Banle Energy Launches Its First Biofuel Bunkering Operation In Hong Kong

Hong Kong July 14, 2023 (GLOBE NEWSWIRE) – On July 14, 2023, Banle Energy International Limited, a subsidiary of CBL International Limited (NASDAQ: BANL) (the “Company”), partnering with ASB Biodiesel (Hong Kong) Limited and Seven Seas Oil (Hong Kong) Limited completed our very first B24 biofuel bunkering operation in Hong Kong, with Saybolt as an international independent inspection and testing service provider to monitor the whole process in order to ensure both quality and quantity.

Our Company has taken the initiative to support our efforts towards the 2023 IMO Greenhouse Gas Strategy (the “Strategy”), which was adopted at the Marine Environment Protection Committee (MEPC 80) in early July. The Strategy sets ambitious targets for the shipping industry to reduce the total annual greenhouse gas (“GHG”) emissions from international shipping by at least 20% and 70%, with a goal of achieving 30% and 80% by 2030 and 2040 respectively, compared to 2008 levels. In line with our direction focusing on ESG, we are committed to promote Biofuel, an ESG related product, in an effort to reduce GHG emissions.

Biofuels are being promoted as one of the low-carbon alternatives to the existing fossil oils as they could help to reduce GHG emissions and the related climate change impact from the shipping industry.