Financial Data and Key Metrics Changes - Total sales volume grew by 9.8%, while revenue decreased by 4.4% to $265.2 million, primarily due to a decrease in marine fuel prices [10][11] - Gross profit margin increased by 4 basis points to 1.02%, and net loss narrowed by 38.8% from $1.62 million to $0.99 million [12][10] - Current ratio improved to 1.54, indicating healthy liquidity, while capital debt improved to -4.44 days, highlighting excellent cash cycle management [12][26] Business Line Data and Key Metrics Changes - Revenue from biofuels saw significant growth, with sales increasing by 154.7% year-on-year and volume growth reaching 189.5% [15][16] - Non-container liner sales accounted for 36.9% of revenue, reflecting successful diversification efforts [42] - Revenue share from top 12 liners increased to 60.1% compared to 45.7% in the first half of 2024 [15] Market Data and Key Metrics Changes - Seaborne trade grew by 2.5% in 2025, with containerized trade growing by 2.9%, indicating a steady recovery in global trade [6][7] - CBL operates in 13 out of the top 15 global container ports, serving 9 out of the top 12 global container liners, representing around 16% market share [7][10] - Geopolitical tensions have caused disruptions, leading to increased demand for bunkering services at alternative ports [8][9] Company Strategy and Development Direction - CBL aims to strengthen its service network, focusing on Asian, Asia-Pacific, and European markets, while exploring sustainable fuels [23][52] - The company plans to further diversify biofuel offerings and strengthen its market position in green marine fuels [16][23] - CBL's strategy includes customer diversification and maintaining strong relationships with current customers while targeting new segments [42][52] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by geopolitical conflicts, tariff wars, and the transition to biofuels, yet emphasized maintaining growth and reducing losses [28][29] - The company is well-positioned to capture demand from rerouted trade flows due to geopolitical tensions, particularly in the Eurasian and Asia-Pacific corridors [36][56] - Future plans include enhancing operational efficiency and exploring advanced technologies for continuous improvement [47][50] Other Important Information - CBL has obtained ISCC EU and ISCC+ certifications to support the industry's decarbonization initiatives [5][16] - The company launched a share repurchase program and initiated an at-the-market offering to fund future business expansion [18][17] - CBL has received several awards for its corporate communication and investor relations efforts [20] Q&A Session Summary Question: What was the most significant achievement achieved by CBL? - CBL achieved a sales volume growth of almost 10% in the first half of 2025, driven by strategic expansions and partnerships despite geopolitical challenges [28][29] Question: What were the key drivers behind the reduction in net loss? - The improvement was attributed to investments in expanding the port network, customer base, and biofuel operations, alongside a 17% reduction in operating expenses [32][33] Question: How is CBL positioned to capture demand from rerouted trade flows? - CBL has targeted increased demand from rerouted vessels and has seen additional requirements for services due to geopolitical tensions affecting shipping routes [36][37] Question: How does CBL plan to maintain or improve gross profit margins? - CBL plans to improve margins by increasing sales volume, exploring new sustainable fuels, and leveraging a cost-plus pricing model [39][40] Question: What are the primary cost efficiencies achieved leading to a decrease in operating expenses? - The decrease in operating expenses was due to streamlining operations and rationalizing resources, alongside non-recurring expenditures from previous investments [45][46] Question: What are the expansion plans for the second half of 2025? - CBL plans to continue strengthening its service network, grow sales volume, and explore sustainable fuels while maintaining strong relationships with current customers [48][50] Question: What is the impact of U.S. new reciprocal tariffs on CBL? - CBL's direct impact from U.S. tariff changes is minimal, but the company is leveraging changes in trade flows to meet increased demand for bunkering services in alternative corridors [56][57]

Financial Data and Key Metrics Changes - Total sales volume grew by 9.8%, while revenue decreased by 4.4% to $265.2 million [10][11] - Gross profit margin increased by 4 basis points to 1.02%, and net loss narrowed by 38.8% [10][13] - Current ratio improved to 1.54, indicating healthy liquidity, while capital debt improved to -4.44 days [10][13][26] Business Line Data and Key Metrics Changes - Revenue from biofuels saw an impressive increase of 154.7% year-on-year, with volume growth reaching 189.5% [16][17] - Non-container sales (bulk and tanker) accounted for 36.9% of total revenue, reflecting successful diversification efforts [16][41] - Revenue share from top 12 liners increased to 60.1% compared to 45.7% in the first half of 2024 [16] Market Data and Key Metrics Changes - Total seaborne trade grew by 2.5% in 2025, while containerized trade grew by 2.9% [6][7] - CBL serves 9 out of the top 12 global container liners, representing around 16% market share in global container liners [7][10] - Demand for bunkering services surged at alternative ports due to geopolitical tensions and rerouted shipping lanes [8][9] Company Strategy and Development Direction - CBL aims to strengthen its service network, focusing on Asian, Asia-Pacific, and European markets, while exploring sustainable fuels [23][50] - The company plans to further diversify biofuel offerings and strengthen its market position in green marine fuels [17][50] - CBL's growth strategy includes expanding its service network and increasing sales volumes while maintaining strong relationships with current customers [15][48] Management Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by geopolitical conflicts, tariff wars, and the transition to biofuels, yet emphasized maintaining growth [28][30] - The company is well-positioned to capture demand from rerouted trade flows, particularly in the Eurasian and Asia-Pacific corridors [35][36] - Management expressed confidence in the sustainability of recent improvements in net loss and operational efficiency [32][47] Other Important Information - CBL has obtained ISCC EU and ISCC+ certifications to support the industry's decarbonization initiatives [5][17] - The company launched a share repurchase program and participated in various investor events to enhance investor relations [19][20] - CBL is committed to sustainability development and has initiated multiple steps with fruitful outcomes in ESG [20][21] Q&A Session All Questions and Answers Question: What was the most significant achievement achieved by CBL? - CBL achieved a sales volume growth of almost 10% for the first half of 2025, driven by strategic expansions and partnerships [28][29] Question: What were the key drivers behind the reduction in net loss? - The improvement was due to investments in expanding the port network, customer base, and biofuel operations, along with a 17% reduction in operating expenses [31][32] Question: How is CBL positioned to capture demand from rerouted trade flows? - CBL's extensive supply network allows it to meet increased demand for bunkering services along new trade routes due to geopolitical tensions [35][36] Question: How does CBL plan to maintain or improve gross profit margins? - CBL plans to increase sales volume and explore new sustainable fuels to improve profitability amid market volatility [37][39] Question: How does CBL plan to grow the non-container liner segment? - CBL is actively targeting new customers in the non-container segment while maintaining strong relationships with container liner customers [40][41] Question: What were the primary cost efficiencies achieved in operating expenses? - CBL streamlined operations and rationalized resources, leading to a 17% reduction in operating expenses [43][44] Question: What are the expansion plans for the second half of 2025? - CBL will continue to strengthen its service network and explore sustainable fuels while targeting new customers and segments [46][48] Question: What industry-specific observations and forecasts does CBL see? - CBL is exploring different verticals and horizontal integration opportunities, believing in the future demand for sustainable fuels [51][52] Question: What is the impact of the U.S. new reciprocal tariffs on CBL? - The direct impact is minimal as CBL does not operate in U.S. ports, but the tariffs have redirected cargoes, increasing demand for services in alternative regions [53][55]

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, attributed to 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, driven by 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 sustainability 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 to over 60 ports across 14 countries, achieving over 70% growth in port coverage since its IPO [26] - The company achieved significant progress in its biofuel supply initiatives, with biofuel sales volume surging over 600% year-over-year [31] - CBL's cash accounts for 12% of current assets, ensuring immediate liquidity for future growth [23] Q&A Session Summary Question: What drives the shift to a loss despite impressive revenue growth in 2024? - The net loss was influenced by reduced gross margin, higher operating costs, ESG-related expenses, and increased interest expenses [46][47] Question: Can you discuss the significant increase in operational expenses in 2024? - The increase was primarily due to business expansion, biofuel operations, and enhanced ESG expenses [45][48] Question: How does the company assess its service network expansion and customer mix? - The service network expanded from 36 ports to over 60, 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 [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 does the company view ESG market development? - The rising demand for green fuels is seen as an opportunity, with the company expanding its biofuel supply network and exploring other sustainable fuels [66][67] 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]