1, 2024**, did not have a material impact on the Group's financial statements[42](index=42&type=chunk) [3. Accounts Receivable](index=8&type=section&id=3.%20Accounts%20Receivable) Accounts receivable increased to **$38.6 million** as of June 30, 2024, from **$25.1 million** at year-end 2023, with **68.9%** concentrated among the top five customers, and **$11.6 million** of receivables sold under a non-recourse factoring facility, all of which have since been collected Accounts Receivable (in USD) | Date | Total Accounts Receivable | % from Top 5 Customers | | :--- | :--- | :--- | | June 30, 2024 | $38,646,165 | 68.9% | | Dec 31, 2023 | $25,125,851 | 57.7% | - The company sold accounts receivable of **$11,632,225** to a bank under a non-recourse factoring arrangement as of June 30, 2024[63](index=63&type=chunk) - As of the reporting date, all accounts receivable outstanding as of **June 30, 2024** have been collected[44](index=44&type=chunk) [4. Derivative Instruments](index=8&type=section&id=4.%20Derivative%20Instruments) The company uses commodity contracts for risk management, not designated as hedging instruments, with their fair value increasing to **$118,055** as of June 30, 2024, from **$28,776** at year-end 2023, valued using Level 2 inputs Fair Value of Derivative Assets (in USD) | Date | Total Fair Value | | :--- | :--- | | June 30, 2024 | $118,055 | | Dec 31, 2023 | $28,776 | Notional Values of Commodity Contracts (Metric Tons) | Position | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Long | 4,700 | 16,750 | | Short | 13,120 | 0 | [5. Prepayment and other current assets](index=9&type=section&id=5.%20Prepayment%20and%20other%20current%20assets) Prepayments and other current assets totaled **$18.2 million** as of June 30, 2024, a slight decrease from **$19.3 million** at year-end 2023, primarily comprising **$17.6 million** in deposits with suppliers to secure credit lines for marine fuel purchases Prepayment and Other Current Assets Breakdown (in USD) | Component | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Prepayments | $594,475 | $1,686,014 | | Deposit | $17,638,634 | $17,631,175 | | **Total** | **$18,233,109** | **$19,317,189** | - Deposits of approximately **$17.5 million** were placed with suppliers to secure credit lines for purchasing marine fuels[26](index=26&type=chunk) [6. Property, Plant and Equipment](index=9&type=section&id=6.%20Property,%20Plant%20and%20Equipment) This note details the company's property, plant, and equipment, with a net book value of **$835,513** as of June 30, 2024, primarily consisting of office equipment, motor vehicles, and computer software, along with their respective accumulated depreciation and amortization Property, Plant and Equipment, Net (in USD) | Asset Class | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Office equipment, furniture and fixtures, net | $362,374 | $429,511 | | Motor vehicle, net | $69,117 | $78,332 | | Computer software costs, net | $404,022 | $488,669 | [7. Interest Income and Interest Expense](index=10&type=section&id=7.%20Interest%20Income%20and%20Interest%20Expense) Net interest expense for the first six months of 2024 significantly increased to **$227,752** from **$116,434** in 2023, driven by higher interest expense on the factoring arrangement, which grew to **$238,845**, while unused financing facilities decreased to **$5.9 million** from **$13.6 million** Net Interest Expense Breakdown (in USD) | Component | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Interest income | $17,813 | $21,652 | | Interest expense on lease liabilities | $(6,720) | $(4,987) | | Interest expense on factoring arrangement | $(238,845) | $(133,099) | | **Total Net Interest Expense** | **$(227,752)** | **$(116,434)** | - The unused portion of financing facilities was approximately **$5.9 million** as of June 30, 2024, down from **$13.6 million** as of December 31, 2023[51](index=51&type=chunk) [8. Commitments and Contingencies](index=11&type=section&id=8.%20Commitments%20and%20Contingencies) In the ordinary course of business, the company enters into purchase commitments for marine fuel, and as of June 30, 2024, it was not a party to any material legal or administrative proceedings and had no significant contingencies - The company has purchase commitments for marine fuel as part of its normal business operations and risk management program[53](index=53&type=chunk) - As of **June 30, 2024**, and **December 31, 2023**, the Company is not a party to any material legal proceedings and did not have any significant contingencies[54](index=54&type=chunk) [9. Income Taxes](index=11&type=section&id=9.%20Income%20Taxes) The company's income tax provision was only **$205** for the first six months of 2024, a steep decline from **$246,686** in the prior-year period, reflecting the shift from pre-tax income to a pre-tax loss, with tax regimes outlined for the British Virgin Islands, Hong Kong, and Malaysia Income Tax Provision by Jurisdiction (in USD) | Jurisdiction | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Hong Kong | $0 | $242,070 | | Malaysia | $205 | $4,616 | | **Total** | **$205** | **$246,686** | - The reconciliation of income tax expense shows a shift from a tax expense of **$246,686** on pre-tax income of **$1.4 million** in H1 2023 to a tax expense of **$205** on a pre-tax loss of **$1.6 million** in H1 2024[76](index=76&type=chunk) [10. Revenue Disaggregation](index=12&type=section&id=10.%20Revenue%20Disaggregation) Revenue is disaggregated by the geographic location of marine fuel delivery, with China being the largest market at **$142.2 million** for the six months ended June 30, 2024, followed by Hong Kong with **$96.5 million**, and all listed geographic segments showing year-over-year revenue growth Revenue by Geographic Location (in USD) | Location | H1 2024 | H1 2023 | | :--- | :--- | :--- | | China | $142,231,627 | $102,789,336 | | Hong Kong | $96,483,443 | $63,594,042 | | Malaysia | $30,083,114 | $21,358,117 | | Singapore | $6,429,651 | $2,989,753 | | South Korea | $944,380 | $757,320 | | Others | $1,059,421 | $467,243 | | **Total** | **$277,231,636** | **$191,955,811** | [11. Finance and Operating Leases](index=12&type=section&id=11.%20Finance%20and%20Operating%20Leases) The company leases offices with terms of two to five years, reporting right-of-use lease assets of **$253,451** and total lease liabilities of **$286,666** as of June 30, 2024, with a weighted-average remaining lease term of **1.65 years** and total future undiscounted lease commitments of **$296,711** Schedule of Remaining Lease Payments (Undiscounted, in USD) | Year | Lease Payments | | :--- | :--- | | 2024 | $97,310 | | 2025 | $163,550 | | 2026 | $35,851 | | **Total** | **$296,711** | Lease Balances on Balance Sheet (in USD) | Account | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Right-of-use lease assets | $253,451 | $338,481 | | Current lease liabilities | $186,490 | $177,761 | | Non-current lease liabilities | $100,176 | $194,373 | [12. Subsequent event](index=14&type=section&id=12.%20Subsequent%20event) Subsequent to the reporting period, on **August 22, 2024**, the company closed a private placement, issuing **2,500,000** ordinary shares at **$0.55** per share, raising approximately **$1.375 million** in gross proceeds for network development, alternative energy initiatives, future acquisitions, and general corporate purposes - On **July 22, 2024**, the company entered into a Securities Purchase Agreement for a private placement of **2,500,000** ordinary shares at **$0.55** per share[84](index=84&type=chunk) - The private placement closed on **August 22, 2024**, generating gross proceeds of approximately **$1.375 million** and increasing the total number of outstanding shares to **27,500,000**[82](index=82&type=chunk)

Core Viewpoint - CBL International Limited, the listing vehicle of Banle Group, will file its Interim report on Form 6-K for the year ended June 30, 2024, on September 12, 2024, and will host a webcast to discuss business strategies and recent developments on September 13, 2024 [1]. Group Overview - CBL International Limited (NASDAQ: BANL) is a marine fuel logistic company established in 2015, providing a one-stop solution for vessel refueling, known as bunkering [2]. - The company operates in over 60 major ports across various countries, including Belgium, China, Hong Kong, India, Japan, Korea, Malaysia, Mauritius, Panama, the Philippines, Singapore, Taiwan, Thailand, Turkey, and Vietnam as of August 28, 2024 [2]. - Banle Group promotes the use of sustainable fuels and has received ISCC EU and ISCC Plus certifications [2].

Core Insights - CBL International Limited has successfully completed its inaugural bunkering service in India at Mundra Port, marking a significant step in its expansion strategy in the Asia-Pacific region [1][4] Group 1: Company Overview - CBL International Limited is the listing vehicle of Banle Group, a reputable marine fuel logistic company established in 2015, focusing on providing one-stop solutions for vessel refueling [5] - The Group operates in over 55 major ports across various countries, including India, and promotes the use of alternative fuels, holding ISCC EU and ISCC Plus certifications [5] Group 2: Strategic Importance of Mundra Port - Mundra Port is India's largest port, handling over 155 million metric tonnes of cargo as of November 2023, and facilitates approximately 33% of the country's container traffic [2] - The port's advanced infrastructure supports large vessels, making it a critical hub for seaborne trade and aligning with India's goal of becoming a $5 trillion economy by 2025 [2] Group 3: Operational Details - The successful bunkering service at Mundra Port was provided to a global integrated logistics and shipping company, showcasing Banle's operational excellence [3] - This operation is expected to enhance Banle's market presence and strengthen relationships with key clients, driving sustainable growth [4] Group 4: Future Outlook - The Chairman & CEO of Banle Group expressed enthusiasm about entering the Indian market and emphasized the company's commitment to growth in key regions [4]