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]