CBL International Ltd
banle-intl.comWhat Do They Do?
Arranges vessel refueling and sells marine fuel to container liner operators, bulk carriers and oil/gas tanker operators, coordinating delivery through local suppliers.
20-F for FY2025, filed Apr 17, 2026
How Do They Make Money?
The company buys marine fuel from suppliers and sells it to ship operators; payment is generally due 30 to 90 days after delivery.
20-F for FY2025, filed Apr 17, 2026
$538.5M
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20-F for FY2025, filed Apr 17, 2026
$538.5M ↗
Who Are Their Customers?
Container liner operators have been the main customers; the company has expanded its customer base to include bulk carriers and oil/gas tankers. It arranges fuel delivery through local suppliers.
20-F for FY2025, filed Apr 17, 2026We are an established marine fuel logistics company providing one-stop solution for vessel refueling, which is referred to as bunkering…View ↗
Previously focused more on container liners, the Company has broadened its customer base to include bulk carriers and tankers, contributing…View ↗
All along, world-renowned container liner operators have been identified as our major customers. Container liner operators have a property…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $3M in FY2025, but brought in more cash than it spent: $4M of free cash flow.
20-F for FY2025, filed Apr 17, 2026
−$2.4MView ↗
20-F for FY2025, filed Apr 17, 2026
−$3MView ↗
20-F for FY2025, filed Apr 17, 2026
$4MView ↗
How Are They Changing?
Growing. Revenue grew 65% in 4 years, from $326.5M in FY2021 to $538.5M in FY2025, about 13% a year.
Expansion into Europe
The older report describes a supply network in Asia Pacific; the latest report describes expansion into Europe and a network spanning additional regions.
20-F for FY2022, filed Apr 26, 2023 20-F for FY2025, filed Apr 17, 2026
Broader customer base
The older report identifies container liner operators as target customers; the latest report adds bulk carriers and oil and gas tanker operators.
20-F for FY2022, filed Apr 26, 2023 20-F for FY2025, filed Apr 17, 2026We are an established marine fuel logistics company providing one-stop solution for vessel refueling, which is referred to as bunkering…View ↗
Previously focused more on container liners, the Company has broadened its customer base to include bulk carriers and tankers, contributing…View ↗
Exploring alternative fuels
The older report describes marine fuel sales; the latest report says it is exploring alternative fuels such as biofuel and liquefied natural gas.
20-F for FY2022, filed Apr 26, 2023 20-F for FY2025, filed Apr 17, 2026We are an established marine fuel logistics company providing one-stop solution for vessel refueling, which is referred to as bunkering…View ↗
For the purpose of reducing GHG emissions from ships, IMO adopted an initial strategy in 2018, which was then revised in 2023 with…View ↗
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