Connect with us

Business

Exclusive: Banle Group sets sights on expanding bunker supply network with successful IPO on Nasdaq

Following closing of CBL International Limited’s IPO on Nasdaq Capital Market, Banle Group revealed to Manifold Times its plans of enlarging the number of local marine fuel suppliers and increasing its bunkering options to customers.

Admin

Published

on

MT photos 13 February 2023 40

In an exclusive interview with Singapore-based bunkering publication Manifold Times, marine fuel logistics firm Banle Group recently shared insights on the recent successful listing of CBL International Limited, its listing vehicle, on the Nasdaq Capital Market. 

Mr. Teck Lim Chia, Chairman and Chief Executive Officer provides details on how much was raised in the initial public offering (IPO) and its plans on using the net proceeds to further grow and strengthen its bunkering business:

MT: Could you give our readers a brief introduction of the Banle Group? 

Banle Group is an established marine fuel logistic company in Asia Pacific providing customers with one stop solution for vessel refuelling. We are a bunkering facilitator as referred to in the bunkering industry.

Our main market is the Asia Pacific market with business activities taking place in the major ports of Japan, Korea, China, Hong Kong, Taiwan, Vietnam, Malaysia, Singapore, Thailand, and other countries like Turkey, Belgium.

We currently have a network of over 40 ports in Asia Pacific region to supply marine fuel to our customers, making us one of the few bunkering facilitators that can provide network-based service in this part of the world.

We strive to provide our customers with the best quality bunker services and to become our customers’ best partner in providing tailor made and flexible solutions for vessel refuelling.

MT: How much was raised during the IPO? Was it USD 13.3million or oversubscribed at USD 15.3 million?

Initially, we offered 3,325,000 shares at an offering price of US$4 per share, raising USD 13.3 million. At the time of the IPO, the underwriters exercised their over-allotment in part for an additional 425,000 shares, hence, totalling 3,750,000 shares being offered, raising USD 15 million.

MT: During the announcement of the IPO, Banle said it intends to use the net proceeds to ‘enlarge the number of local suppliers to enhance its competitiveness’. Could Banle elaborate what this means to the bunkering industry? 

We intend to establish new business relationships with additional local bunker suppliers in additional ports for which we will need the financial resources to make payments in advance for transactions before those local suppliers consider offering any trade credit to us.

Making use of the proceeds from the IPO, we intend to commence the business relationships with the new suppliers who may request payment in advance, or the issuance of letter of credit for their sales of the marine fuel.

MT: Banle also announced it intends to use the net proceeds to ‘increase the service options available in the Singapore and South Korea markets’? How does this trickle down into Banle’s bunkering business?

We constantly receive inquiries from customers for quotations and orders. However, in the past, we may not be able to fulfil all enquiries due to limitation of financial resources or lacking sufficient local bunker supplies in certain ports. As mentioned above, with the proceeds from the IPO and the expansion of our network of supply, we are now in a better position to establish new business relationships with additional local supplies, which in turn, will increase our ability to provide more bunkering options to our customers.

MT: In relation to the above two questions above on Banle’s intentions on utilising the funds, what is Banle’s plan to turn them into reality?

We intend to penetrate the market by soliciting new marine fuel suppliers to capture the demand from our existing customers or new customers in the Singapore market. In particular, we intend to establish such new business relationships with local suppliers for which we might need to pay in advance for transactions. To facilitate market development in Singapore, we have set up a new office in Singapore and employed two staff members.

Similar to Singapore, it is a challenge for us to obtain trade credit from local suppliers without established business relationships. With our aim to strengthen our supply network in South Korea, we plan to develop business relationships with potential suppliers in Ulsan and other ports in South Korea in order for us to provide a more flexible supply network to meet the demand of our existing customers and potential customers. To facilitate market development in South Korea, we have employed one staff member who is based in South Korea.

MT: Can you describe the challenges to execute Banle’s expansion plans and how will the company overcome them in current market conditions?

The fluctuations in marine fuel price may affect our working capital requirements. If the marine fuel prices increase substantially, we could only purchase less marine fuel from our suppliers with the same level of financial resources. We are therefore vulnerable to such unfavourable changes from the fluctuation of marine fuel prices. In the event that there is a significant increase in the price of marine fuel, we might require additional working capital in order to fulfil our customers’ needs.

To mitigate the effects of working capital limitation and unexpected increase in marine fuel price, it is our strategy to strengthen the financial resources available to us by utilising bank facilities and to obtain better trade credit from our suppliers.

 

Photo credit: Banle Group
Published: 13 June, 2023

Continue Reading

Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

Admin

Published

on

By

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

Continue Reading

Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Admin

Published

on

By

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

Continue Reading

Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

Admin

Published

on

By

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

Screenshot 2026 09 04 at 12.29.26 PM Screenshot 2026 09 04 at 12.29.36 PM

 

Photo credit: DNV
Published: 4 September, 2026

Continue Reading
Advertisement

OUR INDUSTRY PARTNERS



Trending