CBL International Limited (the “Company” or “CBL”) (NASDAQ: BANL), the listing vehicle of Banle Group (“Banle” or “the Group”), a reputable marine fuel logistic company in the Asia-Pacific region, today announced the successful completion of its inaugural bunkering service in India on July 11. This landmark operation was conducted at Mundra Port, Gujarat, one of India's largest and most strategically important ports. This achievement marks a significant step forward in Banle's expansion strategy and underscores its commitment to enhancing operational capabilities and market presence in key global regions.
Strategic Importance of Mundra Port
Mundra Port is renowned for its pivotal role in India's maritime logistics, handling over 155 million metric tonnes (MT) of cargo as of November 2023, the highest in India. The port serves as a critical export-import gateway, facilitating approximately 33% of India's container traffic. Its advanced infrastructure, including the capability to handle large vessels, positions it as a crucial hub for seaborne trade and economic growth, aligning with India's ambition to become a $5 trillion economy by 2025.
Operational Details
The successful bunkering service provided to a global integrated logistics and shipping company at Mundra Port highlights Banle’s operational excellence and commitment to delivering high-quality services in key strategic locations.
Positive Operational Impact
This milestone is expected to have a positive impact on Banle’s operational performance. Establishing a footprint in India's rapidly growing maritime market enhances Banle's ability to expand network and increase market share. The successful operation at Mundra Port strengthens relationships with key clients, driving sustainable growth.
"We are thrilled to include our operations into the Indian market with our inaugural bunkering service at Mundra Port. This achievement reflects our strategic vision and dedication to growth in key regions," said Mr. Teck Lim Chia, Chairman & CEO of Banle Group. "We look forward to building on this success and enhancing our service offerings to meet the evolving needs of our global clients."
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