Category: Oil & Gas

CBL International Limited Announces Share Repurchase Program

– Repurchase Reflects the Board’s Confidence in Long-Term Growth

Jun 3, CBL International Limited (NASDAQ: BANL) (the Company or CBL), the listing vehicle of Banle Group (Banle or the Group), today announced that its Board of Directors has authorized a share repurchase program of up to the lesser of $5 million of the Company’s ordinary shares (the Ordinary Shares) or 5 million Ordinary Shares. 

Repurchases under the share repurchase program may be made in the open market, with the actual timing and amount of repurchases depending on market conditions and corporate needs. The share repurchase program will expire on April 15, 2028. The program does not obligate the Company to acquire any particular number of Ordinary Shares, and the share repurchase program may be extended, modified, suspended or discontinued at any time at the Company’s discretion.

Dr. Teck Lim Chia, Group’s Chairman and Chief Executive Officer, stated: “The Board believes that the current market price of our shares does not fully reflect the underlying strength and long-term potential of our business. This share repurchase program underscores our confidence in the Company’s future and our commitment to delivering sustained value to our stockholders. “

FY2024 Financial Performance
The Company reported consolidated revenue of $592.52 million for the year ended December 31, 2024, marking a 35.9% increase from $435.90 million in 2023. This growth was primarily driven by a 38.1% increase in sales volume, supported by the addition of new customers during the year, the expansion of our supply network to cover more ports, and a broader customer base that now includes bulk carriers and oil and gas tankers in addition to container liner operators.

Looking ahead, CBL remains focused on expanding its market presence, particularly in biofuels, and enhancing its global supply network. The Company is committed to driving operational efficiency and delivering sustainable growth.

The Company’s strategic expansion of ports, diversification of its client base, and commitment to sustainable initiatives are designed to position it for growth when market conditions improve. By investing in new ports and expanding relationships with key industry players, CBL aims to secure long-term partnerships that will strengthen its market position as global trade stabilizes and profitability improves.

About the Banle Group
CBL International Limited (Nasdaq: BANL) is the listing vehicle of Banle Group, a reputable marine fuel logistic company based in the Asia Pacific region that was established in 2015. We are committed to providing customers with one-stop solution for vessel refueling, which is referred to as bunkering facilitator in the bunkering industry. We facilitate vessel refueling mainly through local physical suppliers in over 60 major ports covering Belgium, China, Hong Kong, India, Japan, Korea, Malaysia, Mauritius, Panama, the Philippines, Singapore, Taiwan, Thailand, Turkey and Vietnam, as of 16 April 2025. The Group actively promotes the use of sustainable fuels and is awarded with the ISCC EU and ISCC Plus certifications.

For more information about our company, please visit our website at: https://www.banle-intl.com.

Forward-Looking Statements
Certain statements in this announcement are not historical facts but are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” “should,” “would,” “plan,” “future,” “outlook,” “potential,” “project” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other performance metrics and projections of market opportunity. They involve known and unknown risks and uncertainties and are based on various assumptions, whether or not identified in this press release and on current expectations of BANL’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of BANL. Some important factors that could cause actual results to differ materially from those in any forward-looking statements could include changes in domestic and foreign business, fuel prices and tariffs, market, financial, political and legal conditions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

CBL INTERNATIONAL LIMITED
(Incorporated in Cayman Islands with limited liabilities)
For more information, please contact:
CBL International Limited
Email: investors@banle-intl.com

Strategic Financial Relations Limited
Shelly Cheng Tel: (852) 2864 4857
Iris Au Yeung Tel: (852) 2114 4913
Email: sprg_cbl@sprg.com.hk

CBL International Limited Announces Name Change of Singapore Subsidiary to Support Regional Growth Strategy

CBL International Limited (NASDAQ: BANL) (CBL or the Company), the listing vehicle of Banle Group (Banle or the Group), a leading marine fuel logistics company in the Asia-Pacific region, today announced the official renaming of its Singapore-based wholly owned subsidiary, Majestic Energy (Singapore) Pte Ltd, to support its regional growth strategy.

Effective immediately, Majestic Energy (Singapore) Pte Ltd has been officially renamed to Banle International (Singapore) Pte Ltd, reflecting the Group’s deepening commitment to the Singapore market and its strategic expansion into sustainable fuels.

Singapore remains the world’s largest bunkering hub, with annual sales close to 55 million metric tons in 2024, increased by 6% year-over-year as compared to 2023, according to Maritime & Port Authority of Singapore (“MPA”) statistics. While conventional fuels still dominate the market, demand for sustainable fuels such as biofuels, LNG, and methanol continues to rise steadily. Notably, biofuel sales in the first four months of 2025 in Singapore have already surpassed 50% of the total volume recorded in 2024, according to  MPA statistics.

As the primary fuel bunkering hub in the Asia-Pacific region, Singapore serves as a strategic base for CBL’s regional expansion. CBL’s revenue in Singapore increased by 102% year-over-year in 2024 as compared to 2023. In March 2025, the Company launched its first biofuel supply services in Singapore — a key regional port — as part of its broader initiative to offer sustainable fuel alternatives across the region, followed by biofuel supply in Malaysia, Hong Kong and various ports in China. CBL’s biofuel sales volumes and sales surged over 600% year-over-year in 2024, supported by strengthened supplier relationships and reliable supply chains. These efforts help customers meet IMO GHG targets while offering sustainable, cost-effective alternatives.

“Singapore plays a pivotal role in our long-term growth strategy,” said Dr. Teck Lim Chia, Chairman and CEO of CBL. “The renaming of our subsidiary underscores our strengthened presence in this critical market and reinforces our commitment to supporting the global maritime industry’s transition toward greener energy solutions.”

Despite the increasing competition in Singapore’s bunkering sector, CBL continues to differentiate itself through its agile operations and customer-centric approach. The Company prides itself on its ability to adapt and tailor solutions to meet the specific needs of clients and suppliers, enabling it to capture new opportunities in both traditional and emerging fuel segments.

Christofel Tian, our Head of Singapore, added “With our rebranding to Banle International (Singapore) Pte Ltd, we are not only aligning ourselves more closely with the Group’s identity but also signaling our long-term commitment to the Singapore market. As the global bunkering landscape evolves, especially with the rapid adoption of sustainable fuels, we are well-positioned to grow alongside Singapore’s vision of becoming a leader in sustainable maritime solutions.”

With its robust regulatory environment, mature infrastructure, and strong government support, Singapore is well-positioned to maintain its leadership in the global bunkering market — and CBL is committed to growing alongside it.

About the Banle Group
CBL International Limited (Nasdaq: BANL) is the listing vehicle of Banle Group, a reputable marine fuel logistic company based in the Asia Pacific region that was established in 2015. We are committed to providing customers with one-stop solution for vessel refueling, which is referred to as bunkering facilitator in the bunkering industry. We facilitate vessel refueling mainly through local physical suppliers in over 60 major ports covering Belgium, China, Hong Kong, India, Japan, Korea, Malaysia, Mauritius, Panama, the Philippines, Singapore, Taiwan, Thailand, Turkey and Vietnam, as of 16 April 2025. The Group actively promotes the use of sustainable fuels and is awarded with the ISCC EU and ISCC Plus certifications.

For more information about our company, please visit our website at: https://www.banle-intl.com.

Forward-Looking Statements
Certain statements in this announcement are not historical facts but are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” “should,” “would,” “plan,” “future,” “outlook,” “potential,” “project” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other performance metrics and projections of market opportunity. They involve known and unknown risks and uncertainties and are based on various assumptions, whether or not identified in this press release and on current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. Some important factors that could cause actual results to differ materially from those in any forward-looking statements could include changes in domestic and foreign business, markets, financial, political and legal conditions, geopolitical disruptions and other events that result in material changes in fuel prices. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

CBL INTERNATIONAL LIMITED 
(Incorporated in Cayman Islands with limited liabilities)

For more information, please contact:
CBL International Limited
Email: investors@banle-intl.com

Strategic Financial Relations Limited
Shelly Cheng        Tel: (852) 2864 4857
Iris Au Yeung       Tel: (852) 2114 4913
Email:              sprg_cbl@sprg.com.hk

Wintermar Offshore (WINS:JK) Reports 1Q2025 Results

Wintermar recorded a 31.4%YOY increase in Gross Profit to US$6.6 million for 1Q2025, with US$4.1 million Operating Profit (+52.5% YOY), driven by Owned Vessels gross margin expansion.

Margin expansion in the Owned Vessel Division continued to boost profitability, despite a slow quarter where Total Revenue fell by 9.2%YOY from US$18.4 million in 1Q2024 to US$16.7 million in 1Q2025. The lower revenue stemmed from a slower than expected start after the monsoon season which primarily affected the Chartering Division.

Owned Vessel Division

The Owned Vessel Division continued to perform well as the high tier vessels and mid-tier DP vessels saw improved utilization. Gross Profit from Owned Vessel jumped by 55.8%YOY to US$6.1 million for 1Q2025 as compared to 1Q2024, generated from revenues of US$14.8 million (+6.1%YOY). With more PSVs working, Owned Vessel gross margin has continued to increase to 41.2% in 1Q2025 from 28.1% in 1Q2024. Average charter rates for 1Q2025 were 31% higher than 1Q2024, due to a larger number of high yielding vessels in the Company’s fleet.

The lower end of the mid-tier segment did not fare as well in 1Q2025, as some mid-tier vessels came off spot contracts. OSV demand was slow during the quarter, with some project delays, even though there were some ongoing tenders. Fleet utilization dropped to 57% in 1Q2025 as compared to 63% in 4Q2024. Two additional HLBs were delivered in February and March 2025 which only commenced operations in April 2025.

Chartering Division and Other Services

A longer than expected hiatus for the monsoon season led to a 70%YOY drop in Chartering Division Revenues to US$0.9 for 1Q2025 compared to 1Q2024. Revenue from Other Services also recorded a decline of 30.5%YOY to US$1.0 million upon the completion of a contract.Direct Expenses and Gross Profit

Owned Vessel Direct Expenses reduced by 13.3%YOY to US$8.7 million from US$10.1 million in 1Q2024. There were savings in maintenance costs (-28.2%YOY), which fell from US$2.4 million in 1Q2024 to US$1.7 million in 1Q2025, due to the absence of some one-off preparation costs in 2024 for international contracts. Owing to the sale of 3 vessels during 2024, Operations cost fell by 31.0%YOY, from US$1.1 million in 1Q2024 to US$0.8 million in 1Q2025 while Crewing expenses also decreased by 7%YOY, from US$2.5 million in 1Q2024 to US$2.4 million. Bunker costs were maintained at US$0.5 million (+1.8%YOY), reflecting a stable oil price and a low number of vessel mobilizations.

As a result of a higher concentration in Dynamic Positioning (DP) vessels which has enjoyed a stronger charter rate increase, the Gross Profit margin has risen from 27.1% in 1Q2024 to 39.3% in 1Q2025, demonstrating the underlying resilience of the fleet despite the near-term delays in project commencements.

Indirect Expenses and Operating Profit

Total Indirect Expense rose by 6.5%YOY to US$2.4 million in 1Q2025 as compared to US$2.3 million in 1Q2024. This increase was primarily driven by the increase in marketing expenses and staff salaries.

With the growing participation in international tenders, Marketing Expenses in 1Q2025 doubled to US$0.17 million (+125.3%YOY) from US$0.08 million in 1Q2024. Staff Salary contributed US$0.09 million to the increase, rising 5.2%YOY to US$1.8 million in 1Q2025, due to an expansion of permanent employees and higher salaries.

Operating Profit for 1Q2025 was US$4.1 million, which increased 52.5% compared to the same period in the previous year. The operating margin rose to 24.7% in 1Q2025 from 14.7% in 1Q2024.

Other Income, Expenses and Net Attributable Profit

Interest expenses doubled to US$0.5 million in 1Q2025 as the Company obtained new loans to refinance the PSV and HLBs purchased last year. On the other hand, interest income rose by 32.0%YOY to US$0.1 million in 1Q2025, following strong cash flow generation.

Interest expenses doubled to US$0.5 million in 1Q2025 as the Company obtained new loans to refinance the PSV and HLBs purchased last year. On the other hand, interest income rose by 32.0%YOY to US$0.1 million in 1Q2025, following strong cash flow generation.

Equity in net earnings of associates recorded a loss of US$0.04 in 1Q2025 compared to a gain of US$0.2 million in 1Q2024, reflecting the lower utilization experienced by our associated companies.

The sale of fixed assets contributed a gain of US$0.2 million from the disposal of low tier vessels in 1Q2025, effectively capturing the fleet’s monetary value. The Company recorded a FX loss of US$0.4 million from Rupiah denominated trade receivables, impacted by the strengthening of the USD.

Non-controlling interest was significantly higher at US$1.5 million compared to US$0.4 in 1Q2024, reflecting the share of minority interest in earnings from the PSV business, in which Wintermar holds a 51% stake. Net Attributable Profit for 1Q2025 amounted to US$1.6 million, a decrease by 25.6%YOY from US$2.2 million in 1Q2024.

The group’s EBITDA jumped by 20.2%YOY for 1Q2025, reaching US$7.6 million.

Industry Outlook 

The long term outlook for offshore support vessels (OSV) is still positive, albeit in the near term, the industry has not escaped the uncertainty affecting global business sentiment that has emerged from policy fluctuations in the US.  As a result of the imposition of tariffs, oil demand growth for 2025 has been revised down while geopolitical risks have risen amidst fears of escalating trade wars.

In 1Q2025, the global caution added to the seasonal slowdown in Asia which resulted in some delays to project commencements. However, planning is underway for several offshore drilling projects which are expected to ramp up towards the end of the year, which provide support for charter rates. The second-hand market has been active with higher prices being offered for used OSVs in operating condition, indicating that there is still strong demand in the coming years.           

Business Prospects

The year has started on a slow footing, which has impacted utilization in 1Q2025 as 60% of the fleet is still exposed to short term spot contracts.  Gross margins, which have been climbing, will be maintained due to the better fleet mix, as can be seen in the strong growth in gross profit and operating profit.   The Company has taken delivery of 2 units of Heavy Load Barges in 1Q2025 which are expected to commence operations in 2Q2025 and secured additional high tier vessel contracts, thus supporting continued profitability in the latter part of the year. Looking ahead to 2026, we are still positive on the demand for DP vessels which will be needed for several new deepwater drilling projects which are in development this year. 

Total contracts on hand as at end March 2025 has risen to US$71.9 million.

About Wintermar Offshore Marine Group

Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd’s Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com .

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor RelationsPT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com 

The 3rd International & Indonesia CCS Forum 2025: A Global Collaboration Momentum for CCS Development

The Indonesia Carbon Capture and Storage Center (ICCSC) is organizing The 3rd International & Indonesia CCS Forum 2025, an international-scale forum aimed at accelerating the development of Carbon Capture and Storage (CCS) technology as a key pillar toward a green economy and sustainable growth in Indonesia. The event will take place on October 7-8, 2025, at Hotel Mulia, Jakarta, featuring over 100 global speakers from various sectors.

Belladonna Troxylon Maulianda, Executive Director of ICCSC, emphasized that this forum is designed as a strategic platform to bring together global stakeholders, including governments, industry players, academics, and investors. “CCS plays a crucial role in reducing carbon emissions and supporting Indonesia’s net-zero targets. Through this forum, we aim to strengthen global collaboration to address challenges and leverage opportunities in CCS development,” said Belladonna.

The forum’s theme, “Advancing Indonesia as a CCS Hub Leader in the Asia Pacific: Achieving Net Zero and Economic Growth”, reflects a shared commitment to driving sustainable growth through clean energy. “We hope this event will generate innovative solutions and policy recommendations to accelerate CCS development in Indonesia and globally,” she continued.

Evan Lukas, Chairman of the Organizing Committee for The 3rd IICCS Forum 2025, explained that this event will feature various exciting programs, including high-level panel discussions, exhibitions of the latest technology, and strategic networking sessions. “This forum is not only a platform for sharing knowledge but also a place for the birth of strategic partnerships and innovative solutions to global challenges in CCS development,” said Evan.

“We invite all stakeholders, including the government, industry players, and the community, to actively participate in this forum. Together, we can build a network of regional CCS hub towards a low-carbon future and support energy transition” added Evan.

ICCSC hopes this forum can become a catalyst for strengthening Indonesia’s position as a global leader for regional CCS hub that decarbonize heavy industries, while continuing to meet energy demand and grow economies.

Elen Setiadi, Deputy Minister for Energy and Mineral Resources, Coordinating Ministry for Economic Affairs of The Republic of Indonesia expressed appreciation for the forum’s organization. “The government fully supports this event as part of efforts to achieve energy transition and net-zero emission targets. CCS is one of the key solutions in Indonesia’s clean energy transition,” said Elen.

The 3rd International & Indonesia CCS Forum 2025 also offers participants the opportunity to interact directly with industry leaders, experts, and policymakers. In addition to the main programs, the event will showcase the latest CCS technology exhibitions featuring innovations from global companies.

The ICCSC invites all stakeholders, including strategic partners, industry associations, government representatives, and media, to join this forum. The event is not only a moment for discussion but also for taking concrete steps toward realizing a sustainable clean energy future.

For more information on The 3rd International & Indonesia CCS Forum 2025, visit the official website: www.iiccsforum.com 

About IICCS
The International & Indonesia Carbon Capture and Storage Center (IICCS) is a platform dedicated to promoting CCS technology and facilitating collaboration between governments and industries in addressing climate change through CCS implementation. 

About ICCSC
The Indonesia Carbon Capture and Storage Center (ICCSC) is a community of experts from various industry, including engineering, science, policy, and business, united by a shared commitment to finding practical solutions to CO2 emission challenges. Through research, innovation, and advocacy, we strive to accelerate carbon capture and storage development in Indonesia and position the country as a Regional CCS Hub. Visit iccscenter.com.

Media Contact:
info@iccscenter.com
+62 878 8721 3208

CBL International Limited Reports 2024 Full-Year Results

– Revenue Soars 35.9% to $592.5 Million Amid Global Expansion
– Leveraging Challenges to Boost Market Share for Recovery

April 16, CBL International Limited (NASDAQ: BANL) (the Company or CBL), the listing vehicle of Banle Group (Banle or the Group), a leading marine fuel logistic company in the Asia-Pacific region, today announced its annual financial results for the year ended December 31, 2024.

Financial Performance Overview
The company reported consolidated revenue of $592.52 million for the year ended December 31, 2024, marking a 35.9% increase from $435.90 million in 2023. This growth was primarily driven by a 38.1% increase in sales volume, supported by the addition of new customers during the year, expansion of our supply network to cover more ports, and a broader customer base that now includes bulk carriers and oil and gas tankers in addition to container liner operators.

Due to challenging market conditions, the Company reported a net loss of $3.87 million in 2024, compared to a net income of $1.13 million in 2023, mainly attributed to a 25.5% decrease in gross profit to $5.37 million in 2024 from $7.21 million in 2023 and a 56.8% rise in operating expenses to $8.70 million in 2024 from $5.55 million in 2023. The Company adopted a volume-driven growth strategy that involved offering more competitive pricing in a market characterized by intensified competition and pricing pressure. While this approach supported increased sales volume and market share, it also contributed to narrower profit margins.

In addition to reduced gross margins, the net loss was impacted by increased expenses for business expansion, biofuel operation, additional expenses to enhance ESG, and a rise in interest expenses. These were partially offset by a reduction in income tax expenses. The financial outcome reflects both the dynamic nature of the bunkering industry and the Company’s ongoing investment in client base development and geographic growth, which are expected to enhance long-term positioning as market conditions normalize.

Earnings per share (EPS) reflected this, decrease to $(0.136) in 2024 from $0.045 in 2023. Cash and cash equivalents increased by 8.3% to $8.02 million as of December 31, 2024 from $7.40 million as of December 31, 2023.

Business Expansion in Challenging Times
CBL International’s operational expansion was a key focus in 2024, particularly in a challenging industry environment marked by geopolitical tensions, such as the Red Sea crisis and broader Middle East tensions. The company grew its service network from 36 ports at the time of its IPO in March 2023 to over 60 ports by year-end 2024, covering Asia Pacific, Europe, Africa, and Central America. Revenue growth year-on-year was notable across China, Hong Kong, Malaysia, Singapore, and South Korea.

Key new ports included Mauritius, Panama, and India, enhancing its global reach. This expansion was supported by servicing nine of the world’s top 12 container shipping lines, representing nearly 60% of global container fleet capacity. The Company’s European expansion focused on strengthening cross-regional service offerings for Euro–Asia trade routes. Growth was supported by a stronger presence in the Amsterdam-Rotterdam-Antwerp (ARA) region and a new Ireland office established in late 2023, enhancing local sourcing capabilities.

Customer diversification was another priority, with the share of non-container liners in total revenue increased, and sales concentration among the top five customers declined in fiscal year 2024.

A significant highlight was the company’s push towards sustainability, with biofuel sales surging by 628.8% and volume by 603.0%. The introduction of B24 biofuel (76% fossil fuel, 24% used cooking oil methyl ester) in Hong Kong, China, and Malaysia reduced greenhouse gas emissions by 20%, supported by ISCC EU and ISCC Plus certifications secured in 2023. This aligns with global trends towards greener shipping solutions and positions CBL as a leader in sustainable fuel logistics.

Strategically, CBL enhanced its IT systems, implementing real-time order tracking, data analytics, and workflow automation to improve efficiency. Credit risk management was strengthened, and working capital management improved with increased factoring facilities and a cash balance rise, navigating macroeconomic challenges through pricing strategies and port network adjustments. Additionally, CBL expanded its funding sources by accessing capital markets, such as private placement, increasing financial flexibility to support growth initiatives.

Bullish Outlook and Customer Loyalty Strategy
Despite the net loss, CBL’s management remains optimistic about the future, viewing current industry challenges as an opportunity to build resilience and enhance customer loyalty. While prudently evaluating the impact of the latest U.S. tariff policy, among other macro incidents such as geopolitical tensions, regulatory changes, and shifting global trade dynamics, on the economy and the bunkering sector, CBL believes its broad global network, primarily focused on intra-Asia and Euro-Asia trade routes, helps mitigate potential adverse effects. Since the Company has no operation on U.S. ports, the impact of such policies may be limited in the near future.

The Company’s strategic expansion of ports, diversification of its client base, and commitment to sustainable initiatives are designed to position it for growth when market conditions improve. By investing in new ports and expanding relationships with key industry players, CBL aims to secure long-term partnerships that will strengthen its market position as global trade stabilizes and profitability improves.

Management Commentary and Future Outlook
Dr. Teck Lim Chia, Chairman and CEO of CBL International Limited, stated, “We are confident in our strategy to expand our service network, maximize sales volume and explore sustainable offerings, even in these challenging times. Our investments in new ports, diversified clients, and sustainable fuels are building a foundation for future growth. We believe that by demonstrating our capabilities at present, we will earn customer loyalty that will yield substantial benefits as the market recovers, positioning CBL International for significant success in the years ahead.”

Looking ahead, CBL remains focused on expanding its market presence, particularly in biofuels, and enhancing its global supply network. The company is committed to driving operational efficiency and delivering sustainable growth.

Webcast Details
CBL International Limited (Nasdaq: BANL) cordially invites you to participate in a webcast to discuss its financial results for the year ended December 31, 2024.

About the Banle Group
CBL International Limited (Nasdaq: BANL) is the listing vehicle of Banle Group, a reputable marine fuel logistic company based in the Asia Pacific region that was established in 2015. We are committed to providing customers with one-stop solution for vessel refueling, which is referred to as bunkering facilitator in the bunkering industry. We facilitate vessel refueling mainly through local physical suppliers in over 60 major ports covering Belgium, China, Hong Kong, India, Japan, Korea, Malaysia, Mauritius, Panama, the Philippines, Singapore, Taiwan, Thailand, Turkey and Vietnam, as of 16 April, 2025. The Group actively promotes the use of sustainable fuels and is awarded with the ISCC EU and ISCC Plus certifications.

For more information about our company, please visit our website at: https://www.banle-intl.com.

Forward-Looking Statements
Certain statements in this announcement are not historical facts but are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” “should,” “would,” “plan,” “future,” “outlook,” “potential,” “project” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other performance metrics and projections of market opportunity. They involve known and unknown risks and uncertainties and are based on various assumptions, whether or not identified in this press release and on current expectations of BANL’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of BANL. Some important factors that could cause actual results to differ materially from those in any forward-looking statements could include changes in domestic and foreign business, fuel prices and tariffs, market, financial, political and legal conditions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

CBL INTERNATIONAL LIMITED
(Incorporated in Cayman Islands with limited liabilities)

For more information, please contact:
CBL International Limited
Email: investors@banle-intl.com

Strategic Financial Relations Limited
Shelly Cheng      Tel: (852) 2864 4857
Iris Au Yeung     Tel: (852) 2114 4913
Email:            sprg_cbl@sprg.com.hk

Wintermar Reports Results For The Full Year Ended 31 December 2024

Wintermar’s Operating Profit jumped by 101.5%YOY to US$17.8 million on the back of a 13.5%YOY increase in Total Revenue to US$82.4million, from higher charter rates and a better fleet mix of DP (Dynamic Positioning) vessels.

Owned Vessel Division

Owned Vessel Revenue rose by 28.9%YOY to US$62.1million for FY2024 from US$48.2million in FY2023. This was driven by a larger number of DP vessels in the fleet which pushed the average charter rates for 2024 up by 26% as compared to the average charter rate in 2023.  These factors contributed to a 106.2%YOY jump in Gross Profit from Owned Vessels to US$22.4million for FY2024 with vessel utilization in 2024 at 66%, slightly lower than 68% for 2023.

Owned Vessel gross margin has increased to 36.1% in FY2024 as compared to 22.6% in FY2023, reflecting a strong increase in charter rates as well as a better fleet exposure to the DP segment. Our 5150BHP to 8000BHP AHTS as well as PSVs experienced a higher charter rate boost than the rest of the fleet due to rising demand for deeper water drilling projects, which require DP capability.

Vessel utilization fell in 4Q2024 to 63% compared to 67% in 3Q2024. Some vessels completed spot contracts while the monsoon season in Brunei also impacted utilization.   These vessels underwent maintenance and will start operations again in mid 1Q2025.  The additional PSV which was delivered in October 2024 did not commence operations until January 2025.                    

Chartering Division and Other Services

Gross Profit from Chartering rose by 28.7%YOY to US$1.4million, despite slightly lower revenue of US$13.7million, reflecting improved margins. Gross Profit from Other Services recorded a decline of 16.7%YOY to US$2.6million upon the completion of a contract. 

Total Revenue for FY2024 rose 13.5% YOY to US$82.4 million with Total Gross Profit of US$26.4 million (+75.5%YOY) for FY2024 as compared to Total Revenue of US$72.6 million and Total Gross Profit of US$15.0 million in FY2023.

Direct Expenses and Gross Profit

Owned Vessel Direct expenses rose by 6.4% YOY to US$39.7million, largely from higher maintenance costs, which rose by US$7.5million (+21.8%YOY), in additional to higher crewing costs of US$10.3million (+10.5%YOY).

The higher maintenance and crewing costs are aligned with operating a fleet of higher value vessels and a larger proportion of operations outside of Indonesia. Depreciation costs rose by 5.4%YOY to US$13.4million as the number of operational vessels increased. Bunker costs rose by 7.2%YOY to US$3.3million due to higher oil prices and a larger number of vessels mobilized in and out of Indonesia.


Indirect Expenses and Operating Profit

Indirect Expenses rose by 38.5%YOY to US$8.6million, with Staff Salary contributing US$1million to the increase, reflecting a focus on strengthening the operations, technical and IT teams to manage a higher value fleet, as well as the payment of employee bonuses in line with the strong operational performance. 

As the Company now participates in more international tenders, there has been an increase in marketing expenses by 164.8%YOY to US$0.66million.

Operating margins jumped to 21.6% for FY2024 compared to 12.2% in 2023, as Operating Profit doubled to US$17.8million for FY2024, reflecting the impact of operational gearing on the Company’s profitability as charter rates begin to rise.

Other Income, Expenses and Net Attributable Profit

Interest Expenses and financial charges fell by 4.2%YOY to US$1.2million while interest income rose by 582%YOY to US$0.46million, as the Company continued to accumulate cash flow and pay down debt. 

Equity in net earnings of associates jumped to US$2.4million for FY2024 from US$0.55million in FY2023, with strong contribution from associated companies with OSV operations which also benefitted from the strong industry upturn.

The sale of fixed assets contributed a one-off gain of US$16.1million, largely from the sale of an older PSV in the first half of 2024. Due to the strengthening of the A, the Company recorded a FX loss of US$0.47million mainly from Rupiah denominated trade receivables.

Non-controlling interest was significantly higher at US$9.8million compared to a small loss of US$0.04million in FY2023. The largest contributor to this was from the gain on sale of fixed asset as well as the stronger earnings from the PSV business which is 51% controlled by Wintermar.

Net Attributable Profit to shareholders for FY2024 was US$22.5million, a significant jump of 237% compared to US$6.7million in FY2023. Excluding the gain on sale of Vessel, the underlying core profit increased by 126.5%YOY to US$15.1million compared to US$6.6 million in FY2023.

FY2024 EBITDA increased by 44.8% YOY to US$31.5million.

Industry Outlook

The recent months have been characterized by rising global uncertainty arising from dramatic policy changes in the US, the prospect of tariff wars and the fragile ceasefire in Gaza. 

These upheavals have not derailed the underlying momentum in the upstream investment cycle, which seems to still be unfolding as major oil companies have started to roll back renewable energy projects in favour of investing in oil and gas. The oil price has corrected from previous highs but is forecasted to stay firm in the next couple of years from OPEC+ intervention.

In Indonesia, the government remains committed to the various major deepwater projects which have received investment approval in the past 12 months. SE Asian charter rates corrected slightly at the end of 2024 after a very sharp spike up in the past 12 months.  However, there are several  Engineering Procurement (EPCI) projects which require  OSV for short-term projects, which accounts for a more volatile utilization of the OSV fleet.                   

Business Prospects

Despite a slower 4Q2024, we are still optimistic on the outlook for OSVs in Indonesia as there are several approved deepwater drilling projects particularly in the Makassar strait and the Andaman sea which are likely to commence in 2H2025 to 2026.  Some EPCI contracts have been awarded and tendering for the marine spread is ongoing for 2H2025 commencement. All this points to continued short term contracts, by virtue of where we are at this early stage of the drilling cycle, and we expect continued volatility in utilization rates while charter rates should remain firm.

Wintermar took delivery of 3 units of newbuilt Heavy Load Barges (HLB) between December 2024 to February 2025.  The vessels are in the process of conversion to Indonesian flag and will be ready to work by 2Q2025.  In addition, the Company has ordered a newbuilt Platform Supply Vessel for delivery in 2026, which will enhance the DP capability of the fleet and reduce average age of the fleet.  These acquisitions have been funded through internal cash flow and will be refinanced upon delivery.  In 2H2025, another reactivated PSV is expected to be operational, adding to our capacity for 2025.

Contracts on hand as at end February 2025 amounted to US$66million.                

About Wintermar Offshore Marine Group

Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd’s Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com 

DISCLAIMER
Certain statements made in this publication involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. Certain statements relating to business and operations of PT Wintermar Offshore Marine Tbk and Subsidiaries (the Company) are based on management’s expectations, estimates and projections. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Certain statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements. The Company makes no commitment, and disclaims any duty, to update or revise any of these statements. This publication is for informational purposes only and is not intended as a solicitation or offering of securities in any jurisdiction. The information contained in this publication is not intended to qualify, supplement or amend information disclosed under corporate and securities legislation of any jurisdiction applicable to the Company and should not be relied upon for the purpose of making investment decisions concerning any securities of the Company.

The 25th World LNG Summit & Awards will take place on 2-5 December 2025 in Istanbul, Turkiye

The World LNG Summit & Awards is the meeting place for senior leaders in the global LNG, gas and renewable fuels industry. Each year, leaders from across the value chain convene to share strategic insights on geopolitics, energy security, economic stability, and decarbonisation commitments.

Stefan Wenzel, Parliamentary State Secretary, Federal Ministry for Economic Affairs and Climate Action, Germany Opening Speech

The 24th World LNG Summit & Awards welcomed 900 attendees, including 200 senior speakers, and over 500 companies from 50 countries on 9-12 December 2024 in Berlin, Germany. Discussions centred on the challenge of achieving a balance between energy security and decarbonisation. The World LNG Summit & Awards 2024 featured the World LNG Summit, the World LNG Awards, as well as two new features: World Renewable Fuels Conference, and the Leadership Roundtable Programme.

Participants agreed on the need for urgent action to reduce the greenhouse gas intensity of the global energy system whilst maintaining energy security for consumers. As the world moves towards net zero carbon, LNG must remain affordable, reliable and less emissions-intensive, in the face of soaring international energy demand and geopolitical disruption.

The World LNG Awards recognised outstanding performance in the industry. Congratulations to this year’s winners:

  • World LNG Award for Outstanding Contribution: Deutsche Energy Terminal (DET)
  • World Energy Transition Award: SEA-LNG
  • World LNG Shipping Award: Mitsui O.S.K. Lines, Ltd.
  • World LNG Executive Award: Jonty Shepard
  • World LNG Lifetime Achievement Award: Dr Patricia Roberts

Confirmed speakers included:

  • Hon. Stefan Wenzel, Parliamentary State Secretary, Federal Ministry for Economic Affairs and Climate Action
  • Dr. Egbert Laege, CEO, SEFE  
  • Anatol Feygin, EVP & CCO, Cheniere
  • Rashid Al Mazrouei, SVP – Marketing, ADNOC Gas
  • Alan Heng, Group CEO, Pavilion Energy
  • Maria Rita Galli, CEO, DESFA
  • Atsunori Takeuchi, Executive Officer, Senior General Manager of Global Business Planning Dept. Tokyo Gas Co., Ltd.
  • Tom Summers, SVP Shell LNG Marketing and Trading, Shell
  • Jerome Milongo, VP of Global LNG Trading and Origination, bp
  • Javier Moret, Global Head of LNG, RWE
  • Narin Phoawanich, Deputy Governor – Fuel, EGAT
  • Steve Hill, EVP – Gas & LNG, Mercuria
  • Jane Liao, Vice President, CPC Taiwan
  • Mithat Aydin, Deputy Managing Director, BOTAS
  • Jean-Baptiste Choimet, CEO, GTT Group
  • Elio Ruggeri, Executive Director LNG Terminals and Shipping, Snam
  • FrédéricBarnaud, Chief Commercial Officer, SEFE Securing Energy for Europe
  • Paul Marsden, President, Bechtel Energy
  • Esther Navarro Morente, International LNG Director, Naturgy
  • Ralf Dickgreber, Head of Global LNG & Biomass, Engie
  • Peter Röttgen, Managing Director, Deutsche Energy Terminal GmbH
  • Jerry Kalogiratos, CEO, Capital Clean Energy Carriers Corp.
  • Hugo Wang, CEO, Beijing Gas Singapore Pte Ltd
  • Alfredo Chamat, General Manager, Calamari LNG
  • Suryan Wirya-Simunovic, Managing Director – Energy Europe, Americas and AfricaChief Commercial Officer – Europe Africa Regional Business, MOL
  • Bud Darr, EVP Maritime Policy & Government Affairs, MSC
  • Tom Strang, Senior Vice President, Maritime Affairs, Carnival Corporation & plc
  • Matthias Obert, Executive Director Trading, EnBW
  • Wenlong Lu, Market Department Manager, LNG Terminal Management, PipeChina
  • Masataka Yarita, Director, Energy Research Division & Head of Methane Management Taskforce, JOGMEC

Sponsors of the Summit include Cheniere, Venture Global LNG, Commonwealth LNG, NLNG, ADNOC Gas, GTT, Deutsche ReGas, EnBW, RWE, SEFE, Uniper, American Gas Partners, Baker Botts, Bechtel, BRG Energy & Climate, Cedar LNG, Dragon LNG, German LNG Terminal, Lloyd’s Register, Mitsui O.S.K. Lines, Poten & Partners, Sempra Infrastructure, Snam, and Woodside Energy. Knowledge partner is Wood Mackenzie. Sponsors of the World Renewable Fuels Conference include MadoquaPower2X, RWE and TURN2X.

About the World LNG Summit & Awards 2025

The 25th edition of the Summit will take place on 2-5 December 2025 in Istanbul, Türkiye. Register your interest for 2025, here.

About dmg events

Headquartered in Dubai, United Arab Emirates since 1989, with offices in Canada, Egypt, Nigeria, Saudi Arabia, Singapore, South Africa, Thailand and the United Kingdom, dmg events is an international exhibitions, conference and intelligence company, attracting more than 1 million attendees to a portfolio of over 80 events each year. This global portfolio works closely with key stakeholders across the industry to facilitate pragmatic dialogue, serving as platforms for the latest discussions at the forefront of change. For more information visit www.dmgevents.com. Click here to read our privacy policy.

Get in touch

For media enquiries and registration at #WorldLNGSummit 2024, please contact: marketing@worldlngsummit.com, or visit the website here. Follow us on our social media channels and use #WorldLNGSummit for the latest event news.

Propel Global Reports Encouraging 24.2% Growth in Revenue to RM34.3 Million in Q1 FY2025

  • Group Remains Cautiously Optimistic on Growth Opportunities in Oil & Gas and HVAC

PROPEL GLOBAL BERHAD (Propel Global or the Group), a provider of oil and gas (O&G) services, today announced its financial results for the first quarter of fiscal year 2025 (Q1 FY2025). The Group recorded revenue of RM34.3 million for the quarter ended 30 September 2024, reflecting a 24.2% increase from RM27.6 million in the corresponding quarter of the previous year (Q1 FY2024).

Ms. Angeline Lee, Executive Director, Group Chief Executive Officer of Propel Global
Ms. Angeline Lee, Executive Director, Group Chief Executive Officer of Propel Global

The Group achieved revenue growth in Q1 FY2025, driven primarily by the Oil & Gas (“O&G”) segment, which contributed RM20.3 million. This performance was supported by ongoing Engineering, Procurement, Construction & Commissioning (“EPCC”) and Marine Heating, Ventilation, and Air-conditioning (“HVAC”) projects. While the segment’s profit before tax (“PBT”) moderated to RM1.4 million compared to RM5.0 million in Q1 FY2024, this was primarily due to a foreign exchange loss of RM1.1 million from the depreciation of the US Dollar and the absence of one-off gains recorded in the previous year, amounting to RM2.8 million.

The Technical Services (“TS”) segment achieved impressive revenue growth, reaching RM11.2 million, up from RM8.6 million in Q1 FY2024, reflecting progress on the construction of an electronics factory in Chuping, Perlis. Although the segment posted a marginal loss before tax (“LBT”) of RM0.2 million, this was mainly due to increased material and operational costs, which the Group is actively addressing to enhance margins moving forward.

The Information and Communications Technology (“ICT”) segment continued its steady performance, contributing RM2.8 million in revenue and RM0.6 million in PBT. This reflects the success of the Group’s diversification strategy and its ability to capitalise on growth opportunities in the digital technology sector.

For Q1 FY2025, the Group reported a LBT of RM4.0 million, compared to a PBT of RM0.9 million in Q1 FY2024. This was due to higher corporate administrative expenses, including professional charges and staff costs, along with a fair value loss of RM0.5 million on quoted shares and goodwill impairment losses of RM0.2 million. The absence of one-off gains recorded in the previous year further impacted the overall comparative performance.

Despite these challenges, the Group remains well-positioned for future growth, with total equity of RM102.5 million and cash and cash equivalents of RM19.8 million as of 30 September 2024. This robust position enables PGB to invest in strategic initiatives and confidently navigate market uncertainties while maintaining a focus on long term value creation for stakeholders.

Ms. Angeline Lee, Executive Director / Group Chief Executive Officer of Propel Global commented, “Our Q1 FY2025 results highlight the resilience of our business amidst external challenges. While foreign exchange losses and the absence of one-off gains impacted our profitability, our revenue growth reflects the strength of our core operations and ongoing diversification efforts.”

She added, “With our increased stake in Best Wide Engineering Sdn. Bhd. (“BWE”) to 90.0%, we are well-positioned to capitalise on opportunities in the oil and gas sector, particularly as Petronas continues its RM60 billion capital expenditure. Additionally, our focus on HVAC services aligns with Malaysia’s sustainability goals under the National Energy Transition Roadmap (NETR) and Budget 2025, positioning us to meet the rising demand for energy-efficient solutions.”

The Group remains optimistic about its growth prospects in fiscal year 2025 (“FY2025”). In the O&G segment, Petronas’ substantial investments, including RM10 billion in recently awarded contracts for Maintenance, Construction, and Modification (“MCM”) projects, provide a solid foundation for growth. The HVAC segment is set to benefit from Malaysia’s ambitious sustainability goals, with RM300 million allocated under Budget 2025 to support green initiatives and the potential introduction of a carbon tax in 2026 further encouraging businesses to adopt eco-friendly practices. PGB’s expertise in energy-efficient solutions positions the Group to capitalise on these trends.

While global economic uncertainties persist, driven by geopolitical tensions and potential supply chain disruptions following the recent US presidential election, Malaysia’s economy is expected to grow steadily, with GDP forecasted to rise by 4.5% to 5.5% in 2025. This positive outlook, supported by a historic RM421 billion in expenditure under Budget 2025, underscores the Group’s confidence in its ability to navigate challenges and deliver sustainable growth for its stakeholders.

ABOUT PROPEL GLOBAL BERHAD
Propel Global Berhad (Propel Global or the Group) is a provider of oil and gas (O&G) services, including the supply and provision of maintenance services for air-conditioning and ventilation systems, alongside specialised oilfield services such as pipe recovery, well intervention, diagnostic and sand management, and production enhancement. The Group also offers engineering and technical works for the O&G industry. In addition, Propel Global provides technical services for industrial, commercial, and residential construction and office maintenance, as well as ICT services, including trading in hardware, software, and spare parts. The Group also engages in investment holding activities.

Issued By: Swan Consultancy Sdn. Bhd. on behalf of Propel Global Berhad

For more information, please contact:
Jazzmin Wan
Email: j.wan@swanconsultancy.biz

Xinyi Ching
Email: x.ching@swanconsultancy.biz

Wintermar Offshore (WINS:JK) Reports 9M2024 Results

Wintermar Offshore Marine (WINS:JK) has announced results for 9M2024. Wintermar’s 9M2024 Net operating profit doubled to US$11.8million (+127.1% YOY) from US$5.2 million in 9M2023, contributed by higher charter rates in DP vessels and additional vessels commencing operations, while Net Attributable Profit which includes gains from vessel sales jumped to US$19.7million for 9M2024 compared to US$2.8million in 9M2023.

Owned Vessel Division

In the Owned Vessel segment, Revenues jumped by 36.7% YOY to US$45.0 million for 9M2024, up from US$33.0 million in 9M2023. This growth was fueled by the continued rise in OSV charter rates particularly in the higher tier segment. Gross Profit from Owned Vessels rose by 124.7% YOY to US$15.5 million in 9M2024, compared to US$6.9 million in the same period last year with average charter rates 23.1% higher in 9M2024 compared to 9M2023 while vessel utilization improved slightly from 65% in 9M2023 to 67% in 9M2024.

On a Quarterly basis, Owned Vessel Revenue increased by 35.1% YOY from US$13.2million in 2Q2024 to US$17.8million in 3Q2024. This strong growth was primarily driven by the deployment of two Platform Supply Vessels (PSVs) on long-term contracts at market rates after coming off a lower priced contract in April 2024, and a reactivated PSV coming into operation in August. Gross Profit increased by an impressive 81.8% QOQ, reaching US$7.5 million in 3Q2024, compared to US$4.1 million in 2Q2024, highlighting the significant widening in Owned Vessel gross margin to 41.9% in 3Q2024 from 31.1% in 2Q2024.

Chartering Division and Other Services

The Chartering Division also enjoyed an increase Gross Profit by 20.9% YOY, despite a 11.2% YOY decline in revenue, from US$12.9 million in 9M2023 to US$11.4 million in 9M2024.

Revenue from Other Services declined by 6.5% YOY, from US$5.4 million in 9M2023 to US$5.0 million in 9M2024. Gross Profit also decreased during this period, from US$2.3 million to US$1.7 million.

Total Revenue rose 20.1% YOY to US$61.5million with Total Gross Profit of US$18.4 million(+81.2%YOY) for 9M2024 as compared to Total Revenue of US$51.2million and Total Gross Profit of US$10.1million in 9M2023.

Direct Expenses and Gross Profit

Reflecting the Company’s expanding operations and rising operational demands, Direct Costs for the Owned Vessel Division increased by 13.4% YOY to US$29.6million in 9M2024 compared to 9M2023. Depreciation costs grew by 8.2% YOY reaching US$10.1 million, due to the addition of vessels to the fleet. Crewing Expenses rose by 12.7% to US$7.6 million, due to the higher salaries and allowances required for Dynamic Positioning (DP) vessels and more vessels operating outside Indonesia.

For 9M2024, Maintenance Costs increased by 39.8% YOY, to US$5.9 million, while fuel bunker costs increased by 16.8% YOY, totaling US$2.2 million. These cost increases were driven by major docking activities for certain vessels and the preparation of higher-tier vessels for long-term contracts.

Indirect Expenses and Operating Profit

Total Indirect Expenses increased by 33.1% YOY, rising from US$4.9 million in 9M2023 to US$6.6 million. The largest contributor to this increase came from salaries (+31.6% YOY to US$4.7million) due to a growing workforce in line with business expansion and bonuses paid in 2Q2024 while employee benefits were normalized in 2024 after an adjustment in 2023.

Marketing expenses increased by 275% YOY from US$0.09 million in 9M2023 to US$0.4 million in 9M2024, due to marketing fees to support the Company’s international growth.

Despite these cost increases, Wintermar successfully improved operational performance, reflected in a 127.1% YOY jump in operating profit, which grew from US$5.2 million in 9M2023 to US$11.8 million in 9M2024.

Other Income, Expenses and Net Attributable Profit

Interest Expenses continued to fall from US$0.9 million in 9M2023 to US$0.8 million in 9M2024, reflecting a -19.1% YOY decline as outstanding bank debt decreased. The Company is now cash positive, leading to a significant increase in interest income from US$0.03 million in 9M2023 to US$0.3 million in 9M2024. This improvement in cash flow was driven by better operational performance and substantial gains from the sale of vessels.

Equity in net earnings of associates turned around with a gain of US$2.1 million in 9M2024 compared to a loss of US$0.3 million in 9M2024, as operational performance from our associated companies also benefited from the industry upturn.

The sale of vessels resulted in a substantial gain of US$17.4 million from the disposal of fixed assets in 1H2024, effectively crystalizing the monetary value of the fleet. This cash inflow provided management with the opportunity to reinvest in similar but younger vessels. In August 2024, the Company took delivery of a Platform Supply Vessel built in 2022, which is expected to be operationally ready by early December 2024. Non controlling interest was significantly higher at US$7.5million compared to only US$0.03million in 9M2023 to account for the minority share of earnings from the PSV business which is 51% controlled by Wintermar.

Net Attributable Profit for 9M2024 totaled US$19.7million, a six fold increase (+605.2%YOY) from US$2.8million in 9M2023, due to a combination of higher gross profit from a strong performance in the core business as well as the gain from sale of vessels.

The group’s EBITDA increased by 50.8% YOY for 9M2024, reaching US$22.1 million.

Industry Outlook

The world is navigating turbulent times, with escalating conflicts in the Middle East and Russia’s ongoing war in Ukraine affecting some of the world’s most important oil producing countries. Geopolitical uncertainty has exposed the underlying vulnerabilities of the global energy system, which has contributed to a new investment cycle in upstream oil and gas as governments seek to ensure energy security.

The current economic outlook points to global oil demand remaining resilient. According to the International Energy Agency (IEA), global demand for oil is expected stay above 100 million barrels per day (mb/d) through 2050. This sustained demand is driven by industrial uses, heavy-duty transportation, and petrochemical needs. The transition to renewable energy is reshaping consumption patterns, but oil and natural gas will continue to play a crucial role in meeting global energy needs​.

Southeast Asia remains heavily reliant on energy imports, especially oil and natural gas, to meet its growing demand. According to the IEA’s World Energy Outlook, Southeast Asia is projected to become a net importer of natural gas by 2030, while China and India are also seeing a significant rise in their reliance on imported energy. China’s oil imports are expected to surpass 80% by 2050, increasing its vulnerability to global supply disruptions.

The Indonesian government has introduced a new gross split scheme aimed at attracting upstream investments by simplifying contractual terms and providing more favorable conditions for oil and gas contractors. This welcome move demonstrates the political will to ramp up upstream oil and gas investments in Indonesia, needed to mitigate natural production declines and the widening oil trade deficit in recent years.

Business Prospects

Wintermar continues to strategically strengthen its financial position and revitalize its fleet through targeted investments. As of the first nine months of 2024, the Company has invested in USS$38.8 million in fleet expansion to position its fleet in anticipation of future demand. This includes an Accommodation Work Barge (AWB), a 2022 built Platform Supply Vessel (PSV), and three newly constructed heavy load barges scheduled for delivery by the end of the year. These investments not only modernize Wintermar’s fleet but also align it with expected OSV demand as early-stage offshore drilling and exploration projects transition into the construction and production phases.

These acquisitions have been financed through a combination of internal cash flow, bank loans and the sale of several low-yielding vessels. The success in securing new loans has demonstrated support from banks and enables the Company to optimize the capital structure.

Contracts on hand as at end September 2024 amounted to US$71.4 million.

Dividend payment

Based on the strong results in the first 9 months of 2024, the Directors have declared the payment of an interim dividend of Rp8 per share, totaling Rp34.92billion or US$2.25million.  More information on the recording date can be found on our website.

About Wintermar Offshore Marine Group

Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd’s Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel +62-21 530 5201 Ext 401
Email: investor_relations@wintermar.com

CBL International Limited Announces 1H 2024 Interim Financial Results

– Highlighted by 44% Revenue Growth

CBL International Limited  (NASDAQ: BANL) (the Company or CBL), the listing vehicle of Banle Group (Banle or the Group), a leading marine fuel logistic company in the Asia-Pacific region, today announced its unaudited financial results for the six months ended June 30, 2024.

Financial Highlights:
– Revenue: Consolidated revenue for 1H 2024 increased by 44.4% to approximately $277.23 million, compared to $191.96 million in the same period in 2023. This significant growth was driven by a 39.4% year-over-year increase in sales volume, attributed to the expansion of the Company’s global supply network and higher marine fuel demand due to geopolitical factors.
– Gross Profit: Gross profit for the period was approximately $2.72 million, a decrease of 32.2% compared to $4.01 million for 1H 2023. This decline was primarily driven by the reduction in premium sold to customers and led to lower gross profit per ton, which was partially offset by an increase in volume sold.
– Operating Expenses: Operating expenses rose by 64.0% to approximately $4.12 million, up from $2.51 million in 1H 2023. This increase was attributed to higher selling and distribution expenses related to our sales growth, strategic expansion in the Company’s supply network to new geographic areas, and the development of our biofuel operations.
– Net Income: The company reported a net loss of approximately $1.62 million, compared to a net income of $1.15 million in 1H 2023. The loss was driven by lower gross margin and higher operating costs.
– Cash Flow: Net cash provided by operating activities was approximately $2.30 million, a significant improvement from a cash outflow of $7.24 million in 1H 2023, reflecting better management of working capital.
– Cash position: As of June 30, 2024, Banle’s consolidated cash balance increased by approximately $2.29 million, or 30.9%, to $9.69 million, compared to $7.40 million as of December 31, 2023. This increase was primarily driven by improved working capital management. The Company also reported a significant increase in accounts receivable and accounts payable balances, reflecting the growth in its sales activities.

Operational Highlights:
– Global Network Expansion: As of June 30, 2024, Banle expanded its global service network from 36 ports at our IPO in March 2023 to over 60 ports across Asia, Europe and Africa. This strategic expansion has enabled the Company to secure new bunkering business opportunities, particularly in European markets where environmental regulations are increasingly stringent. The opening of the Company’s new office in Ireland in late 2023 has bolstered our market coverage and enhanced local sourcing capabilities. Notably, the Company completed inaugural bunkering services through a local physical supplier in Mauritius in May 2024, further strengthening our market presence.
– Biofuel Initiatives: Banle continued its commitment to sustainability by expanding its B24 biofuel operations, obtaining ISCC EU and ISCC Plus certifications in 2023. The Company successfully commenced biofuel bunkering services through local physical suppliers in Hong Kong, China, and Malaysia, positioning itself as a pioneer in sustainable fuel solutions. The B24 biofuel blend, which includes 24% UCOME (used cooking oil methyl ester), offers a 20% reduction in greenhouse gas emissions compared to conventional marine fuels, aligning with global decarbonization efforts.
– Response to Macroeconomic Environment: The global economy has shown signs of moderate growth in 2024, with emerging markets, particularly in Asia, driving this recovery. However, the shipping industry continues to face challenges such as fluctuating freight rates, port congestion, and disruptions in major trade routes due to the ongoing Red Sea Crisis. Banle has proactively adapted to these conditions, coordinating increased fuel supplies in Asian ports to meet heightened demand, ensuring that our customers’ needs are met despite logistical challenges​​.

Management Commentary:
“We are pleased with the robust growth in our revenue and sales volume during the first half of 2024, despite the challenging market conditions. Our strategic initiatives, including the expansion of our service network and our focus on sustainable fuel solutions, have positioned us well to navigate these challenges and capitalize on emerging opportunities,” said Teck Lim Chia, Chairman & CEO of Banle Group. “While the current market environment has pressured our margins, we remain confident in our long-term strategy and our ability to deliver value to our shareholders.”

Outlook:
Looking ahead, Banle remains focused on expanding its market presence, particularly in the biofuel sector, and continuing to enhance its global supply network. The Company is committed to driving operational efficiency and delivering sustainable growth in the face of ongoing macroeconomic challenges.

Webcast Details
CBL International Limited (Nasdaq: BANL) cordially invites you to participate in a webcast to discuss its financial results for the six months ended June 30, 2024.

Event:2024 Interim Results Webcast
Date and Time:10:00 am – 11:00 am HKT on 13 September 2024 (Friday)
 10:00 pm – 11:00 pm EST on 12 September 2024 (Thursday)
Access:The webinar can be accessed live through the website or by scanning the QR code provided below.Webcast Link:
https://webcast.roadshowchina.cn/SHMrSGhud1hrRTZTNmRkZ0dMb09Hdz09QR Code:

About the Banle Group
CBL International Limited (Nasdaq: BANL) is the listing vehicle of Banle Group, a reputable marine fuel logistic company based in the Asia Pacific region that was established in 2015. We are committed to providing customers with one-stop solution for vessel refueling, which is referred to as bunkering facilitator in the bunkering industry. We facilitate vessel refueling mainly through local physical suppliers in over 60 major ports covering Belgium, China, Hong Kong, India, Japan, Korea, Malaysia, Mauritius, Panama, the Philippines, Singapore, Taiwan, Thailand, Turkey and Vietnam, as of August 28, 2024. The Group actively promotes the use of sustainable fuels and is awarded with the ISCC EU and ISCC Plus certifications.

For more information about our company, please visit our website at: 
https://www.banle-intl.com.

Forward-Looking Statements
Certain statements in this announcement are not historical facts but are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” “should,” “would,” “plan,” “future,” “outlook,” “potential,” “project” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other performance metrics and projections of market opportunity. They involve known and unknown risks and uncertainties and are based on various assumptions, whether or not identified in this press release and on current expectations of BANL’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of BANL. Some important factors that could cause actual results to differ materially from those in any forward-looking statements could include changes in domestic and foreign business, markets, financial, political and legal conditions, geopolitical disruptions and other events that result in material changes in fuel prices. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

For more information, please contact:
CBL International Limited
Email: investors@banle-intl.com

Strategic Financial Relations Limited
Shelly Cheng             Tel: (852) 2864 4857
Iris Au Yeung            Tel: (852) 2114 4913
Email: sprg_cbl@sprg.com.hk