Core Viewpoint - CBL International Limited has announced a share repurchase program, reflecting the Board's confidence in the company's long-term potential and commitment to delivering value to shareholders [1][3]. Financial Performance - For FY2024, CBL reported consolidated revenue of $592.52 million, a 35.9% increase from $435.90 million in 2023, driven by a 38.1% increase in sales volume [3]. Strategic Focus - The company aims to expand its market presence, particularly in biofuels, and enhance its global supply network while driving operational efficiency and sustainable growth [4]. - CBL's strategic initiatives include the expansion of ports, diversification of its client base, and commitment to sustainable practices to position itself for growth as market conditions improve [5]. Company Overview - CBL International Limited, established in 2015, is a marine fuel logistics company based in the Asia Pacific region, providing vessel refueling solutions across over 60 major ports [6].

Core Insights - CBL International Limited has officially renamed its Singapore-based subsidiary from Majestic Energy (Singapore) Pte Ltd to Banle International (Singapore) Pte Ltd to enhance its regional growth strategy and commitment to the Singapore market [1][2]. Company Developments - The renaming reflects the Group's strategic expansion into sustainable fuels, aligning with the global maritime industry's transition towards greener energy solutions [2][5]. - CBL's revenue in Singapore increased by 102% year-over-year in 2024 compared to 2023, indicating strong growth in the region [4]. - The company launched its first biofuel supply services in Singapore in March 2025, with subsequent expansions planned for Malaysia, Hong Kong, and various ports in China [4]. Industry Trends - Singapore remains the world's largest bunkering hub, with annual sales close to 55 million metric tons in 2024, a 6% increase from 2023 [3]. - Demand for sustainable fuels, including biofuels, LNG, and methanol, is rising, with biofuel sales in the first four months of 2025 already surpassing 50% of the total volume recorded in 2024 [3]. - CBL's biofuel sales volumes surged over 600% year-over-year in 2024, supported by strengthened supplier relationships and reliable supply chains [4]. Strategic Positioning - CBL differentiates itself in Singapore's competitive bunkering sector through agile operations and a customer-centric approach, enabling it to capture new opportunities in both traditional and emerging fuel segments [5]. - The company is well-positioned to grow alongside Singapore's vision of becoming a leader in sustainable maritime solutions, supported by a robust regulatory environment and strong government backing [6].

CBL去年销售量同比增长38.1%，收入总额增长35.9%，达到5.925亿美元，但毛利下降了25.5%，至537 万美元。运营费用上升56.8%，至870万美元，导致公司净亏损387万美元。公司解释称，主要原因是销 售量扩张战略导致毛利润减少，业务扩张和生物燃料业务的支出增加，以及与改善ESG(环境、社会和 公司治理)举措相关的额外支出和利息支出增加。 智通财经APP获悉，近日，亚太区燃油供应服务商、万利集团的上市实体 CBL International Limited(BANL.US)主席兼行政总裁谢威廉表示，公司在公布去年业绩后，在纳斯达克市场的成交额表 现不俗，因此暂无来港上市计划。对于今年公司能否扭亏为盈，他没有明确评论，只是表示今年前3个 月的运营表现相比去年同期"还不错"。 他指出，虽然香港政府积极推动绿色能源发展，但目前尚未看到生物燃料供应的相关配套措施，估计还 需要时间来发展。不过，他认为香港在生物燃料加注服务方面相比邻近地区仍有一定优势，因为船舶中 途加油时，在邻近地区通常需要停靠码头才能进行，而香港则可以方便地进行离岸加油。CBL去年离岸 加油业务同比增长了31%。 谢威廉表示，CBL的 ...

Financial Data and Key Metrics Changes - Total sales volume grew by 38.1%, while revenue increased by 35.9% to USD 592.5 million, driven by higher demand and operational expansion [18][19] - Cash balance rose by 8.3% to USD 8 million, and operational cash flow surged by 80.6%, reflecting improved efficiency and cash management [18] - Net income fell from USD 1.13 million in 2023 to a loss of USD 3.87 million in 2024, primarily due to reduced gross profit and increased expenses [21][22] Business Line Data and Key Metrics Changes - Gross profit declined by 25.5% from USD 7.21 million to USD 5.37 million, influenced by strategic pricing adjustments and increased operational costs [20] - Operating expenses increased significantly by 56.8% from USD 5.55 million to USD 8.7 million, attributed to business expansion and ESG-related expenses [21] - Non-container liner customers increased to 45% of the customer base, while container liner customers decreased to 55% [29] Market Data and Key Metrics Changes - China accounted for 56.3% of total revenue, followed by Hong Kong at 30.3% and Malaysia at 9.8% [22] - Revenue growth was highest in emerging markets, with Europe, Japan, Vietnam, and Thailand seeing a 291% increase [22] - The global green marine fuel market is projected to grow at a CAGR of 50.4%, presenting significant opportunities for the company [40][60] Company Strategy and Development Direction - The company aims to expand its service network, strengthen its presence in Asian and European markets, and explore emerging markets [40] - Focus on biofuel adoption and exploring other sustainable fuels like LNG and methanol to meet evolving sustainability regulations [32][41] - The company is committed to enhancing its ESG initiatives, embedding these principles into its core business strategy [33][36] Management's Comments on Operating Environment and Future Outlook - Despite geopolitical tensions and disruptions in maritime trade, the company demonstrated resilience with total volumes increasing by 2% [15] - Management expects to optimize unit costs and improve gross margins over time as market conditions stabilize [50] - The company plans to enhance operational efficiency through automation and IT systems to streamline operations [42] Other Important Information - CBL expanded its global service network, achieving over 70% growth in port coverage from 36 ports to more than 60 ports across 14 countries [26] - The company achieved significant progress in its biofuel supply initiatives, with biofuel sales volume surging over 600% year-over-year [31][60] - CBL's cash position and financial flexibility are strong, enabling sustainable growth and supporting business expansions [23][24] Q&A Session Summary Question: What drives the shift to a loss despite revenue growth? - The net loss was influenced by reduced gross margin, higher operating costs, ESG-related expenses, and increased interest expenses [46][47] Question: What factors caused the significant increase in operational expenses? - The increase was primarily due to business expansion, biofuel operations, and enhanced ESG expenses [45][48] Question: Can you discuss service network expansion and customer mix? - The service network expanded from 36 ports to over 60 ports, diversifying the customer base to include bulk carriers and tankers [54][56] Question: How do you expect biofuels to develop in 2025? - Biofuel sales surged over 600% in 2024, and the company sees sustainable fuel as a focus point moving forward [59][60] Question: How does CBL's marketing emphasize its unique value proposition? - CBL's competitive advantage lies in its extensive global supply network, providing one-stop refueling solutions and ensuring service quality [62][63] Question: How do you view the ESG market development? - The rising demand for green fuels presents opportunities, and the company is expanding its biofuel supply network while exploring other sustainable fuels [65][66] Question: What are your sales volume and gross profit margin targets for 2025? - The company aims to increase sales volume and recover gross profit margins through network strengthening and sustainable fuel adoption [78][79] Question: What are the uses of proceeds from recent capital market transactions? - Proceeds will support network expansion, biofuel business development, and repayment of indebtedness [82][85] Question: How do you plan to allocate funds to sustain growth momentum? - The company will prioritize network expansion, biofuel development, and operational automation to enhance liquidity and support growth [88][91]

Core Viewpoint - CBL International Limited reported significant revenue growth in 2024 despite facing a net loss, driven by a volume-driven growth strategy and operational expansion in a challenging market environment [2][3][12]. Financial Performance Overview - Consolidated revenue for 2024 was $592.52 million, a 35.9% increase from $435.90 million in 2023, primarily due to a 38.1% rise in sales volume [2]. - The company experienced a net loss of $3.87 million in 2024, down from a net income of $1.13 million in 2023, attributed to a 25.5% decrease in gross profit and a 56.8% increase in operating expenses [3][4]. - Earnings per share (EPS) decreased to $(0.136) in 2024 from $0.045 in 2023, while cash and cash equivalents increased by 8.3% to $8.02 million [5]. Business Expansion - CBL expanded its service network from 36 ports at IPO in March 2023 to over 60 ports by the end of 2024, covering regions including Asia Pacific, Europe, Africa, and Central America [6]. - New ports added included Mauritius, Panama, and India, enhancing global reach and servicing nine of the world's top 12 container shipping lines [7]. - Customer diversification was prioritized, with a decrease in sales concentration among the top five customers in fiscal year 2024 [8]. Sustainability Initiatives - Biofuel sales surged by 628.8% and volume by 603.0%, with the introduction of B24 biofuel reducing greenhouse gas emissions by 20% [9]. - The company secured ISCC EU and ISCC Plus certifications, aligning with global trends towards greener shipping solutions [9]. Strategic Enhancements - CBL improved IT systems for efficiency, strengthened credit risk management, and expanded funding sources through capital markets [10][11]. - The management remains optimistic about future growth, focusing on expanding market presence, particularly in biofuels, and enhancing the global supply network [12][14].

Company Overview - CBL International Limited is the listing vehicle of Banle Group, a reputable marine fuel logistic company established in 2015, based in the Asia-Pacific region [3] - The company provides a one-stop solution for vessel refueling, known as bunkering, and 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 September 12, 2024 [3] - CBL actively promotes the use of sustainable fuels and has received ISCC EU and ISCC Plus certifications [3] Upcoming Events - CBL will file its Annual Report on Form 20-F for the year ended December 31, 2024, on April 16, 2025 [1] - A webcast will be hosted on April 17, 2025, at 10:00 am HKT, where company management will discuss business strategies and recent developments [2] - Key management attending the webcast includes Dr. Teck Lim Chia (Chairman & CEO), Mr. Nicholas Fung (Assistant CFO), and Ms. Venus Zhao (Investor Relations & Public Relations Director) [2]

Group 1 - CBL International Limited (NASDAQ: BANL) will submit its full-year performance report for 2024 on April 16, 2025, and hold an online performance seminar on April 17, 2025, at 10 AM HKT (10 PM EDT on April 16) [1] - The management team will interpret the business strategy and latest developments during the seminar [1] - Key attendees include Dr. William Hsieh, Chairman and CEO, Mr. Feng Zhijun, Assistant Chief Financial Officer, and Ms. Zhao Hui, Director of Investor Relations and Public Relations [2] Group 2 - CBL International Limited is a leading marine fuel supplier in the Asia-Pacific region, covering over 60 ports globally [2] - The company actively promotes sustainable fuels and has obtained ISCC EU and ISCC Plus certifications [2]

Company Overview - CBL International Limited is the listing vehicle of Banle Group, a reputable marine fuel logistic company established in 2015, based in the Asia-Pacific region [3] - The company provides a one-stop solution for vessel refueling, known as bunkering, and operates in over 60 major ports across various countries including Belgium, China, India, Japan, and Singapore [3] Upcoming Events - CBL will file its Annual Report on Form 20-F for the year ended December 31, 2024, on April 16, 2025 [1] - A webcast will be hosted on April 17, 2025, where company management will discuss business strategies and recent developments [2] Sustainability Initiatives - The Group actively promotes the use of sustainable fuels and has received ISCC EU and ISCC Plus certifications [3]

Summary of Conference Call Transcript Company and Industry Overview - The conference call discusses CBL, a company involved in the marine fuel supply industry, particularly focusing on the container shipping sector. CBL services 9 out of the top 12 container shipping companies globally, which collectively hold approximately 60% of the market share in container shipping [1][6]. Key Points and Arguments Industry Dynamics - Global maritime trade is expected to face significant disruptions in 2024 due to geopolitical tensions, particularly the Red Sea crisis affecting key maritime routes like the Suez Canal [1]. - Despite a forecasted slowdown in global GDP growth to 2.6% in 2024, maritime trade shows resilience with an overall trade volume increase of 2%, and container trade growing by 3.5% [2]. Financial Performance Highlights - CBL reported a total revenue increase of 35.9%, reaching $592.5 million, driven by higher demand and operational expansion [3]. - Operating cash flow surged by 80.6%, reflecting improved efficiency and cash management [3]. - Gross profit decreased by 25.5% from $7.21 million to $5.37 million, primarily due to strategic pricing adjustments and increased operational costs [4]. - Operating expenses rose significantly by 56.8%, attributed to business expansion and investments in biofuel operations and ESG initiatives [4]. Regional Revenue Distribution - Mainland China accounted for 56.3% of total revenue, followed by Hong Kong at 30.3%, and Malaysia at 9.8% [5]. - Notable revenue growth was observed in regions like Europe, Japan, Vietnam, and Thailand, with growth rates reaching up to 291% [5]. Operational Expansion - CBL expanded its global service network from 36 ports to over 60, covering major ports across four continents [6]. - New service offerings include biofuel supply services in Malaysia and India, enhancing CBL's operational footprint [6]. ESG and Sustainability Initiatives - CBL emphasizes its commitment to ESG principles, integrating them into its core strategy to create long-term value [9]. - The company has launched biofuel products that significantly reduce greenhouse gas emissions and has received certifications to ensure compliance with sustainable fuel standards [8][10]. Future Outlook and Strategic Initiatives - CBL plans to continue expanding its service network and customer base while focusing on sustainable fuel development, including biofuels and exploring methanol and LNG [12][13]. - The company aims to enhance operational efficiency through automation and IT investments, which are expected to improve resource allocation and reduce costs [13][16]. Challenges and Responses - The company faces challenges related to rising operational costs and a decline in gross margins due to competitive pricing strategies [15][16]. - CBL is committed to improving profitability by leveraging economies of scale and enhancing its service offerings [16][24]. Capital Management - CBL conducted a private placement to raise funds for network expansion, biofuel development, and debt repayment, indicating a strategic approach to capital management [25][26]. - The company aims to maintain liquidity and financial flexibility while pursuing growth opportunities [26][27]. Additional Important Information - CBL's service network is primarily concentrated in the Asia-Pacific region, with no current operations in the U.S., minimizing the impact of U.S. port fee policies on its business [22]. - The company is closely monitoring regulatory changes that could affect global shipping and trade dynamics [22]. This summary encapsulates the key insights from the conference call, highlighting CBL's operational strategies, financial performance, and market outlook amidst a challenging industry landscape.

Washington, D.C. 20549 FORM F-1 (Amendment No. 9 ) REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 As filed with the United States Securities and Exchange Commission on February 27, 2023. Registration No. 333-267077 UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) Suite 19-9-6, Level 9, UOA Centre No. 19 Jalan Pinang 50450 Kuala Lumpur Malaysia Tel: 60-3-2703-2966 (Address and Telephone Number of Registr ...