CBL International Limited

CBL said first-half 2025 total sales volume increased 9.8%. Revenue was reported as USD 255.2 million, down 4.4% year over year; management also referred to revenue of USD 265 million versus USD 277 million in first half 2024, which appears inconsistent in the transcript. Gross profit margin improved by 4 basis points to 1.02%, and net loss narrowed 38.8% to USD 0.99 million from USD 1.62 million. Operating expenses fell 17% from USD 4.12 million to USD 3.42 million, current ratio improved to 1.54, and capital days were negative 4.44. For the balance sheet, management said total bank facilities were USD 50 million. For FY2025, management expects to keep strengthening the network, growing sales volume, expanding biofuels and other sustainable fuels, improving efficiency, and maintaining financial flexibility; no formal numeric full-year guidance was given.

CEO Teck Lim Chia framed the period as one of operating through multiple external shocks, including Red Sea disruption, tariff changes, oil-price volatility, and the shift toward biofuels. He emphasized that CBL used its asset-light model, port expansion, and supplier/customer partnerships to keep growing volumes while protecting profitability. His tone was optimistic and resilient, repeatedly describing the company as well positioned to become a broader, future-ready bunkering facilitator.

Assistant CFO Nicholas Fung focused on the drivers of the 38.8% reduction in net loss: investment in port network, customer base expansion, and biofuel capabilities over prior years, plus a 17% reduction in operating expenses. He said the company is now in a “harvest year” after earlier spending, and that gross margin improved from 0.98% to 1.02% as sales volume rose and the company used a cost-plus pricing model while oil prices fell. He also highlighted liquidity and flexibility, citing a current ratio of 1.54, capital days of negative 4.44, and total bank facilities of USD 50 million.

Analysts asked what the biggest growth achievement was, how sustainable the loss reduction is, how CBL can capture rerouted trade flows, and how it plans to defend margins while expanding. Management pointed to the expansion from 36 ports at IPO to 65 ports, double-digit sales-volume growth, lower customer concentration, and rapid biofuel growth as the key achievements. On margins and profitability, management said further improvement could come from more volume, economies of scale, biofuels, and potentially methanol and LNG, while acknowledging that tariff wars and geopolitical conflict still create near-term volatility.