We are an established marine fuel logistics company providing a one-stop solution for vessel refueling, which is referred to as bunkering facilitator in the bunkering industry, in the Asia Pacific. (Incorporated in the Cayman Islands)
We purchase and arrange (for) our suppliers to actually deliver marine fuel to our customers, some of which we provide certain credit terms of payment while we also receive payment credit from our suppliers. We rely on the permits and licenses of our suppliers for the actual delivery of marine fuel at each port. Since the establishment of our Group in 2015, container liner operators have been identified as our target customers. Container liner operators provide liner services which operate on a schedule with a fixed port rotation and fixed frequency, which is similar to bus operation under which buses go on fixed routes and call at fixed stops for passengers to board. Knowing the nature of the business of our target customers, we continually look to broaden our operations by (a) expanding our servicing network to cover more ports; and (b) providing more value-added services to tailor (our services to meet) our customers’ growing demands with respect to vessel refueling.
Our operations are based in Malaysia, Hong Kong and Singapore, but nearly all of our revenues were generated from China and Hong Kong (based on the location at which the marine fuel is delivered to the customer). For FY2020, FY2021 and the six months ended June 30, 2022, revenue generated from services provided in ports in China and Hong Kong accounted for a total of 88.8%, 95.9% and 92%, respectively, of our total revenue; whilst revenue generated from services provided in ports in Malaysia and Singapore accounted for a total of 10.7%, 2.9% and 7%, respectively, of our total revenue. Although we deliver our services mainly in China and Hong Kong, nearly all our customers are international container liner operators from outside of China and Hong Kong: Of our five largest customers from whom we generated 92.9%, 83.6% and 77% respectively of our total revenue for FY2020, FY2021 and the six months ended June 30, 2022, three customers are Taiwanese companies, one is a German company, and one is a Singaporean company.
**Note: CBL International reported net income of $3.57 million on revenue of $326.54 million for the fiscal year ended Dec. 31, 2021.
**Note: Revenue and net income figures in the chart below are for the 12 months that ended June 30, 2022.
(Note: CBL International priced its downsized IPO on March 22, 2023, at $4.00 – the low end of its $4.00-to-$4.80 price range – on 3.325 million shares – down from 3.75 million shares in the prospectus – to raise $13.3 million. At pricing, the number of shares was cut by 425,000. The IPO raised $3.2 million less than if the deal had been priced in line with the terms in the prospectus – at the $4.40 mid-point on 3.75 million shares – to raise $16.5 million.)