Core Insights - Banle Group reported a significant decline in financial performance for FY2023, with net income dropping by 69.3% to US$1.1 million compared to US$3.7 million in FY2022 [2][7] - Despite a challenging global economic environment, the company achieved an 18% increase in sales volume year-on-year, aided by the successful IPO and expansion into new markets [4][3] - The company expanded its service network from 36 to over 55 ports, including new operations in Europe, which is expected to drive future growth [5][3] Financial Performance - Revenue decreased by 5.8% to US$435.9 million in FY2023 from US$462.9 million in FY2022 [2][14] - Cost of revenue also fell by 5.5%, leading to a gross profit decline of 21.0% to US$7.2 million [2][14] - Total operating expenses increased by 27.1% to US$5.5 million, primarily due to IPO-related costs and business expansion efforts [2][6] Operational Highlights - The company successfully utilized IPO proceeds of US$15 million to enhance its service offerings and customer base [3][4] - Banle Group launched its first biofuel supply, marking a significant step in its commitment to environmental sustainability [3][5] - The average oil prices dropped by 20% during FY2023, but the increase in sales volume helped mitigate the revenue decline [4][5] Balance Sheet Overview - Total assets increased to US$53.5 million in FY2023 from US$25.6 million in FY2022, reflecting the impact of the IPO and business expansion [12] - Current assets rose significantly, with cash and accounts receivable totaling US$32.5 million compared to US$23.0 million in the previous year [11][12] - Total liabilities also increased, primarily due to higher accounts payable, which rose to US$27.5 million from US$12.7 million [12]

Revenue and Profit Performance - Revenue for FY2023 decreased by 5.8% year-on-year to $435.9 million, compared to $462.9 million in FY2022[2] - Gross profit declined by 21.0% to $7.2 million in FY2023, down from $9.1 million in FY2022[2] - Net income dropped significantly by 69.3% to $1.1 million in FY2023, compared to $3.7 million in FY2022[2] - Net income for 2023 was $1,132,650, a significant decrease from $3,685,000 in 2022[15] Sales and Market Expansion - Sales volume surged by 18% year-on-year in FY2023, partially offsetting the impact of a 20% drop in average oil prices[4] - The company expanded its supply network from 36 ports in FY2022 to over 55 ports in FY2023, covering both Asia Pacific and Europe[5] - The company raised $15 million from an IPO in March 2023, enabling expansion into Europe and new customer acquisition[3] Operating Expenses and Costs - Operating expenses increased by 27.1% to $5.5 million in FY2023, primarily due to listing-related costs and business expansion[2][6] - Depreciation and amortization expenses increased to $170,826 in 2023 from $88,175 in 2022[15] - Cash paid for interest in 2023 was $302,486, up from $261,703 in 2022[15] - Cash paid for income taxes in 2023 was $794,910, compared to $688,790 in 2022[15] Cash Flow and Financial Position - Cash position improved to $7.4 million in FY2023, up from $5.0 million in FY2022[11] - Net cash used in operating activities for 2023 was ($10,032,854), compared to net cash provided by operating activities of $3,499,133 in 2022[15] - Net cash provided by financing activities was $13,176,717 in 2023, compared to net cash used in financing activities of ($1,128,453) in 2022[15] - Cash at the end of 2023 was $7,402,890, an increase from $5,032,890 at the end of 2022[15] Accounts Receivable and Payable - Accounts receivable increased to $25.1 million in FY2023, compared to $18.4 million in FY2022[11] - Accounts receivable decreased by $6,679,675 in 2023, compared to a decrease of $402,941 in 2022[15] - Accounts payable increased by $14,779,300 in 2023, compared to a decrease of $5,644,677 in 2022[15] Prepayments and Other Assets - Prepayments and other current assets decreased by $19,042,364 in 2023, compared to an increase of $3,580,806 in 2022[15] New Business Initiatives - The company launched biofuel trading activities in FY2023, marking a significant step in alternative fuel exploration[3]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...

Core Insights - The article discusses the significant advancements in the maritime sector, particularly focusing on the efforts to reduce greenhouse gas emissions through the adoption of sustainable practices and technologies [1][2]. Group 1: Industry Developments - The International Maritime Organization (IMO) has reported that the maritime sector aims to reduce greenhouse gas emissions by approximately 20% by 2030 [1]. - The introduction of sustainable fuel alternatives is a key strategy for achieving these emission reduction targets, with companies like CBL International Limited leading the charge [2]. Group 2: Company Initiatives - CBL International Limited has been recognized for its commitment to sustainability, having received ISCC EU and ISCC Plus certifications for its operations [2]. - The company is actively involved in the development and implementation of green technologies to enhance the efficiency of maritime operations and reduce environmental impact [1][3].

Core Insights - Banle Energy International Limited, a subsidiary of Banle Group, has successfully arranged B24 biofuel bunkering services for Yang Ming's vessel, YM Utility, marking the first B24 biofuel supply in Shenzhen and Yang Ming's inaugural supply in China [1][2] - The B24 biofuel blend is projected to reduce approximately 20% of greenhouse gas emissions compared to conventional fuel oil, aligning with the International Maritime Organization's goals for reducing GHG emissions in international shipping [1][2] Company Overview - Banle Group, established in 2015, operates as a reputable marine fuel logistic company in the Asia Pacific region, focusing on providing one-stop solutions for vessel refueling across over 55 major ports [3][4] - The company is committed to promoting the use of alternative fuels and has received ISCC EU and ISCC Plus certifications, indicating its dedication to sustainability in the maritime industry [4] Strategic Initiatives - The company aims to expand its operations in Europe while continuing to forge strategic partnerships and explore new opportunities to deliver efficient and reliable bunkering solutions [2] - The introduction of B24 biofuel bunkering services is part of the company's broader initiative to enhance its service offerings and contribute positively to the shipping industry's environmental impact [2]

Core Viewpoint - CBL International Limited is set to release its financial results for the year ending December 31, 2023, on April 23, 2024, highlighting its ongoing commitment to transparency and investor communication [1]. Group 1: Company Overview - CBL International Limited has been recognized for its sustainable practices, achieving ISCC EU and ISCC Plus certifications, which enhance its credibility in the biofuel market [1]. - The company operates in the biofuel sector, focusing on the production and distribution of sustainable palm oil, with a significant presence in over 55 ports [1]. Group 2: Financial Reporting - The financial results announcement is scheduled for April 23, 2024, which will provide insights into the company's performance and strategic direction [1]. - The company emphasizes its commitment to maintaining open lines of communication with investors, indicating a proactive approach to investor relations [1].

Group 1 - Banle Group will file its annual report on Form 20-F for the year ended December 31, 2023, on April 18, 2024 [1] - An Investor Webinar is scheduled for April 23, 2024, at 9:00 am EST, where the Chairman & CEO and CFO will discuss business strategies and recent developments [1] - Registration for the webinar is currently open for analysts and investors [1] Group 2 - CBL International Limited serves as the listing vehicle for Banle Group, which is a marine fuel logistic company operating in the Asia Pacific [2] - Banle Group focuses on providing vessel refuelling solutions across over 55 major ports in countries including Japan, Korea, China, and others [2] - The company promotes the use of alternative fuels and holds ISCC EU and ISCC Plus certifications [2]

Group 1 - Banle Group will file its annual report on Form 20-F for the year ended December 31, 2023 on April 18, 2024 [1] - An Investor Webinar is scheduled for April 23, 2024, where the Chairman and CFO will discuss business strategies and recent developments [1] - Registration for the webinar is currently open for analysts and investors [1] Group 2 - CBL International Limited serves as the listing vehicle for Banle Group, which focuses on marine fuel logistics in the Asia Pacific [2] - The company operates in over 55 major ports across various countries including Japan, Korea, China, and others [2] - Banle Group promotes the use of alternative fuels and holds ISCC EU and ISCC Plus certifications [2]

Group 1 - Banle Energy International Limited successfully arranged bunkering services for BYD Explorer No. 1 at the Port of Antwerp, enhancing its previous services to BYD and expanding its European operations [1][2] - The Port of Antwerp is the second largest port in Europe, connecting to over 800 destinations worldwide, making it a strategic hub for global maritime trade [1] - The company provided bunkering services for BYD Explorer No. 1 during its maiden voyage at Yan Tai port in January 2024, indicating a growing partnership with BYD [1][2] Group 2 - CBL International Limited, the parent company of Banle Energy, aims to strengthen its brand presence in Europe by attending the International Energy Week in London [2] - The company is committed to delivering exceptional bunkering services and is focused on expanding its operations in Europe while exploring new opportunities [2] - Established in 2015, CBL International Limited operates in over 55 major ports across the Asia Pacific region, promoting the use of alternative fuels and holding ISCC EU and ISCC Plus certifications [3]

Core Insights - CBL International Limited has successfully launched the BYD Explorer 1, marking a significant step in its operations within the automotive sector [1] - The company is positioned as a key player in the fuel supply chain, particularly in the context of the growing demand for electric vehicles [1][2] Group 1: Company Developments - CBL International Limited has commenced operations at the Hong Kong port, focusing on the supply of fuel for electric vehicles, specifically the BYD Explorer 1 [1] - The company has established itself among the top 20 container ports globally, with a notable presence in the fuel supply market [1] - CBL has achieved ISCC EU and ISCC Plus certifications, enhancing its credibility in sustainable fuel supply [2] Group 2: Market Position and Strategy - The launch of the BYD Explorer 1 is part of CBL's strategy to capitalize on the increasing demand for electric vehicles, particularly in the Asia-Pacific region [1] - CBL's operations are strategically located in Hong Kong, which is recognized as a major hub for fuel supply, further strengthening its market position [1][2] - The company aims to leverage its certifications and operational capabilities to expand its market share in the sustainable fuel sector [2]