CBL International Ltd (BANL) 2025 Q2 法說會逐字稿

Good morning, everyone, and welcome to CBL International Limited's interim results presentation for the period ended June 30, 2025. Today's meeting will be conducted in English with simultaneous translation into Mandarin.

各位早安，歡迎參加CBL國際有限公司截至2025年6月30日止期間的中期業績發表會。今天的會議將以英語進行，並提供普通話同聲傳譯。

Before we begin, I'd like to remind you that today's presentation will include forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations.

在開始之前，我想提醒各位，今天的報告將包含根據1995年《私人證券訴訟改革法案》安全港條款作出的前瞻性陳述。這些陳述受到風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。

Thank you for joining us today. I'm Venus Zhao, Investor Relations and Public Relations Director of CBL International Limited. Presenting alongside with me are Dr. Teck Lim Chia, Chairman and Chief Executive Officer; and Mr. Nicholas Fung, Assistant Chief Financial Officer. We are excited to share our performance and achievements in first half 2025 and provide an outlook for fiscal year 2025.

感謝各位今天蒞臨。我是趙薇，CBL國際有限公司投資者關係及公共關係總監。與我一同出席的還有董事長兼執行長謝德林博士和助理財務長馮先生。我們很高興與大家分享2025年上半年的業績和成就，並展望2025財年的發展前景。

Let's begin with today's agenda. Our presentation will cover the following. First, company introduction; second, market trends and geopolitical impact; third, financial review; fourth, operational review; fifth, strategic initiatives and market outlook; and sixth, Q&A.

讓我們從今天的議程開始。我們的報告將涵蓋以下內容：第一，公司介紹；第二，市場趨勢和地緣政治影響；第三，財務回顧；第四，營運回顧；第五，策略舉措和市場展望；第六，問答環節。

Let me start with a brief introduction to CBL International. CBL International Limited, Nasdaq ticker, BANL, is the listing vehicle of Banle Group, a reputable marine fuel logistics company based in the Asia Pacific region that was established in 2015. We are a global marine fuel logistics provider operating under an asset-light business model.

首先，請容許我簡單介紹一下CBL International。 CBL International Limited（納斯達克股票代碼：BANL）是班樂集團的上市實體。班樂集團是一家信譽卓著的船用燃料物流公司，總部位於亞太地區，成立於2015年。我們是一家全球船用燃料物流供應商，採用輕資產營運模式。

Our key services include bunkering services across strategic global ports, supplying both fossil fuels and sustainable fuels and serving container liners, bulk carriers and tankers. We are recognized as professional and trustworthy by our business counterparties, delivering flexible and integrated vessel refueling solutions.

我們的核心服務包括在全球戰略港口提供船舶加油服務，供應化石燃料和永續燃料，服務對象涵蓋貨櫃班輪、散裝船和油輪。我們以專業和值得信賴而著稱，為商業夥伴提供靈活且一體化的船舶加油解決方案。

Our competitive advantages include, first, global ports network. We operate in over 65 ports across Asia Pacific, Europe, Africa and Central America. Second, supplier relationships. We maintain strong relationships enable us to offer competitive fuel pricing, superior service and operational efficiency.

我們的競爭優勢包括：首先，全球港口網絡。我們在亞太、歐洲、非洲和中美洲的65多個港口開展業務。其次，供應商關係。我們與供應商保持著牢固的合作關係，這使我們能夠提供具有競爭力的燃油價格、卓越的服務和高效的營運。

Third, customer relationship. With our extensive service, we can provide one-stop refueling solutions for customers, ensuring seamless service and operational efficiency. Fourth, growth strategy. We are focused on expanding our service network, increasing sales volumes and integrating sustainable fuel solutions to meet evolving market needs.

第三，客戶關係。憑藉我們完善的服務體系，我們可以為客戶提供一站式加油解決方案，確保服務順暢且有效率。第四，成長策略。我們致力於拓展服務網絡，提升銷量，並整合永續燃料解決方案，以滿足不斷變化的市場需求。

This short corporate video will give you a comprehensive overview of our company's operation. I hope this video provides insight into who we are and the exciting opportunities that lie ahead. Please enjoy.

這段簡短的公司宣傳片將為您全面介紹我們公司的營運情況。希望這段影片能讓您深入了解我們是誰，以及我們未來所面臨的令人興奮的機會。敬請觀看。

(video starts)

（影片開始）

Starting 2015, we served mainly the world's top 20 international container liner operators. We are providing customers with options to get their vessels refuel in more than 60 refueling ports worldwide. We are Banle.

自2015年起，我們主要服務全球排名前20的國際貨櫃班輪公司。我們為客戶提供遍佈全球60多個加油港的船舶加油方案。我們是班樂。

Our services cover the majority of the ports in the fast growing market of Asia Pacific, which includes our customer sailing routes along the Euro-Asia route. Intra-Asia route and Trans-Pacific route.

我們的服務涵蓋了亞太地區這個快速成長市場的大部分港口，包括我們客戶沿著歐亞航線、亞洲區內航線和跨太平洋航線的航行路線。

We have established an extensive supply network to provide our customers with more options and flexibility in fulfilling their vessel refueling requirements. Our establishments include Kuala Lumpur, Hong Kong, Shenzhen, Seoul, Lebuin, Singapore, London, and Dublin, that forms a network which currently covers more than 60 ports worldwide.

我們已建立廣泛的供應網絡，為客戶提供更多選擇和更大的靈活性，以滿足其船舶加油需求。我們的分公司遍佈吉隆坡、香港、深圳、首爾、勒布因、新加坡、倫敦和都柏林，目前涵蓋全球60多個港口。

Customers can customize the best quality bunkering services and select the most convenient port. Our business is built with a customer oriented culture and focuses on providing marine fuel. With our professional and reliable bunkering services at competitive price, as well as helping customers whenever they are dealing with contingencies. In 2023, we marked the listing on Nasdaq.

客戶可以客製化最優質的船舶加油服務，並選擇最方便的港口。我們秉持以客戶為中心的理念，專注於提供船用燃料。我們以極具競爭力的價格提供專業可靠的船舶加油服務，並在客戶遇到任何突發情況時提供協助。 2023年，我們成功在納斯達克上市。

In support of International Maritime Organizations decarbonization initiatives, we have obtained both the ISCC EU and ISCC plus certifications. This enables us to support the industry's collective efforts towards the net zero journey. Moving forward, we intend to allocate more resources to further expand our supply network targeting at the continual market share enhancement.

為支持國際海事組織的脫碳倡議，我們已獲得ISCC EU和ISCC Plus認證。這使我們能夠助力產業共同邁向淨零排放。展望未來，我們將投入更多資源，進一步拓展供應鏈網絡，以期持續提升市場佔有率。

We have positioned ourselves as one of the pioneers in providing stable biofuel supply of major ports during this transition period. Simultaneously, we will continue to explore various green and sustainable marine fuel solutions for our customers. We endeavor to ensure that our customers can continue their voyages safely and with confidence. We are Banle.

在此轉型時期，我們已將自身定位為主要港口穩定生物燃料供應的先驅之一。同時，我們將繼續為客戶探索各種綠色永續的船用燃料解決方案。我們致力於確保客戶能夠安全、安心地繼續航行。我們是班樂。

(video ends)

（影片結束）

Okay. Let's come back to our presentation. We've maintained long-term strategic partnerships with global industry leaders and are recognized in the industry as a professional and trustworthy provider of flexible and integrated vessel refueling services. Through collaboration with reputable local partners, we consistently deliver high-quality services to our clients worldwide. This ensures access to efficient, reliable and competitively priced bunker fuel solutions, meeting the diverse needs of the global maritime industry.

好的，讓我們回到正題。我們與全球產業領導者保持長期策略夥伴關係，並在業界被公認為專業可靠的船舶加油服務供應商，提供靈活且一體化的服務。透過與信譽良好的在地合作夥伴攜手，我們始終如一地為全球客戶提供優質服務。這確保了客戶能夠獲得高效、可靠且價格極具競爭力的船用燃料解決方案，滿足全球海事產業的多樣化需求。

Now we move on to market trends and geopolitical impact. Let's continue. Seaborne trade and container volume have demonstrated steady growth as shown in this review of maritime transport by United Nation. According to UNCTAD, total seaborne trade grew by 2.5% in 2025, while containerized trade grew by 2.9%. Both are forecasted to maintain moderate annual growth rate through 2029.

接下來我們來探討市場趨勢和地緣政治影響。正如聯合國這份海運概覽所示，海運貿易和貨櫃吞吐量呈現穩定成長態勢。根據聯合國貿發會議的數據，2025年海運貿易總額成長2.5%，貨櫃貿易成長2.9%。預計到2029年，兩者均將保持適度的年增長率。

Ship supply increased by 6.1% in 2025, with demand grown by 3.5% to 4.5%. These numbers reflect a consistent recovery and expansion of global trade. CBL's bunkering operation network aligned strongly with this trend, with a presence in 13 out of the top 15 global container ports, including 9 of the top 10 ports such as Shanghai, Singapore and Ningbo-Zhoushan.

2025年船舶供應量成長6.1%，需求量成長3.5%至4.5%。這些數據反映出全球貿易的持續復甦和擴張。 CBL的加油業務網絡與此趨勢高度契合，業務遍及全球前15大貨櫃港口中的13個，其中包括上海、新加坡和寧波舟山等前10大港口中的9個。

On the customer front, CBL serves 9 out of the top 12 global container liners, which represent a combined around 60% market share in global container liners. Let's move on to the slides, which highlights geopolitical tensions and market impacts.

在客戶方面，CBL 為全球排名前 12 的貨櫃班輪公司中的 9 家提供服務，這些公司合計佔據全球貨櫃班輪市場約 60% 的份額。接下來我們來看投影片，其中重點介紹了地緣政治緊張局勢及其對市場的影響。

Global maritime trade faced significant disruptions in first half of 2025 due to geopolitical tensions. First, let's review the whole global economic landscape. The broader economic environment remains uncertain. The recent decline in oil prices that were a source of market uncertainty directly eased our working capital. Seaborne trade showed moderate resilience, expanding by 1.5% in the first quarter and accelerating to a projected 2% in the second quarter.

受地緣政治緊張局勢影響，2025年上半年全球海運貿易面臨重大衝擊。首先，讓我們回顧一下全球經濟情勢。整體經濟環境依然不明朗。近期油價下跌加劇了市場的不確定性，但也直接緩和了我們的營運資金壓力。海運貿易展現出一定的韌性，第一季成長1.5%，預計第二季將加速成長至2%。

One of the notable disruptions in global shipping was the ongoing instability in the Red Sea, where vessels were rerouted via the Cape of Good Hope. This diversion extended Euro-Asia voyages by 10 to 14 days, resulting in an increased fuel consumption due to longer travel distances.

全球航運受到的顯著幹擾之一是紅海持續的不穩定局勢，導致船舶必須繞道好望角航行。這種改道使歐亞航線的航程延長了10至14天，由於航程增加，燃油消耗也隨之增加。

Constantly, demand for bunkering services surged at alternative ports along this rerouted shipping lanes. The situation in Ukraine and the accompanying sanctions contributed to the instability in energy markets, prompting the European Union to see alternatives to Russian fuel supplies. The shift added volatility to global oil prices creating challenges in fuel supply and demand.

隨著航線的改道，沿途其他港口的船舶加油服務需求持續激增。烏克蘭局勢及其伴隨的製裁加劇了能源市場的不穩定，促使歐盟尋求俄羅斯燃料供應的替代方案。這項轉變加劇了全球油價的波動，為燃料供需帶來了挑戰。

US trade policy, particularly the tariffs implemented in April 2025, significantly impacted global trade flows, leading to a shift in shipping volumes. These tariffs directed cargo from traditional routes, especially between China and the US to alternative regions such as intra-Asia and Euro-Asia. This adjustment increase demand for bunkering services along these alternative corridors, particularly in the Asia Pacific and the Euro-Asia regions.

美國貿易政策，特別是2025年4月實施的關稅，對全球貿易流動產生了重大影響，導致航運量轉移。這些關稅迫使貨物從傳統航線（尤其是中美航線）轉向亞洲內部和歐亞等替代航線。這種調整增加了沿線航線（尤其是亞太和歐亞地區）的船舶加油服務需求。

Despite these challenges, the CBL team responded swiftly and strategically. We targeted the increased demand from rerouted vessels ensuring that our strategic supply chain could meet this demand effectively responded by capturing this increased demand resulting in a notable rise in sales volumes across Asia Pacific and Europe.

儘管面臨這些挑戰，CBL團隊迅速採取了策略性應對措施。我們瞄準了因船舶改道而增加的需求，確保我們的戰略供應鏈能夠有效滿足這些需求，並透過抓住這一成長機遇，顯著提升了亞太和歐洲地區的銷售量。

Refraining from supplying vessels subject to the sanctions that were outlined in Lloyd's List containing United Nations Securities Council Consolidated List, maintained operational efficiency positioning CBL to navigate both the economic uncertainties. Let's move on to our financial highlights.

透過不向受《勞氏船級社》（包含聯合國安理會綜合名單）制裁的船舶供貨，CBL 維持了營運效率，從而能夠應對經濟不確定性。接下來，我們來看看財務亮點。

Here are the first half 2025 financial highlights, showcasing CBL's strong performance. Total sales volume grew by 9.8% while revenue decreased by 4.4% to USD255.2 million. Gross profit margin increased by 4 basis points to 1.02% and net loss narrowed by 38.8%. Our current ratio of 1.54 demonstrates healthy liquidity, while capital days at negative 4.44 highlights excellent cash cycle management.

以下是2025年上半年財務亮點，展現了CBL的強勁業績。總銷售額成長9.8%，而營收下降4.4%至2.552億美元。毛利率上升4個基點至1.02%，淨虧損收窄38.8%。 1.54的流動比率顯示公司流動性良好，而-4.44天的資本週轉天數則凸顯了公司卓越的現金週期管理。

In the first half of 2025, CBL's revenue distribution and growth by geographic location, highlight key market trends. China accounted for 67.5% of total revenue, followed by Hong Kong at 27.8% and Malaysia at 2.1% with smaller contributions from Singapore, South Korea and others. Compared to the first half of 2024, revenue growth was seen 26% growth in China and 131% in others.

2025年上半年，CBL依地域劃分的營收分佈與成長凸顯了關鍵市場趨勢。中國佔總收入的67.5%，其次是香港（27.8%）和馬來西亞（2.1%），新加坡、韓國和其他地區的貢獻較小。與2024年上半年相比，中國的收入成長了26%，其他地區則成長了131%。

CBL's strategic focus on establishing network to capture regional demands as they shifted supported by macro seaborne trade volume in China and Europe. Diving deeper into our financial results, revenue, CBL's total revenue decreased by 4.4%, reaching USD265 million down from USD277 million in the first half of 2024. The decrease was mainly attributable to the decrease in the marine fuel price, which was partially offset by the increase in the sales volume.

隨著中國和歐洲宏觀海運貿易量的增加，區域需求不斷變化，CBL的戰略重點在於建立網路以滿足這些變化。深入分析財務業績，CBL的總收入下降了4.4%，從2024年上半年的2.77億美元降至2.65億美元。收入下降的主要原因是船用燃料價格下跌，但銷售成長部分抵消了這種影響。

Gross profit. Gross profit remained at a similar level, while gross profit margin slightly improved. We managed to maintain our gross profit with an increase in sales volume to cope with the challenging competition in the market.

毛利潤。毛利維持在相近水平，而毛利率略有提升。為了應對激烈的市場競爭，我們透過提高銷量實現了毛利的穩定成長。

Operating expenses. Operating expenses decreased to 17% from USD4.12 million to USD3.42 million. The decrease was due to harvesting the results of our investment in the past year on enlarging port network, expanding our customer base and developing our biofuel operations and initiatives undertaken in the first half of 2025 to streamline operations.

營運費用。營運費用從412萬美元降至342萬美元，降幅達17%。下降的原因是過去一年我們在擴大港口網路、拓展客戶群和發展生物燃料業務方面的投資成果得以實現，以及2025年上半年為簡化營運而採取的各項措施。

Net income. Net income narrowed from a loss of USD1.62 million in the first half of 2024 to a loss of USD0.99 million in the first half of 2025. This 38.8% improvement was mainly driven by the reduction of operating expenses through the costs savings and control initiatives in the group's operations during the period.

淨利潤。淨利潤從2024年上半年的虧損162萬美元收窄至2025年上半年的虧損99萬美元。這項38.8%的改善主要得益於集團在此期間透過成本節約和控制措施降低了營運費用。

CBL's high liquidity and financial flexibility have enabled sustainable growth in the first half of 2025. Working capital management, high liquidity strengthens the cash cycle and supports business operations. Bank facility, ample bank facilities. Our total facilities USD50 million to fund future business expansion.

CBL 的高流動性和財務靈活性使其在 2025 年上半年實現了永續成長。良好的營運資本管理和高流動性增強了現金流，並為業務營運提供了支援。我們擁有充足的銀行信貸額度，總計 5,000 萬美元，用於支持未來的業務擴張。

Debt and leverage, focused on maintaining low debt levels provides flexibility for future growth. Just-in-time inventory management, optimize cash flow minimizes storage risk and enhances efficiency, minimal fixed assets maintaining a lean asset base ensures operational agility.

債務和槓桿控制，著重維持較低的債務水平，為未來的成長提供了靈活性。準時制庫存管理，優化現金流，最大限度地降低倉儲風險，提高效率；精簡的固定資產基礎，確保了營運的靈活性。

Let's move on to operational review. Global development is part of CBL's four step strategy, and we have continued to see successful expansion since our IPO in 2023. As of June 30, 2025, CBL's global service network has expanded to 65 ports, an increase of 81%, marking a significant milestone in our growth strategy.

接下來我們進行營運回顧。全球發展是CBL四步驟策略的一部分，自2023年上市以來，我們持續成功擴張。截至2025年6月30日，CBL的全球服務網絡已擴展至65個港口，增幅達81%，這標誌著我們成長策略的一個重要里程碑。

The Asia Pacific region remained CBL's primary revenue driver, with key contributions from China, Hong Kong, Malaysia, Singapore and South Korea. Volume attributable to deliveries in Asia Pacific surged 9.1% year-on-year. Given several ports in Asia Pacific are major global shipping hubs, 13 of the world's top 15 container ports in 2024 according to the world's least bunkering operations in these regions account for a significant portion of deliveries.

亞太地區仍是CBL的主要收入來源，其中中國大陸、香港、馬來西亞、新加坡和韓國貢獻尤為顯著。亞太地區的交付量較去年同期成長9.1%。鑑於亞太地區的多個港口是全球重要的航運樞紐，根據全球預測，到2024年，全球排名前15的貨櫃港口中有13個在這些地區開展的加油業務量佔相當大的比例。

The expansion is especially evident in Europe, where our strategic focus on the ARA region has enhanced our market presence. We continue to develop our presence through our service network and maintain relationships with suppliers and customers. While current volumes in these regions remain steady, we are well positioned to scale operations in response to rising customer demand, ensuring we can meet market needs as they arise.

這項擴張在歐洲尤其顯著，我們對ARA地區的策略重點提升了我們的市場地位。我們持續透過服務網路拓展業務，並與供應商和客戶保持密切聯繫。儘管目前這些地區的業務量保持穩定，但我們已做好充分準備，可根據不斷增長的客戶需求擴大營運規模，確保能夠及時滿足市場變化。

In the first half of 2025, CBL achieved a 9.8% increase in sales volume despite a challenging macroeconomic environment marked by fluctuating oil prices and geopolitical instability. This growth was fueled by expansion of our service network. The successful acquisition of new customers and a strategic shift towards non-container liner segments.

2025年上半年，儘管宏觀經濟環境充滿挑戰，油價波動，地緣政治局勢不穩定，CBL的銷售額仍實現了9.8%的成長。這一成長得益於服務網路的擴張、新客戶的成功獲取以及向非貨櫃班輪領域的策略轉型。

As of June 30, 2025, CBL serves 9 of the world's top 12 container shipping lines, which contributed to nearly 60% of global container fleet capacity. The company's expanding customer base and broader service portfolio have reinforced its market position.

截至2025年6月30日，CBL為全球排名前12的貨櫃航運公司中的9家提供服務，這些公司貢獻了全球近60%的貨櫃船隊運力。公司不斷擴大的客戶群和更豐富的服務組合鞏固了其市場地位。

Customer diversification. Revenue share from top 12 liners increased to 60.1% versus 45.7% in the first half of 2024. Non-container sales, Bulk and Tanker accounted for 36.9%. Top five customer sales concentration declined to 60.4% in the first half of 2025 versus 66.7% in the first half of 2022. New customers from 2024 and the first half of 2025 contributed to 11.9% in the first half of 2025 sales.

客戶多元化。前12大班輪公司的收入份額從2024年上半年的45.7%增加至2025年上半年的60.1%。非貨櫃運輸、散貨和油輪銷售佔36.9%。前五大客戶的銷售集中度從2022年上半年的66.7%下降至2025年上半年的60.4%。 2024年及2025年上半年新增客戶貢獻了2025年上半年銷售額的11.9%。

In the biofuel sector, CBL achieved a significant growth in sales and volume in the first half of 2025 and Biofuel sales saw an impressive increase of 154.7% year-on-year in the first half of 2025, with volume growth reaching 189.5%. This growth can be attributed to CBL's continued leadership in the sustainable fuel market driven by the increasing adoption of biofuels among our customers.

在生物燃料領域，CBL在2025年上半年實現了銷售額和銷售的顯著成長。生物燃料銷售額較去年同期成長154.7%，銷量增幅更是高達189.5%。這一成長主要歸功於CBL在永續燃料市場的持續領先地位，而這又得益於客戶對生物燃料日益增長的需求。

CBL has remained at the forefront of biofuel adoption with increased sales volume in Singapore Malaysia, Hong Kong and various ports in China. Globally, CBL facilitated the first B24 supplies across several markets. Besides the launch of biofuel helped reduce the GHG emissions by 20% compared to traditional fuels. CBL has obtained ISCC EU and ISCC Plus certifications in early 2023. We supplied biofuel in Singapore since March 2025 and proactively support customers to meet IMO GHG targets with sustainable and cost-effective alternatives.

CBL始終走在生質燃料應用的前沿，在新加坡、馬來西亞、香港以及中國各港口的銷售量均有所成長。在全球範圍內，CBL促成了多個市場首批B24生物燃料的供應。此外，生物燃料的推出與傳統燃料相比，有助於減少20%的溫室氣體排放。 CBL已於2023年初獲得ISCC EU和ISCC Plus認證。自2025年3月起，我們開始在新加坡供應生質燃料，並積極支持客戶透過可持續且經濟高效的替代方案，實現國際海事組織（IMO）的溫室氣體減排目標。

Looking ahead, CBL plans to further diversify biofuel offerings and strengthen our market position in green marine fields. In addition, the company will explore more greenfield options such as LNG and methanol to meet the evolving sustainability regulations and industry demand. In the capital markets, CBL also made a remarkable progress with the following highlights.

展望未來，CBL計畫進一步豐富生物燃料產品線，並鞏固其在綠色海洋領域的市場地位。此外，該公司還將探索更多新建項目，例如液化天然氣（LNG）和甲醇，以滿足不斷變化的環保法規和行業需求。在資本市場方面，CBL也取得了顯著進展，主要亮點如下。

In January 2025 the company filed a shelf registration statement, which became effective on January 24, 2025, allowing for the offering of securities with an aggregate initial offering price of up to USD50 million. Following this, on January 28, 2025, the company initiated an at-the-market, ATM, offering with a total offering price of up to $2,604,166. The net proceeds from the ATM offering will be used for general corporate purposes, including acquisitions, business opportunities and debt repayment with management retaining discretion over the allocation.

2025年1月，公司提交了一份暫擱註冊聲明，該聲明於2025年1月24日生效，允許公司發行總額最高達5000萬美元的證券。隨後，2025年1月28日，公司啟動了以市價發行（ATM）的證券發行，發行總額最高達2,604,166美元。此次ATM發行的淨收益將用於一般公司用途，包括收購、拓展業務機會和償還債務，管理層保留對資金分配的酌情決定權。

Additionally, on June 30, 2025, the company launched a share repurchase program approved by the Board of Directors authorizing repurchases of up to the lesser of USD5 million or 5 million ordinary shares set to expire on April 15, 2028. Repurchases will be made in the open market with amounts and timing, depending on the market conditions and corporate needs.

此外，2025年6月30日，公司啟動了一項經董事會批准的股票回購計劃，授權回購至多500萬美元或500萬股將於2028年4月15日到期的普通股（以較低者為準）。回購將在公開市場上進行，具體金額和時間將視市場情況和公司需求而定。

The company highly values the relationships with our investors. In the first half of 2025, we have participated in several investor events and conferences such as Lytham Partners Investor Conference, Noble Capital Market Virtual Equity Conference, 8th China IR Whitepaper Summit, SZSE 2025 Global Investor Conference. Besides, we also held media and analyst luncheon and Investor Happy Hour to further exchange insights with investors and media in person.

本公司高度重視與投資人的關係。 2025年上半年，我們參加了多項投資者活動和會議，例如Lytham Partners投資者大會、Noble Capital Market虛擬股票大會、第八屆中國投資者關係白皮書峰會以及深交所2025全球投資者大會。此外，我們也舉辦了媒體及分析師午餐會和投資人歡樂時光活動，以便與投資人和媒體進行更深入的面對面交流。

CBL continues to actively communicate with different sites through various platforms, including AGM, newsletter, website and social media. Our efforts have received a market recognition. We have won the Most Creative Corporate Communication Award at the 2024 Valuable Capital Community Annual Selection, and the Best Digital Investor Relations Award and Best Investor Relations Director at the 8th China Excellence IR Awards.

CBL持續透過包括股東大會、新聞簡報、網站和社群媒體在內的多種平台積極與不同管道溝通。我們的努力已獲得市場認可。我們榮獲2024年度Valuable Capital社區評選的“最具創意企業傳播獎”，以及第八屆中國卓越投資者關係獎的“最佳數位投資者關係獎”和“最佳投資者關係總監獎”。

As an industry pioneer, CBL is committed to sustainability development and has initiated multiple steps with fruitful outcomes in ESG. In the first half of 2025 built a corporate model for sustainability development, focusing on a reliable and responsible marine fuel supply, customers' growth supports and life quality enhancement. Engaged a consultancy with the aim of enhancing our ESG practices in a comprehensive four stage approach.

身為產業先驅者，CBL致力於永續發展，並在ESG（環境、社會和治理）領域採取了多項卓有成效的措施。 2025年上半年，公司建構了永續發展的企業模式，重點在於可靠且負責任的船用燃料供應、客戶成長支援以及生活品質提升。公司也聘請了顧問公司，旨在透過一套全面的四階段方法，提升公司的ESG實務水準。

Conducted a materiality analysis on sustainability issues among internal and external stakeholders. Organized various maritime-related volunteering programs and initiatives to support ESG practices in community.

對內部和外部利害關係人進行了關於永續發展問題的實質分析。組織了各種與海事相關的志願服務項目和活動，以支持社區的ESG實踐。

Following the corporate responsibility road map, we will mainly focus on three parts. ESG goal setting, ESG rating platform and ESG disclosure. Looking forward, CBL will continue to take actions in ESG to achieve a sustainable development. More specifically, CBL's 2025 ESG plan and long-term commitment underscores the importance of adopting ESG practices to enhance transparency, implement sustainable initiatives, manage risk and meet stakeholder expectations.

根據企業社會責任路線圖，我們將主要關註三個面向：ESG目標設定、ESG評級平台和ESG資訊揭露。展望未來，CBL將繼續在ESG領域採取行動，以實現永續發展。更具體地說，CBL的2025年ESG計畫和長期承諾強調了採取ESG實踐的重要性，以提升透明度、實施永續發展措施、管理風險並滿足利害關係人的期望。

On the environmental front, CBL leads with its biofuel initiative aligned with IMO's 2023 strategy, blending marine fuel oil with 24% UCOME to reduce Scope 3 supply chain emissions. The company also supports customers in achieving sustainability goals while ensuring its biofuel production, avoids deforestation, land use changes and competition with food production.

在環保方面，CBL率先推出生物燃料計劃，該計劃與國際海事組織（IMO）2023年戰略保持一致，將24%的未轉化碳排放源（UCOME）與船用燃料油混合，以減少範圍3供應鏈排放。該公司還支持客戶實現永續發展目標，同時確保其生物燃料生產避免森林砍伐、土地​​用途變更以及與糧食生產競爭。

In terms of social responsibility, CBL promotes equitable practices, including adherence to pay-for-performance principles, fostering diversity and inclusion with strong female representation and supporting employee development through education subsidies. CBL also prioritizes employee well-being with regular events and encourages community engagement by holding various training and programs, such as International Coastal Cleanup for World Oceans Day.

在社會責任方面，CBL倡導公平實踐，包括堅持績效薪酬原則，透過提高女性員工比例來促進​​多元化和包容性，並透過教育補貼支持員工發展。 CBL也重視員工福祉，定期舉辦活動，並透過舉辦各種培訓和計畫（例如世界海洋日國際海岸清潔活動）來鼓勵社區參與。

On governance, CBL's practice is in alignment with IMO decarbonization targets and Fuel EU maritime regulation. The company ensures fresh perspectives and independent oversight through annual director elections and rotation. The company also established strong reporting channels for misconduct, fraud, or violations of company policy ensuring swift management response and whistleblower protection.

在公司治理方面，CBL 的實踐符合國際海事組織 (IMO) 的脫碳目標和歐盟《燃料條例》的海事法規。公司透過年度董事選舉和輪調制度，確保引入新鮮視角和獨立監督。此外，公司還建立了完善的舉報管道，用於舉報不當行為、詐欺或違反公司政策的行為，從而確保管理層迅速回應並為舉報人提供保護。

The plan is structured across four phases. Q1 to Q2 2025, establishing a sustainability strategy, governance framework and action plan; Q1 to Q3 2025, improving sustainability management and implementing the sustainable development plan; Q2 to Q3 2025, implementing our sustainable development plan; Q3 to Q4 2025, enhancing disclosure practices and strengthening investor relations.

該計劃分為四個階段。 2025年第一季至第二季度，制定永續發展策略、治理架構和行動計畫；2025年第一季至第三季度，改善永續發展管理並實施永續發展計畫；2025年第二季至第三季度，實施永續發展計畫；2025年第三季至第四季，加強資訊揭露實務並強化投資人關係。

Now let's move on to strategic initiatives and outlook. Looking ahead to fiscal year 2025, our key initiatives include strengthen our service network, focusing on Asia Pacific and European markets, strengthening our presence in emerging markets, continue expanding ports coverage. Grow sales volume; continue to target new customers and new segments while maintaining strong relationships with current customers, enhance market position, stronger and more in-depth supplier relationships. Export sustainable fuels; Biofuel adoption as a core of CBL's sustainability strategy, focus on compliance with the latest carbon emissions regulations with further exploration of biofuel products and other sustainable fuels.

現在我們來談談策略舉措和展望。展望2025財年，我們的關鍵舉措包括：加強服務網絡，重點關注亞太和歐洲市場；鞏固在新興市場的地位；繼續擴大港口覆蓋範圍；提升銷售額；在與現有客戶保持良好關係的同時，繼續開拓新客戶和新細分市場；提升市場地位；加強和深化與供應商的關係燃料；

The International Maritime Organization, IMO, agreed on its global greenhouse gas, GHG, framework in April with full implementation set for 2028. This decision further emphasized the urgency of reducing emissions, promoting biofuel adoption and encouraging future investment in ships capable of running on zero carbon fuels. In the first half of 2025, CBL has the following achievements, improving its performance across three key areas.

國際海事組織（IMO）於4月通過了全球溫室氣體排放框架，並計劃於2028年全面實施。該決定進一步強調了減少排放、推廣生物燃料應用以及鼓勵未來投資建造能夠使用零碳燃料的船舶的緊迫性。 2025年上半年，CBL在三個關鍵領域取得了以下成就，提升了自身績效。

First, to improve gross profit and narrow down net losses. The company plans to increase sales volume through network expansion and new customer acquisition while leveraging its network to mitigate supply chain disruptions. CBL will also focus on developing biofuels and exploring sustainable fuels such as methanol and LNG for higher margins, alongside achieving economies of scale to reduce unit costs.

首先，公司計劃提高毛利潤並縮小淨虧損。為此，公司計劃透過拓展銷售網路和開發新客戶來提升銷量，同時利用現有網路來降低供應鏈中斷的風險。此外，CBL還將專注於開發生物燃料，並探索甲醇和液化天然氣等永續燃料，以獲得更高的利潤率，同時實現規模經濟，降低單位成本。

CBL's gross profit margin increased by 4 basis points and net loss has narrowed by 38.8% in the first half of 2025. Second, to maintain sufficient cash flow and manage working capital. CBL will prioritize a strong cash position, strengthen liquidity and closely monitor accounts receivable and payable.

2025年上半年，CBL的毛利率提高了4個基點，淨虧損收窄了38.8%。其次，為了維持充足的現金流並管理好營運資金，CBL將優先保持強勁的現金狀況，增強流動性，並密切監控應收帳款和應付帳款。

Accessing the capital market at the right time and increasing trade financing will further enhance financial flexibility to support growth initiatives. In the first half of 2025 CBL's current ratio improved from 1.51 to 1.54, while capital days improved by 1.8 days to minus 4.44 days.

在適當的時機進入資本市場並增加貿易融資將進一步增強財務靈活性，從而支持成長計畫。 2025年上半年，CBL的流動比率從1.51提高到1.54，資本週轉天數減少了1.8天，降至-4.44天。

Finally, to enhance efficiency, CBL will utilize office automation and IT systems to streamline operations and explore advanced technologies for continuous improvement, cost saving, upgrading back-end systems and implementing real-time order tracking, data analytics. CBL's operational expenses has decreased by 17%. These efforts will improve customer service and operational efficiency, enhancing sustained progress and long-term growth.

最後，為提高效率，CBL將利用辦公室自動化和IT系統簡化營運流程，並探索先進技術以實現持續改進、節省成本、升級後端系統以及實施即時訂單追蹤和資料分析。 CBL的營運費用已降低17%。這些措施將提升客戶服務和營運效率，從而促進持續進步和長期成長。

Thank you for your attention. We are now happy to take your questions. Please feel to share your queries, and I will facilitate the discussion along with Dr. Chia and Mr. Fung.

謝謝大家的關注。現在我們很樂意回答大家的問題。請隨意提出您的疑問，我將與謝博士和馮先生一起主持討論。

(Event Instructions)

（活動須知）

I can see the first question on the screen. The first question is, among growth areas, what was the most significant achievement achieved by CBL? How did the company produced results in this area? And what were the challenges? And how does CBL overcome them.

我可以看到螢幕上的第一個問題。第一個問題是：在成長領域中，CBL最顯著的成就是什麼？公司是如何在這個領域取得成果的？面臨哪些挑戰？ CBL又是如何克服這些挑戰的？

This question is from Wu Guang Yi from Southwest Securities. I would like to direct this question to William.

這個問題來自西南證券的吳光義。我想把這個問題轉給威廉。

Sure. Good morning. Thank you very much for joining our webcast this morning. Thank you, Mr. Wu, for the questions, and thank you, Venus, to the presentations.

好的。早安.非常感謝您今天早上收看我們的網路直播。謝謝吳先生的提問，也謝謝維納斯女士的精彩演講。

Well, I think we all know, ocean is never short of challenges. Right now, we are actually facing geopolitical conflicts, Red Sea crisis, tariff war, switching to biofuel and other renewable energies. We have been seeing all these challenges one by one all coming together, but we have managed to keep and maintaining our growth.

我想我們都知道，海洋領域從來都充滿挑戰。目前，我們正面臨地緣政治衝突、紅海危機、貿易戰以及向生物燃料和其他再生能源轉型等諸多議題。我們看到這些挑戰接踵而至，但我們依然保持了成長勢頭。

We have achieved a sales volume growth of almost 10% for the first half of 2025. And we have achieved continuous growth in the sales volume over the past few years. And amid all these challenges, we managed to keep down our expenses and reduce our loss. We will continue to strive to make more improvements.

2025年上半年，我們的銷售額成長了近10%。過去幾年，我們的銷售額也持續成長。儘管面臨諸多挑戰，我們仍成功控制了成本，減少了虧損。我們將繼續努力，力求更大的進步。

And CBL's significant achievements, we have made rapid and strategic expansions on our global service network, growing form 36 ports at the time of our Nasdaq IPO in the year 2023 to 65 ports by the first half of 2025. This expansion underscores our successful execution of a scalable, asset-light growth, our asset-light growth model and solidifies CBL's presence across key maritime regions, including the Asia Pacific, Europe, Central Americas and Africa. And our growth was actually driven by targeting entity into high-demand ports and strengthens our partnerships with major suppliers and customers.

CBL取得了顯著成就，我們迅速且策略性地拓展了全球服務網絡，從2023年納斯達克上市時的36個港口增長到2025年上半年的65個港口。這項擴張凸顯了我們成功實施了可擴展的輕資產成長模式，並鞏固了CBL在包括亞太、歐洲、中美洲和非洲在內的主要海事區域的地位。我們的成長主要得益於瞄準高需求港口，並加強了與主要供應商和客戶的合作關係。

We focus on customer-driven diversifications, especially in bulk carriers and tankers, which is actually beyond our core container liner space. This move has actually allowed us to capture volume growth despite a very challenging market and a declining bunker price environment. And CBL has navigated through significant headwinds, including geopolitical disruptions, oil price fluctuations and intensified competition in key markets where we operate.

我們專注於以客戶需求為導向的多元化發展，尤其是在散裝貨船和油輪領域，這實際上超出了我們核心的貨櫃班輪業務範圍。這項舉措使我們能夠在充滿挑戰的市場環境和不斷下跌的燃油價格下實現貨運量成長。此外，CBL 還克服了許多不利因素，包括地緣政治動盪、油價波動以及我們主要營運市場日益激烈的競爭。

By leveraging our agile and capital-light structure, we minimize the fixed cost while we're securing scalable supply partnerships as well as our early investment into biofuel capabilities such as the successful rollout of the ISCC certifications in China, in Hong Kong, Malaysia and Singapore, we're supplying these ports enable us to align with the tightening emissions regulations and customer demand for sustainable options.

透過利用我們靈活輕資產的結構，我們最大限度地降低固定成本，同時確保可擴展的供應合作夥伴關係，以及我們對生物燃料能力的早期投資，例如在中國、香港、馬來西亞和新加坡成功推出ISCC認證，我們向這些港口供應產品，使我們能夠符合日益嚴格的排放法規和客戶對可持續選擇的需求。

The strategic and operational agilities allow CBL to expand meaningfully without compromising our financial stabilities. We are turning challenges into differentiators and reinforcing our value propositions as a resilient and a future ready bunkering partner. Thank you.

策略和營運上的靈活性使CBL能夠在不損害財務穩定性的前提下實現顯著擴張。我們正將挑戰轉化為差異化優勢，並不斷強化自身作為一家具有韌性且面向未來的船舶燃料供應合作夥伴的價值主張。謝謝。

Thank you, Dr. Chia. Okay, please submit your questions to the Q&A box and we will be allowed for management to address. Okay. I see the second question on screen. CBL reduced its net loss by 38.8% year-on-year in the first half of 2025 despite challenges in the macroeconomic environment and oil price volatility. What were the key drivers behind this improvement? And how sustainable are the measures for the second half of the year? This question is from Ryan Chen from [ED] Financial. I would like to direct this question to Nick.

謝謝Chia博士。好的，請將您的問題提交到問答框中，我們會安排管理層解答。好的。我看到螢幕上的第二個問題。儘管宏觀經濟環境充滿挑戰，油價波動劇烈，CBL在2025年上半年仍將淨虧損年減了38.8%。這項改善背後的主要驅動因素是什麼？這些措施在下半年的可持續性如何？這個問題來自[ED] Financial的Ryan Chen。我想把這個問題轉給Nick。

Thank you very much and thank you for everyone joining this event this morning. Well, in our first half of 2025, the improvement in bottom line of 38.8% was a result of efforts and resources invested to enhance our port network, expand our customer base and develop our biofuel operations over the past years. We now have to sustain our such investment. As a result, we increased our sales volume by double digits. In full year of 2024 as well as first half of 2025. We brought in new customers and lower our reliance on top 5 customers. Our biofuel sales have continued to demonstrate significant growth in the past 12 months.

非常感謝各位參加今天上午的活動。 2025年上半年，我們淨利潤成長了38.8%，這得益於過去幾年我們投入大量資源和精力來加強港口網路建設、拓展客戶群以及發展生物燃料業務。現在，我們需要持續保持這些投資。因此，我們的銷量實現了兩位數的成長。 2024年全年以及2025年上半年，我們都取得了顯著成長。我們拓展了新客戶，並降低了對前五名客戶的依賴。過去12個月，我們的生質燃料銷售額持續保持強勁成長。

In addition, in the first half of 2025 by streamlining our operations, thus enhancing operational efficiency, we reduced our OpEx by 17%. Going forward, we continue to look for investment windows to further expand our network and especially for the sustainable fuel segments. In fact, we have taken more strategic approach to optimize our profitability. Thank you.

此外，在2025年上半年，我們透過精簡營運流程，提高營運效率，將營運成本降低了17%。展望未來，我們將繼續尋找投資機會，進一步拓展業務網絡，尤其是在永續燃料領域。事實上，我們已採取更具策略性的方法來優化獲利能力。謝謝。

Thank you, Nick. And then we will come to the third question. The third question on screen is, given the ongoing geopolitical tensions and disruptions in shipping routes, how is CBL positioned to capture demand from rerouted trade flows especially in the Euro-Asia and intra-Asia corridors? This question is from Marcus Wong from Hang Seng Bank. I want to direct this question to William.

謝謝尼克。接下來我們來看第三個問題。螢幕上的第三個問題是：鑑於當前地緣政治緊張局勢和航運路線中斷，CBL 如何抓住因貿易路線改變而帶來的需求，尤其是在歐亞航線和亞洲內部航線？這個問題來自恆生銀行的黃先生。我想把這個問題轉給威廉。

Thank you very much, Marcus, for raising these questions. And the ongoing instabilities in the Red Sea, which has led vessels to reroute via the Cape of Good Hope extending the Euro-Asia voyages by probably about 10 to 14 days. And as a result of that, increasing the fuel consumptions. These three directions has caused a surge in demand for bunkering services at alternative ports along these new routes. And CBL has actually targeted ourselves to meet these demands and to capitalize on the opportunities.

非常感謝馬庫斯提出這些問題。紅海持續的不穩定局勢導致船舶改道經好望角，歐亞航線因此可能延長10到14天，燃油消耗量也隨之增加。這三個面向都造成了沿途替代港口加油服務需求的激增。 CBL公司已著手滿足這些需求，並積極掌握機會。

While on the US trade policy changes in April this year, has also redirected cargoes to different regions, the shift in the trade flows has increased the demand for bunkering services in Euro-Asias's and Intra-Asia's corridors. And luckily enough with our CBL's extensive supply network in these regions, we are seeing additional requirements for our services.

今年4月美國貿易政策的變化導致貨物流向調整，貿易流向也隨之改變，歐亞航線和亞洲內部航線的船舶加油服務需求因此增加。幸運的是，憑藉CBL在這些地區廣泛的供應網絡，我們看到了對我們服務的其他需求。

Therefore, despite all these disruptions, we have responded effectively resulting in increased sales volumes in the Asia Pacific and other emerging markets. And CBL's bought supply network has also positioned ourselves to adapt to changing trade flows while we maintain efficient bunkering operations and also able to seize the opportunities in this new and alternate routes. Thank you.

因此，儘管面臨諸多挑戰，我們仍採取了有效應對措施，實現了亞太地區及其他新興市場銷售的成長。同時，CBL的採購供應網絡也使我們能夠適應不斷變化的貿易流向，保持高效的加油作業，並抓住這些新興航線帶來的機會。謝謝。

Thank you, Mr. Lim Chia. Okay, please, all the investors, please type in your questions on the question box, and I will read it now for management to address. So I can see the fourth question on the screen. Gross profit margins increased slightly to 1.02% in the first half of 2025. How does CBL plan to maintain or further improve margins as you continue expanding your supply network and customer base? This question is from Pauline Lau from Citibank. I would like to direct this question to Nick.

謝謝林嘉先生。好的，請各位投資人在提問框中輸入你們的問題，我現在會唸出來，以便管理階層解答。我看到螢幕上有第四個問題。 2025年上半年毛利率小幅成長至1.02%。隨著供應鏈和客戶群的不斷擴大，CBL計劃如何維持或進一步提高毛利率？這個問題來自花旗銀行的Pauline Lau。我想把這個問題轉給Nick。

Okay. Thank you. Thank you, Pauline of Citibank for these questions. Well, in the first half of 2025, we managed to maintain our gross profit at the same level as compared to 2024. Our sales volume increased while our gross margin improved from 0.98% to 1.02%.

好的，謝謝。感謝花旗銀行的寶琳女士提出這些問題。嗯，2025年上半年，我們的毛利與2024年持平。銷售額有所成長，毛利率也從0.98​​%提高到1.02%。

We continue to improve our gross profit by increasing sales volume riding on the foundation we laid down in our expanded network, improved customer base and growth in non-container liner and biofuel segments. Furthermore, we keep on exploring new sustainable fuels such as methanol and LNG for higher margins and to achieve economies of scale to reduce unit cost.

我們憑藉著不斷擴大的網路、不斷成長的客戶群以及非貨櫃班輪和生質燃料業務的成長，持續提升銷量，從而提高毛利。此外，我們也持續探索甲醇和液化天然氣等新型永續燃料，以提高利潤率並實現規模經濟，從而降低單位成本。

We believe our profitability will improve through those measures and actions. Amid market volatility, conflict and geopolitical tension, we still achieved steady growth of sales models. As we adopt our cost-plus model in our pricing, our gross margin increased when the sale -- with oil price come down in 2025 first half. Looking forward, if world trades recover to normal when tariff wars stabilize, we expect there may be further improvement in our gross margins. Thank you.

我們相信，透過這些措施和行動，我們的獲利能力將會提升。儘管市場波動、衝突不斷，地緣政治局勢緊張，我們的銷售模式仍保持穩定成長。隨著我們在定價中採用成本加成模式，在2025年上半年油價下跌的情況下，我們的毛利率有所提高。展望未來，如果隨著關稅戰的穩定，世界貿易恢復正常，我們預期毛利率將進一步提升。謝謝。

Thank you, Nick. I see more questions coming on the screen. And the next question will be non-container liner sales now account for 36.9% of revenue, reflecting successful diversification efforts. How does CBL plan to further grow this segment while maintaining strong relationships with container liners customers. This question is from Alvin Cheung from Prudential Brokerage Limited. I would like to direct this question to William.

謝謝Nick。我看到螢幕上還有更多問題。下一個問題是：非貨櫃班輪銷售額目前佔總收入的36.9%，反映了公司多角化策略的成功。 CBL規劃如何在維持與貨櫃班輪客戶良好關係的同時，進一步發展這項業務區？這個問題來自保誠經紀有限公司的Alvin Cheung。我想把這個問題轉給William。

Thank you, Alvin. Well, thanks to our network expansions in the last few years, we are able to provide reliable and flexible supply arrangement for our non-container liner customers like those bulk carriers and tankers. And also thanks to our network expansions in the last few years, we can effectively and efficiently serving the non-container liner customers where their vessels has less predictable scheduling as compared to the container liners.

謝謝你，艾爾文。由於過去幾年我們網路的拓展，我們能夠為散裝貨船和油輪等非貨櫃班輪客戶提供可靠且靈活的供應安排。同時，也得益於過去幾年我們網路的拓展，我們能夠有效率地服務那些船舶航程不如貨櫃班輪那麼穩定的非貨櫃班輪客戶。

But meanwhile, we continue to service 9 out of the top -- the world's top 12 container shipping liners, which represent nearly 60% of the global container fleet capacities. And CBL has been actively targeting new customers, including mid-tier shipowners, bulkers, tankers and others.

同時，我們繼續為全球前12大貨櫃班輪公司中的9家提供服務，這些公司佔全球貨櫃船隊運力的近60%。此外，CBL一直在積極拓展新客戶，包括中型船東、散裝貨船、油輪等。

Now our customer diversification has actually reached a significant milestone. and non-container liner sales has become an important segment for us, accounting for about 36.9% of our revenue. And our sales concentrations for the top five customers has also reduced to 60.4% from the previous 66.7% in the same period. Thank you.

現在，我們的客戶多元化已達到一個重要的里程碑。非貨櫃班輪銷售已成為我們的重要業務板塊，約占我們收入的36.9%。同期，前五名客戶的銷售集中度也從先前的66.7%下降至60.4%。謝謝。

Thank you, Mr. Chia. Okay. Please type in your questions on the question box, and I will be read them a loud for management to address. So the next question will be operating expenses decreased by 17% in the first half of 2025. What were the primary cost efficiencies achieved? And how do this reflect the company's long-term strategy for expense management? This question is from Alan Wu from Phillip Securities. And I would like to divert this question to Nick.

謝謝Chia先生。好的。請在提問框中輸入您的問題，我會大聲朗讀給管理階層聽。下一個問題是：2025年上半年營運費用下降了17%。主要的成本效率提升措施是什麼？這如何反映公司長期的費用管理策略？這個問題來自Phillip Securities的Alan Wu。我想把這個問題轉給Nick。

Sure. Thank you, Alan, for raising these questions. Well, it has been our strategy to develop new ports, improve our customer base and diversify profit mix for the past three years, including 2024. Therefore, we deploy efforts and resources in this respect. In 2025, it actually is our harvest year rather than planting as compared to previous years in this regard. As some of these spendings are nonrecurring in nature, such as port operation preparation for new ports, market intelligence regarding new customers and new products such as biofuel and methanol.

當然。謝謝艾倫提出這些問題。過去三年，包括2024年，我們的策略一直是開發新港口、擴大客戶群並實現利潤多元化。因此，我們在這方面投入了大量的人力和物力。與往年相比，2025年其實是我們的收穫年，而不是播種年。因為其中一些支出屬於非經常性支出，例如新港口的營運準備工作，以及針對新客戶和新產品（如生質燃料和甲醇）的市場調查。

We keep the operating expenses down. This enabled us to achieve promising results. In the first half of 2025, we implement initiatives to streamline our operations and rationalizing our resources as a result we have savings in OpEx. To continue enhancing our operational efficiency, we utilize office automation and IT system to streamline operations, allocate resources to explore advanced technologies for continuous improvement. Cost saving and upgrade back-end system, implementing real-time order processing and data analysis, we'll keep investing for the future when good investment opportunities arrived. Thank you.

我們有效控制了營運成本，並取得了令人滿意的成果。 2025年上半年，我們實施了多項舉措，旨在簡化營運流程並合理配置資源，從而節省營運支出。為了持續提升營運效率，我們利用辦公室自動化和IT系統優化運營，並投入資源探索先進技術，以實現持續改進。我們將透過節省成本和升級後端系統、實施即時訂單處理和數據分析等方式，在出現合適的投資機會時繼續加大投入，為未來發展奠定基礎。謝謝。

Thank you, Nick. Okay. We come to the next question. This question is, any expansion plan in the second half of 2025? And looking longer term, what does the five year plan look like for the business? And how do you expect its business model to evolve by 2030? This question is from Nelson Lee from ICBCI. And I would like to direct this question to William.

謝謝尼克。好的。我們來看下一個問題。這個問題是，貴公司在2025年下半年有任何擴張計畫嗎？從長遠來看，貴公司未來五年的發展規劃是什麼？您預計到2030年，貴公司的商業模式將如何演變？這個問題來自ICBCI的Nelson Lee。我想把這個問題轉給William。

Thank you very much, Nelson, for these interesting questions. Well, I would say, despite the challenges posed by uncertain global economic conditions, geopolitical volatilities and regional crisis, our gross profit remained stable. And in the first half of this year, we had successfully reduced net losses, successfully diversified our customer base and successfully improved on our operational efficiency and cost management.

非常感謝納爾遜提出的這些有趣的問題。我想說，儘管面臨全球經濟情勢不明朗、地緣政治動盪和區域危機等挑戰，我們的毛利仍保持穩定。今年上半年，我們成功減少了淨虧損，實現了客戶群多元化，並有效提升了營運效率和成本控制水準。

These strategies and measures we implemented have proven effective in navigating us through these turbulent times. And our strategy will be continuing to strengthen service network, grow our sales volume and further explore the sustainable fuels. We will continue to focus on our extensive supply network in Asia Pacific and at the same time, looking at strengthening our presence in the emerging markets.

我們實施的這些策略和措施已被證明能有效幫助我們度過這段動盪時期。我們的策略將持續加強服務網絡，提升銷售量，並進一步探索永續燃料。我們將繼續專注於亞太地區廣泛的供應網絡，同時著眼於加強在新興市場的業務。

We will also continue to target new customers and new segments while deepening our strong relationships with the current customers. We will continue to promote stronger and more in-depth suppliers' relationship as well. We will continue to ensure that we have the adequate financial resources for our expanded business. And as we can see, in the past 12 months, we have successfully secured more banking facilities to support our growth.

我們將持續開拓新客戶和新市場，同時深化與現有客戶的良好關係。我們也將持續加強與供應商的合作關係，並深化合作。我們將繼續確保擁有充足的財務資源，以支持業務拓展。正如我們所見，在過去的12個月裡，我們已成功獲得更多銀行貸款，以支持業務成長。

And on the sustainable fuel side, biofuel adoptions is actually one of our core sustainability strategies. We shall focus on compliance with the latest carbon emissions regulations and to further explorations of biofuel products. At the same time, we will be also looking at other sustainable fuels as well. We are also regularly exploring different vertical and horizontal integration opportunities in order to strategically position ourselves to capitalize on the growth opportunities and as well as the support our customers in meeting the decarbonization goals.

在永續燃料方面，生物燃料的採用實際上是我們核心永續發展策略之一。我們將專注於遵守最新的碳排放法規，並進一步探索生物燃料產品。同時，我們也將關注其他永續燃料。此外，我們也持續探索不同的縱向和橫向整合機會，以便從策略上佔據有利地位，抓住成長機遇，並支持客戶實現脫碳目標。

We are growing Banle to be a full-fledged bunkering service facilitators. We strive for customer segment diversification from customers, from containers to non-container customers, from fossil fuels to biofuel and renewable fuels from Asia to the world. We are proud to build Banle into a well-rounded bunkering service facilitators for the future. Thank you.

我們正努力將 Banle 發展成為一家成熟的船舶加油服務供應商。我們致力於客戶群多元化，從貨櫃客戶到非貨櫃客戶，從化石燃料到生物燃料和再生燃料，業務範圍從亞洲擴展到全球。我們為能將 Banle 打造成面向未來的全方位船舶加油服務供應商而感到自豪。謝謝。

Thank you, Lim Chia. Please type in your questions on the question box, and I will be read them a loud for management to address. Now we come to the next question. As the CEO of an international bunker service facilitator, what industry-specific observations and forecast do you see taking place on a global scale? And how are you preparing your company to capitalize on this development? This question is from Alan Lau from Jefferies, and I would like to direct this question to William.

謝謝林嘉。請在提問框中輸入您的問題，我會大聲朗讀給管理階層聽。現在我們來看下一個問題。作為一家國際燃油供應服務公司的首席執行官，您認為在全球範圍內，該行業有哪些具體趨勢和預測？您公司將如何利用這些發展機會？這個問題來自傑富瑞的Alan Lau，我想請William回答。

Thank you very much, Alan, for the questions. Well, probably we can share a few industry observations and forecast that we see for your reference. First, we do see that there is resilience in the container shipping and the fleet expansions. Global fleet -- container fleet has actually increased by more than 10% in the year 2025 as compared to last year. This is actually driven by new vessel deliveries and -- as well as the demand for diverted growth.

非常感謝艾倫的提問。我們可以分享一些我們對產業的觀察和預測，供您參考。首先，我們觀察到貨櫃航運業展現韌性，船隊也不斷擴張。全球貨櫃船隊規模預計到2025年將比去年增長超過10%。這主要得益於新船交付以及市場對其他運輸方式的需求成長。

For example, the Red Sea disruptions that you require longer voyages, and therefore, you need more ships. However, this growth is actually tempered by trip policy volatilities, which might temporarily dampen volumes. But at the same time, we also see that it will spur regional trade realignment towards Intra-Asias's as well as the Euro-Asia's corridors.

例如，紅海航線的中斷導致航程延長，因此需要更多船舶。然而，這種成長實際上會受到航次政策波動的影響，這可能會暫時抑制貨運量。但同時，我們也看到這將推動區域貿易重新調整亞洲內部以及歐亞走廊。

And second, probably on the geopolitical and the trade dynamics. Red Sea disruptions extended wages by 10 to 40 days, increased bunker demand at alternative routes as well as the US tariff has redirected the trade flows, boosting Intra-Asia as well as the Euro-Asia's bunkering demand, but also creating some near-term volatilities.

其次，也可能與地緣政治和貿易動態有關。紅海航運中斷導致工資發放延長10至40天，替代航線的燃油需求增加，加上美國加徵關稅，改變了貿易流向，提振了亞洲內部以及歐亞航線的燃油需求，但也造成了一些短期波動。

And third is what we see is the carbon emissions recovery as well as the regulatory accelerations. Carbon emissions in ocean shipping is actually improving post 2024 peaks aided by growth normalization as well as the adoptions for lower carbon fuels. And you can see that IMO in their 2023 GHG strategies in EU ETS and few EU marine times are actually exacerbating biofuel adoptions. The green marine fuel market is actually projected to grow at 50.4% CAGR from the year 2023 to the year 2030.

第三，我們看到碳排放量正在回升，監管力道也正在加快。在成長正常化和低碳燃料普及的推動下，遠洋航運的碳排放量在2024年高峰過後實際上有所改善。國際海事組織（IMO）在其2023年溫室氣體戰略、歐盟排放交易體系（EU ETS）以及一些歐盟海事法規中，都反映了對生物燃料應用的積極推動。預計從2023年到2030年，綠色船用燃料市場將以50.4%的複合年增長率成長。

So we see that there is a great demand in the market for green marines. And fourth on the biofuel and other sustainable fuel adoptions, the biofuel demand for CBL has actually surged 155% year-on-year in this first half of 2025. This is actually driven by the regulatory compliances as well as our customers' decarbonization goals. And also, on the other hand, is we see the Mediterranean ECA implementations in May this year requiring a 0.1% sulfur fuel. Therefore, it's boosting the ultra-low sulfur fossil fuel as well as the bio-blended bunker demand.

因此，我們看到市場對綠色船舶燃料的需求非常強勁。第四，關於生物燃料和其他永續燃料的採用，2025年上半年，CBL的生物燃料需求年增了155%。這實際上是由監管合規要求以及我們客戶的脫碳目標所驅動的。另一方面，我們看到今年5月地中海排放控制區（ECA）的實施要求使用含硫量為0.1%的燃料。因此，這也推動了超低硫化石燃料和生物混合燃料的需求。

And coming to the CBL strategic preparations. First of all, we will continue on our network expansions and diversifications. We have currently scaled to 65 ports supply network globally, focusing on high-growth hubs in the Asia Pacific as well as the ARA regions in order for us to capture growth and demand. And to tailor with the traffic-driven trade shifts. This will also reduce our customer concentrations, expanding to other segments like the bulk carriers, the tankers and also other mid-tier shipowners.

接下來談談CBL的策略準備。首先，我們將繼續拓展和多元化我們的網絡。目前，我們的全球供應網絡已覆蓋65個港口，重點關注亞太地區和ARA地區的高成長樞紐，以便掌握成長機會和市場需求，並適應以交通流量為導向的貿易格局變化。這將有助於降低客戶集中度，拓展至散裝貨船、油輪以及其他中型船東等其他領域。

And second, we will also be pioneered in biofuels to ensure compliance readiness. And the company is actually expanding our partnerships and collaborations with biofuel suppliers, producers of UCOME as well as UCOME particularly in the Asia Pacific, where we have a very strong existing supply network, where we will maintain our ISCC EU as well as the ISCC Plus certifications to ensure the compliance with increasing stringent requirements in Europe and globally.

其次，我們將率先涉足生質燃料領域，確保符合相關法規要求。公司正積極拓展與生質燃料供應商、UCOME生產商以及UCOME生產商的合作關係，尤其是在亞太地區。我們在亞太地區擁有非常強大的現有供應網絡，並將繼續保持ISCC EU和ISCC Plus認證，以確保符合歐洲乃至全球日益嚴格的法規要求。

We will also be sharing and assisting our customers onboarding and supporting them in easing the transitions for them to go into biofuels. This shall include the possible technical systems on handling and sharing the information on the combustion characteristics of the biofuel plants. Meantime, the company is also exploring any opportunities in suitable energy supply chain.

我們也將分享並協助客戶完成生物燃料的導入和過渡，幫助他們順利轉型。這包括處理和共享生物燃料工廠燃燒特性資訊的相關技術系統。同時，公司也積極探索合適的能源供應鏈機會。

And coming to financial resilience and flexibilities. We are always preparing ourselves for future developments of the company. We had secured ample banking facilities to fund our working capital and growth initiatives. And our market is challenging and competitive. However, we strongly believe our current business model has proven to be prudent and is able to navigate through all these oil prices volatilities.

談到財務韌性和靈活性，我們始終為公司的未來發展做好準備。我們已獲得充足的銀行信貸額度，用於支持我們的營運資金和成長計劃。我們的市場充滿挑戰和競爭。然而，我們堅信，我們目前的商業模式已被證明是審慎的，能夠應對所有油價波動。

Coming to technologies and risk mitigations, we have been proactively leveraging with IT tools for our credit and risk management. We also implement real-time order tracking advanced monitoring systems to enhance operational efficiency. The company utilized market intelligence tools in order for us to avoid any extension vessels, ensuring that we are in strict compliances and at the same time, minimizing the geopolitical risk.

在技​​術和風險緩解方面，我們一直積極利用資訊科技工具進行信貸和風險管理。我們還實施了即時訂單追蹤和高級監控系統，以提高營運效率。公司運用市場情報工具，以避免任何擴張風險，確保我們嚴格遵守各項規定，同時最大限度地降低地緣政治風險。

Well, as the CEO of the company, I see obvious trend that the maritime industry is navigating through the historical transitions towards a new frontier calling for sustainability's and trade realignment. CBL is in position to capitalize through our agile network, biofuel expertise and disciplined financial management. CBL is regularly exploring different verticals and horizontal integration opportunities. The company is also firmly believing in the future demand for sustainable fuels and regional trade shifts. We are well prepared, well positioned to receive these transformations. Thank you.

身為公司首席執行官，我清楚地看到，海運業正經歷著歷史性的轉型，邁向永續發展和貿易格局重塑的新領域。 CBL憑藉其靈活的網路、生質燃料專業知識和嚴謹的財務管理，已做好充分準備迎接這些挑戰。 CBL正不斷探索不同的垂直領域和橫向整合機會。公司也堅信未來對永續燃料的需求以及區域貿易格局的轉變。我們已做好充分準備，迎接這些變革。謝謝。

Thank you, Dr. Chia, for the very comprehensive explanation. And then due to limited time, we come to the last question. And this question is considering the US new reciprocal tariffs update and effective on 7 August, what is the impact on CBL and the bunkering industry? This question is from Tony Fei from BOCI, and I would like to direct this question to William.

感謝Chia博士的詳盡講解。由於時間有限，我們來看最後一個問題。這個問題是關於美國新的互惠關稅政策，該政策於8月7日生效，這對CBL和船舶燃料供應產業有何影響？這個問題來自中銀國際的Tony Fei，我想請William回答。

Thank you. Thank you, Tony. Well, as CBL currently, we do not have operations in the US ports. Our direct impact from the US tariff changes is minimum. However, we do see that tariffs has redirected cargoes from traditional roads not apply between China and US to alternative regions like Intra-Asia's and Europe. This shift has increased demand for bunkering services along the alternative corridors as the areas that we have mentioned, Asia Pacific as well as the Euro Asia.

謝謝。謝謝你，托尼。目前，CBL在美國港口沒有業務。美國關稅調整對我們造成的直接影響微乎其微。然而，我們確實看到，關稅政策導致貨物運輸從中美之間不適用關稅的傳統路線轉向其他地區，例如亞洲內部和歐洲。這種轉變增加了對沿著這些替代走廊（例如我們提到的亞太地區和歐亞地區）的加油服務的需求。

We can see from [Dana Liner's] report saying that 7.8% increase in the export to the Far east and a 2.3% rise in imports from the Far East to other regions. This is covering the period from January to May this year. We see these strict pattern changes has actually affected global shipping, particularly impacting the container sector due to their requirements for re-routings.

從達納航運公司的報告中我們可以看到，今年1月至5月期間，對遠東地區的出口增加了7.8%，而從遠東地區進口到其他地區的貨物增加了2.3%。這些嚴格的航線調整實際上已經影響了全球航運，尤其是貨櫃航運業，因為貨櫃運輸需要重新安排航線。

And as for our company, the overall impact has been limited. We have managed to leverage these changes by our extensive network and able to meet the demand generated from these new trade flows. Therefore, monitoring the evolving global trading landscape remains a priority for us in the second half of the year. Thank you.

至於我們公司，整體影響有限。我們憑藉著廣泛的業務網絡成功應對了這些變化，並滿足了新增貿易流所帶來的需求。因此，密切關注不斷變化的全球貿易格局仍是我們下半年工作的重中之重。謝謝。

Thank you, Dr. Chia. Okay. Thank you all the questions from investors, and this concludes our investor presentation for today, and thank you for your participation and support of CBL. If you would like to have further discussion with our management, please feel free to contact us any time for arrangement. Once again, thank you for your time today, and you may now disconnect. Thank you.

謝謝Chia博士。好的。感謝各位投資人的提問，今天的投資人報告到此結束，感謝各位的參與及對CBL的支持。如果您想與我們的管理層進行進一步的討論，請隨時與我們聯繫安排。再次感謝您今天抽出時間，您可以掛斷電話了。謝謝。

Thank you very much.

非常感謝。

Thank you.

謝謝。