On June 28 and July 10, 2024, Banle Energy International Limited, a
Hong Kong subsidiary of the Banle Group (NASDAQ: BANL) (“Banle” or
“the Group”), a reputable marine fuel logistic company in the
Asia-Pacific region (“Banle Energy”), announced the successful
completion of two B24 biofuel bunkering services for Yang Ming
Marine Transport Corporation (“Yang Ming”), one of the top 10
container shipping companies in the world. These were achieved in
partnership with Green Marine Supply SDN. BHD. (“Green Marine
Supply”) and Armada Meridian SDN. BHD. (“Armada Meridian”) at Port
Klang in Malaysia, marking it the port’s first biofuel bunkering
supply, representing an important step the Group has taken in
responding to the global call for the shipping industry's
low-carbon transformation.
With the adoption of the 2023 International
Maritime Organization (IMO) Strategy on Reduction of Green House
Gas (GHG) Emissions from Ships, and the FuelEU Maritime Regulation
accelerating the decarbonization of ship fuels, set to come into
effect on January 1, 2025, Banle Energy has proactively seized the
opportunity by obtaining ISCC EU certification, which is a
certification intended for biofuels and energy in the EU,
recognised by the European Commission (EC) for the Renewable Energy
Directive (RED II), and ISCC Plus certification, which is a
certification intended for food, feed, bio-based products, energy
and biofuels outside Europe and/or outside scope of the RED II, as
early as 2023, positioning itself as one of the pioneering bunker
facilitators in the green marine fuel industry.
At the Bonn climate talks on June 3, 2024, the
IMO outlined its latest progress and plans to decarbonize global
shipping by 2050, including an ambitious target of achieving at
least 5% of the energy used by international shipping from
zero-emission fuels by 2030. According to the Chinese Ship-source
Oil Pollution Compensative Fund, this implies that the shipping
industry, which consumes nearly 400 million tons of traditional
fuels per year, will be required to reduce and replace traditional
fuels by 20-40 million tons by 2030, with emerging alternative
fuels such as biofuels, LNG, LPG, and methanol. Banle Energy’s
successful completion of the B24 biofuel bunkering service
demonstrates its dedication to this global goal.
As the shipping industry accelerates its efforts
to meet decarbonization goals, there is a corresponding upward
trend in both the utilization of green marine fuel and their market
potential. According to the internationally renowned market
research company Exactitude Consultancy, the global green
marine fuel market is anticipated to grow from USD 11.57
billion in 2023 to USD 201.35 billion by 2030, at a CAGR of 50.4%
during the forecast period. Recognizing this favorable opportunity,
the Group has strengthened its commitment to explore and expand the
portfolio of alternative fuel options available to customers.
Port Klang is the largest port in Malaysia and
among the top 20 busiest ports globally, positioned in the
top-producing state for the nation’s GDP, highlighting its
significant role in Malaysia’s economy.
The B24 biofuel is a blend of Used Cooking Oil
Methyl Ester (UCOME) and traditional marine fuel. Compared to
traditional marine fuel, the B24 biofuel blend is projected to
reduce approximately 20% of Greenhouse Gas (GHG) emissions. This
partnership between the local refinery and Banle Energy not only
ensures a stable supply of biofuel in the region, but also provides
strong support for BANL’s business expansion in the Asia-Pacific
region.
Teck Lim Chia, Chairman and Chief Executive
Officer, expressed his pride at meeting this landmark achievement,
stating, “We are honored to facilitate Port Klang’s first inaugural
B24 biofuel bunkering services. This milestone not only marks a
significant step in the Group's sustainable development journey but
also demonstrates our contribution to the global shipping
industry's low-carbon transition. Banle Energy will continue to
expand its business scope and stay committed to meeting the diverse
needs of shipowner customers, further solidifying our position as a
leading ship fuel supplier in the Asia-Pacific region.”
Photo CaptionBanle Energy successfully
completed Port Klang’s first B24 biofuel bunkering services in
Malaysia
About the Banle Group
Established in 2015, CBL International Limited
(Nasdaq: BANL) is the listing vehicle of Banle Group, a reputable
marine fuel logistic company in the Asia Pacific region. We are
committed to providing customers with one stop solution for vessel
refuelling. Banle Group’s business activities are primarily focused
in over 55 major ports covering Belgium, China, Hong Kong, Japan,
Korea, Malaysia, Mauritius, Singapore, Taiwan, Thailand, Turkey and
Vietnam, as of 15 May 2024. The Group actively promotes the use of
alternative 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, 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 LimitedEmail:
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 |
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f795d16f-8ecb-4aaf-b8e3-2323e53e5b0b
CBL (NASDAQ:BANL)
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