Navigating global maritime transitions with strategy, innovation and sustainability

CBL International (Nasdaq : BANL), a Nasdaq-listed marine fuel logistics company, shares its approach to supporting the energy transition in shipping through practical ESG practices.

As an recipient in the Directors of the Year Awards 2025 – Listed Companies Executive Directors Category,  views this honour as a reflection of the team’s shared commitment to discipline, transparency, and clear goals.

Instead of an individual accomplishment, the Chairman and CEO of CBL International Limited sees it as recognition of the company’s steady focus on governance and core values amid ongoing global shifts.

Established in 2015, CBL International Limited is a leading marine fuel logistic company in the Asia-Pacific region. It offers one-stop solution for vessel refueling, which is referred to as bunkering facilitator in the bunkering industry.

Specifically, the company offers vessel refueling mainly through local physical suppliers in over 65 major ports covering Belgium, China, Hong Kong, India, Japan, Korea, Malaysia, Mauritius, Panama, the Philippines, Singapore, Taiwan, Thailand, Turkey and Vietnam.

Adapting to industry challenges with sustainable solutions

The industry environment has been challenging in recent years, marked by geopolitical tensions in the Red Sea crisis and Middle East tensions, as well as global oil price volatility and modest resilience in seaborne trade.

In response, the company made quick operational adaptations via agile routes and supply reallocation, while adopting an asset-light model that allows flexibility, capital efficiency, and minimal exposure to fuel price swings. Securing its position as a global bunkering platform, it expanded the number of ports to 65+, supported by long-term partnerships with 9 of the world’s top 12 container liners.

Central to these efforts is the push for lower-emission fuels to help reduce climate impact. The company is pushing for sustainable fuel transition through the providing B24 biofuel to shipowners, which reduces greenhouse gas emissions by approximately 20% compared to conventional fuels. CBL is flexible in providing biofuel solutions that comply with the latest regulations. Since 2023, CBL has held ISCC EU and ISCC Plus certifications, which support compliance, traceability, and sustainability in fuel logistics.

Dr Chia points out that CBL’s biofuel sales have surged by an impressive growth last year and B24 biofuel – a blend of marine fuel and 24% second-generation, waste based, ISCC-certified UCOME (Used Cooking Oil Methyl Ester) – is now supplied in Singapore, following earlier deployment in China, Hong Kong and Malaysia. CBL’s biofuel solution offers immediate Scope 3 reductions for our valued customers.

Meanwhile, feasibility studies for liquefied natural gas and methanol are underway to support future compliance with International Maritime Organization (IMO) and EU FuelEU Maritime regulations.

Strengthening ESG practices for better governance

Guided by the principle that good governance drives sustainability, CBL updated its efforts in 2024 by creating an ESG Governance Framework, aligned with GRI and Nasdaq guidelines for clear reporting and comparability.

The company’s ESG efforts are overseen by the Board of Directors under a Nominating & Corporate Governance Committee. An ESG Working Group is established to coordinate cross-department actions and reports to the Board. It is supported by an external ESG consultancy to strengthen structure and disclosure. The full ESG policy framework is integrated into daily operations of  the company.

Implementing a structured ESG roadmap

CBL is following a four-stage ESG roadmap. The first stage sets the strategy, governance structure, and overall plan. The second improves management through stakeholder communication, role assignments, and measurable targets. The third focuses on action, including setting up systems for GHG Scope 1–3 data, internal training, and plan execution. The fourth emphasizes disclosure, with transparent reporting, improved ESG ratings, and ongoing stakeholder trust.

Much progress has been made. For example, a Stakeholder Engagement & Materiality Assessment was conducted, which surveyed 32 stakeholders and conducted in-depth interviews with both internal and external stakeholders, from which 15 key ESG topics (5 per dimension) were identified, as below.

Policy enhancements and establishment are completed, in which new or revised policies are enacted, including Environmental Policy, Anti-Fraud & Integrity Policy, Sustainable Procurement Framework, Data Privacy Policy, and Business Partner Code of Conduct.

Driving community initiatives and staff well-being

CBL strongly supports community activities to help create positive impact on society. Ongoing community projects include supporting the International Coastal Cleanup® on the UN World Oceans Day to meet Sustainable Development Goal 14 (SDG 14): Life below water under UN Environment Programme, which aims to conserve and sustainably use the oceans, seas, and marine resources for sustainable development, and other initiatives by charitable organizations such as the HKFYG, Food Angel, iBakery, and Gingko House.

To enhance staff professional knowledge in line with market trends and to take good care of its staff, the company has also conducted internal ESG-related trainings, such as AI data privacy awareness and mindfulness workshops. These ESG actions contribute to United Nation’s Sustainable Development Goals in Good Health and Well-being, Decent Work, and Partnerships for the Goals. In addition, ESG progress is integrated into employee evaluation to ensure shared accountability.

Looking ahead, Dr. Chia emphasizes that as a marine fuel logistics provider serving major shipping lines worldwide, CBL International will continue prioritizing reliability, compliance, and sustainable practices.

“This award reflects the work of our entire team at CBL—from the Board and colleagues to our partners. We’ll keep advancing with discipline and care, helping build a more responsible maritime sector,” Dr. Chia concludes.