[6-K] CBL International Ltd Current Report (Foreign Issuer)
CBL International Limited reported full-year 2025 results showing softer revenue but stronger fundamentals.
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Rhea-AI Filing Summary
CBL International Limited reported full-year 2025 results showing softer revenue but stronger fundamentals. Revenue was $538.49 million, down 9.1% from $592.52 million in 2024 as lower global bunker fuel prices followed a 14.1% drop in Brent crude. Despite this, sales volume grew 8.0% as the company expanded its port network, won new customers, and deepened relationships with existing clients.
Net loss improved to $2.99 million in 2025 from $3.90 million in 2024, helped by a 20.7% reduction in operating expenses to $6.91 million. Gross profit was $4.47 million versus $5.37 million a year earlier, reflecting competitive pricing in a weaker oil price environment. EPS improved to $(0.108) from $(0.136).
Cash generation strengthened, with operating cash flow turning positive at $4.00 million in 2025 compared with a $1.94 million outflow in 2024, supported by better working capital management. Strategically, CBL doubled its port coverage since its March 2023 IPO to over 70 ports across five continents, reduced revenue dependence on its top five customers, and grew exposure to bulk carriers and oil and gas tankers.
The company continued to build a sustainability profile, increasing biofuel sales volume by 7.1%, completing its first LNG bunkering at Xiaomo Port, and earning an EcoVadis Silver Medal that places it in the top 15% of assessed organizations for ESG performance. Management emphasizes margin recovery and profitable growth as the expanded network, diversified customer base, cost discipline, and low-carbon fuel capabilities position CBL for a recovering maritime market.
Insights
CBL trades revenue for volume, improves cash and narrows losses.
CBL International’s 2025 performance shows a classic volume-versus-margin tradeoff. Revenue declined 9.1% to $538.49 million as bunker fuel prices fell with a 14.1% drop in Brent crude, yet sales volume increased 8.0% through network expansion and customer diversification.
Profitability metrics moved in the right direction but remain negative. Net loss narrowed 22.8% to $2.99 million, supported by a 20.7% cut in operating expenses to $6.91 million. EPS improved from $(0.136) to $(0.108), and gross profit dipped to $4.47 million amid competitive pricing in a low-price environment.
Cash flow and strategic positioning are key takeaways. Operating cash flow swung to a positive $4.00 million from a $1.94 million outflow in 2024, indicating tighter working capital management. By doubling port coverage since the March 2023 IPO and earning ESG credentials such as the EcoVadis Silver Medal in December 2025, CBL is building a broader, more sustainable platform for potential margin recovery.
Key Figures
Key Terms
bunkering financial
operating cash flow financial
EcoVadis Silver Medal financial
ISCC Plus financial
forward-looking statements regulatory
marine fuel logistics provider financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did CBL International (BANL) perform financially in 2025?
Did CBL International (BANL) improve profitability metrics in 2025?
What drove CBL International’s 8% sales volume growth in FY2025?
How strong is CBL International’s cash flow and liquidity position after 2025?
What ESG and sustainable fuel initiatives did CBL International (BANL) advance in 2025?
How is CBL International diversifying its customer base and port coverage?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2026
Commission File Number: 001-41657
CBL INTERNATIONAL LIMITED
(Registrant’s Name)
Level
23-2, Menara Permata Sapura
Kuala Lumpur City Centre
50088 Kuala Lumpur
Malaysia
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes ☐ No ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes ☐ No ☒
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Press Release dated April 17, 2026, CBL International Limited Reports 2025 Full-Year Results: 8% Sales Volume Growth in FY2025; Narrows Net Loss by 23% Amid Strategic Expansion |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| CBL International Limited | ||
| By: | /s/ Teck Lim Chia | |
| Name: | Teck Lim Chia | |
| Date: April 17, 2026 | Title: | Chief Executive Officer |
Exhibit 99.1
Press Release
For immediate release
CBL INTERNATIONAL LIMITED
(Incorporated in Cayman Islands with limited liabilities)
(NASDAQ: BANL)
CBL International Limited Reports 2025 Full-Year Results:
8% Sales Volume Growth in FY2025; Narrows Net Loss by 23% Amid Strategic Expansion
Positioning for Margin Recovery and Sustainable Growth
Kuala Lumpur, April 17, 2026 — CBL International Limited (NASDAQ: BANL) (the “Company” or “CBL”), the listing vehicle of Banle Group (“Banle” or “the Group”), a leading marine fuel logistics provider in the Asia-Pacific—today reported its FY2025 results, highlighting an 8.0% increase in sales volume and a 22.8% narrowing of net loss through cost discipline and network growth.
Financial Performance Overview
Consolidated revenue for the year ended December 31, 2025 was $538.49 million, a decrease of 9.1% from $592.52 million in 2024. The decline was primarily attributable to lower global bunker fuel prices, which followed a 14.1% year-on-year drop in Brent crude prices. Despite the revenue decrease, sales volume rose 8.0%, driven by successful network expansion, new customer acquisition, deeper penetration with existing clients, and continued diversification into bulk carriers and oil and gas tankers alongside container liner operators.
The Company reported a net loss of $2.99 million in 2025, representing a significant 22.8% improvement from the $3.90 million net loss in 2024. This narrower loss was achieved through rigorous group-wide cost-control measures that reduced operating expenses by 20.7% to $6.91 million from $8.70 million in the prior year. Gross profit was $4.47 million, compared to $5.37 million in 2024, reflecting competitive pricing pressure in a lower oil price environment that supported volume growth and market share gains.
Earnings per share (EPS) was $(0.108) in 2025, an improvement from $(0.136) in 2024. Operating cash flow turned positive, generating $4.00 million in 2025 compared to a $1.94 million outflow in 2024, reflecting enhanced working capital management and improved liquidity.
Strategic Progress Amid Industry Challenges
In 2025, CBL doubled its port coverage since its March 2023 IPO, reaching over 70 key maritime ports across five continents by April 2026. This expansion enhanced service along major global trade routes, especially intra-Asia and Euro-Asia corridors, reflecting customer-focused development and adaptation to trade shifts from U.S. tariffs and geopolitical dynamics.
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Customer diversification continued, with reduced reliance on the top five customers (contributing 60.0% of revenue in 2025 versus 67.2% in 2024) and increased contributions from non-container vessel segments. The Company maintained strong relationships with nine of the world’s top 12 container shipping lines, representing nearly 60% of global container fleet capacity.
Sustainability efforts gained momentum, with biofuel sales volume up 7.1% and an inaugural LNG bunkering at Xiaomo Port in December 2025. CBL earned the EcoVadis Silver Medal in December 2025, placing it in the top 15% of assessed organizations globally for ESG performance. These steps align with stricter regulations and position CBL to meet rising demand for low-emission fuels while embedding sustainability into its supply chain.
Resilient Outlook and Focus on Profitability
Management views ongoing industry challenges—including geopolitical tensions, regulatory evolution, and oil price volatility—as opportunities to strengthen customer loyalty and competitive positioning. With an expanded global network, diversified customer base, enhanced cost discipline, and growing sustainable fuel capabilities, CBL is well-positioned for margin recovery and profitable growth as market conditions stabilize.
Dr. Teck Lim Chia, Chairman and CEO of CBL International Limited, commented: “2025 was a year of disciplined execution in a challenging environment. We delivered meaningful volume growth, significantly narrowed our net loss through rigorous cost management, and continued building a more resilient and sustainable business. Our expanded port network, stronger customer relationships, and progress in alternative fuels lay a solid foundation for improved profitability and long-term value creation as the maritime industry recovers.”
About the Banle Group
CBL International Limited (Nasdaq: BANL) is the listing vehicle of Banle Group, a reputable marine fuel logistic company based in the Asia Pacific region that was established in 2015. We are committed to providing customers with one-stop solution for vessel refueling, which is referred to as bunkering facilitator in the bunkering industry. We facilitate vessel refueling mainly through local physical suppliers in over 70 major ports covering Australia, Belgium, China, Hong Kong, India, Japan, Korea, Malaysia, Mauritius, Netherlands, Panama, the Philippines, Singapore, Taiwan, Thailand, Turkey, and Vietnam, as of 17 April, 2026. The Group actively promotes the use of sustainable fuels and is awarded with the ISCC EU and ISCC Plus certifications, as well as EcoVadis Silver Medal.
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,” “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, fuel prices and tariffs, 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 Limited
Email: investors@banle-intl.com
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