CBL International Limited reported strong H1 2026 results, returning to profitability

CBL International Limited, a leading marine bunker fuel supply service provider in the Asia-Pacific region, listed on the US NASDAQ exchange under ticker symbol BANL, today announced its unaudited financial results for the six months ended June 30, 2026, and declared a special cash dividend of $0.10 per share.

- Demonstrating strong operational resilience amidst geopolitical instability, with sustained investments in its global supplier network yielding tangible returns

CBL International Limited (the “Company” or “CBL”), the listed entity of Wanli Group (the “Group”), a well-known marine bunker fuel supply service provider in the Asia-Pacific region, listed on the US NASDAQ exchange under ticker symbol BANL, today announced its unaudited financial results for the six months ended June 30, 2026, and declared a special cash dividend of $0.10 per share.

H1 2026 Financial and Operational Highlights- Revenue reached $395.59mn, a YoY increase of 49.2%, primarily driven by rising marine fuel prices due to geopolitical instability, alongside steady volume growth.
- Fuel delivery volumes grew 10.9% YoY, benefiting from the cumulative effect of years of network expansion, successful acquisition of new customers, and continued diversification of the customer base.
- Gross profit surged 140.5% to $6.53mn; gross margin expanded 63bps YoY from 1.02% to 1.65%, highlighting the Company’s ability to effectively meet customer demand through reliable supply capabilities and competitive pricing amid heightened market volatility.
- Successfully returned to profitability with net income of approx. $1.5mn, compared to a net loss of $0.992mn in the same period last year, mainly attributed to increased sales volume, improved gross margin, continued control of operating expenses, and enhanced operational efficiency.
- The global service network has expanded to over 70 ports across the Asia-Pacific, Europe, Australia, Africa, and Central America, further solidifying CBL’s market position as a one-stop global marine fuel logistics platform.
- In April 2026, the Company acquired a 50.5% majority stake in Green Fuels Holdings Ltd., extending upstream into sustainable raw material distribution and strengthening its physical bunkering operations in Malaysian waters.
- As of June 30, 2026, banking facilities were further expanded, providing greater financial flexibility for working capital and various growth initiatives.
- On July 16, 2026, the Company announced a reverse stock split of Class A and Class B common shares on a 13-for-1 basis, effective July 20, 2026, primarily to regain compliance with NASDAQ’s minimum bid price requirement. On August 3, 2026, the Company received notification from NASDAQ confirming it had regained compliance with Rule 5550(a)(2) of the NASDAQ Listing Rules.
- The Company has declared a special cash dividend of $0.10 per share, with a record date of August 28, 2026, and a payment date of September 18, 2026.

Financial Performance OverviewFor the six months ended June 30, 2026, the Company recorded total revenue of $395.59mn, an increase of 49.2% from $265.17mn in the same period of 2025. This growth was primarily driven by escalating geopolitical tensions in the Middle East leading to higher global oil prices, supplemented by a 10.9% increase in sales volume.

Gross profit jumped from $2.71mn to $6.53mn, a 140.5% increase; gross margin expanded from 1.02% in the prior year period to 1.65%, an improvement of 63bps. This improvement fully reflects CBL’s ability to precisely respond to customer needs at competitive prices, leveraging strong supply capabilities and robust supplier relationships amidst tightening fuel supplies in the Middle East and heightened market volatility. Sustained investments in network coverage and supplier relations over the years have enabled the Company to capture incremental demand from ship rerouting while effectively protecting and expanding profit margins.

Total operating expenses increased only 2.2% YoY to $3.49mn ($3.42mn in the same period last year), demonstrating the Company’s ongoing cost control. Among these, sales and distribution expenses increased 9.6% in line with the 10.9% rise in sales volume, while general and administrative expenses remained essentially flat compared to the same period last year. During the period, the Company achieved an operating profit of $3.04mn, compared to an operating loss of $0.701mn in the same period last year; net income was approx. $1.5mn, turning profitable YoY (vs. a net loss of $0.992mn in the same period last year).

Strategic Expansion and Operational ExcellenceThe port expansion and supplier development strategy adhered to by CBL over the years has continued to yield results. As of June 30, 2026, the Company’s global service network covered over 70 ports, capable of serving major global trade routes with competitive prices and reliable delivery services.

The Asia-Pacific region remains the Company’s primary source of revenue. Driven by increased fuel demand from ships rerouting around the Middle East, diverting to the Far East, and intra-Asian routes, the Company effectively captured this demand through strengthened regional networks. The sales concentration among the top five customers further decreased to below 60% (60.4% in H1 2025, 66.7% in H1 2024), while the revenue share from the top 12 global container liner customers increased from 60.1% to 68.6%. New customers acquired over the past two years contributed 23.5% of total sales volume in H1 2026.

Facing significant geopolitical disruptions – including the escalation of the Middle East conflict involving Iran, the threat of closure of the Strait of Hormuz in March 2026, continued unrest in the Red Sea region, and the impact of US tariff policies – CBL demonstrated strong operational resilience. Leveraging its diversified supplier network, CBL ensured supply availability even under constrained conditions, successfully meeting the growing demand from customers in the Far East and other regions. To date, the negative impact of these events on CBL’s overall business has been limited, while supporting volume growth.

The Company consistently upholds the principle of not supplying fuel to sanctioned vessels, strictly referencing the UN Security Council Consolidated List, and rigorously enforcing relevant regulations throughout the reporting period.

In terms of strategic development, the Company’s acquisition of a 50.5% majority stake in Green Fuels Holdings Ltd. (“Green Fuels”) in April 2026 is of significant importance. Green Fuels operates complementary businesses covering sustainable raw material distribution and licensed traditional and biofuel bunkering services in Malaysian waters. This investment enhances CBL’s upstream business capabilities, supports the construction of an integrated biofuel supply chain, and significantly strengthens the Company’s physical business footprint in Malaysia.

Management Commentary and Future OutlookDr. William Xie, Chairman and CEO of CBL International Limited, stated: “The H1 2026 results mark an important milestone in our journey toward a new phase. Returning to profitability is the tangible return on our sustained investments in our global supplier network and operational capabilities over the years. Despite severe geopolitical disruptions and market volatility, we achieved a 10.9% increase in sales volume and expanded our gross margin by 63bps. Acquiring a majority stake in Green Fuels further positions our business upstream in the sustainable fuel supply chain, while strengthening our physical operational foundation in Malaysia. These achievements fully validate the resilience of our business model and the effectiveness of our long-term strategy.

As maritime decarbonization regulatory frameworks continue to evolve, customer demand for low-carbon fuels is expected to grow steadily. With its ISCC certification, continuously expanding portfolio of sustainable energy products, and the platform advantages of Green Fuels, CBL is fully prepared. We will continue to focus on strict cost control, further network expansion, and seizing opportunities in both traditional and sustainable marine fuels to drive sustainable growth and create long-term value for shareholders—including the special cash dividend of $0.10 per share announced herein.”

Looking ahead, CBL plans to:
- Further integrate Green Fuels’ raw material distribution business and Malaysian bunkering capabilities, while expanding biofuel supply and actively exploring alternative fuel solutions such as LNG and methanol to support customers’ decarbonization goals;
- Continuously strengthen cost management and operational efficiency, utilizing expanded banking financing channels and capital market tools to provide robust support for working capital, growth plans, and potential shareholder return programs;
- Maintain high vigilance regarding geopolitical risks, oil price fluctuations, US trade policy developments, and regulatory changes, while remaining cautiously optimistic about the outlook for the second half of the fiscal year and beyond.

About Wanli GroupEstablished in 2015, Wanli Group lists CBL International Limited $CBL International - B(BANL.US) on the NASDAQ. We are committed to providing customers with one-stop fuel supply services, recognized in the industry as a marine bunker fuel supply service provider. We operate in the marine fuel industry as a coordination party for bunkering services, connecting customers with fuel suppliers to provide efficient and reliable bunkering services across more than 70 ports in Australia, Belgium, China, Hong Kong, India, Japan, South Korea, Malaysia, Mauritius, the Netherlands, Panama, the Philippines, Singapore, Taiwan, Thailand, Turkey, and Vietnam. Building on our core advantages in marine fuel logistics, we are prudently expanding our business layout in the sustainable energy supply chain through sustainable fuel raw material distribution and biofuel supply. Related businesses include the distribution of raw materials for biofuels and sustainable aviation fuel (SAF), while the Group’s core business focus remains on its existing marine bunker fuel supply services. The Group actively promotes sustainable fuels and has obtained ISCC EU and ISCC Plus certifications, as well as an EcoVadis Silver Award.

Forward-Looking StatementsCertain statements in this announcement are not historical facts but forward-looking statements. Forward-looking statements generally use words such as “believe,” “may,” “can,” “will,” “estimate,” “continue,” “expect,” “intend,” “anticipate,” “plan,” “should,” “would,” “future,” “outlook,” “potential,” “project,” etc., to predict or express future events or trends or statements that do not pertain to historical matters, but the absence of these words does not mean the statements are not forward-looking. These forward-looking statements include, but are not limited to, estimates and predictions of other performance indicators and forecasts of market opportunities. This information involves known and unknown risks and uncertainties, and is based on various assumptions (whether or not specified in this press release) and the current expectations of BANL’s management, rather than predictions of actual performance. These forward-looking statements are for illustrative purposes only and should not be relied upon by any investor as a guarantee, warranty, prediction, or definitive statement of fact or possibility. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Many actual events and circumstances are beyond the control of BANL. Some important factors could cause actual results to differ materially from any forward-looking statements, including changes in domestic and international commercial, fuel price and tariff, market, financial, political, and legal environments. The Company has no obligation to publicly update or modify any forward-looking statements to reflect events or circumstances occurring subsequently or changes in expectations, unless required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot guarantee that such expectations will ultimately be correct. The Company reminds investors that actual results may differ materially from expected results and encourages investors to carefully review the Company’s registration statement and other documents filed with the SEC containing other factors that may affect its future performance.