Banle Energy International Limited (Banle Energy), a Hong Kong subsidiary of the esteemed Banle Group, proudly announces the groundbreaking completion of two B24 biofuel bunkering operations for Yang Ming Marine Transport Corporation, one of the world’s top 10 container shipping companies. These landmark operations, conducted on June 28 and July 10, 2024, in partnership with Green Marine Supply SDN. BHD. and Armada Meridian SDN. BHD. took place at Port Klang, Malaysia. This pioneering initiative marks Port Klang’s first-ever biofuel bunkering supply, highlighting a crucial advancement for the Banle Group as it leads the charge in the global shipping industry’s transition to low-carbon solutions.
With the adoption of the 2023 International Maritime Organization (IMO) Strategy on the Reduction of Greenhouse Gas (GHG) Emissions from Ships and the FuelEU Maritime Regulation accelerating the decarbonization of ship fuels, set to come into effect on January 1, 2025, Banle Energy has proactively seized the opportunity by obtaining ISCC EU certification. This certification is intended for biofuels and energy in the EU, recognized by the European Commission (EC) for the Renewable Energy Directive (RED II), and ISCC Plus certification, which is intended for food, feed, bio-based products, energy, and biofuels outside Europe and/or outside the scope of RED II. Banle Energy achieved these certifications as early as 2023, positioning itself as one of the pioneering bunker facilitators in the green marine fuel industry.
At the Bonn climate talks on June 3, 2024, the IMO outlined its latest progress and plans to decarbonize global shipping by 2050, including an ambitious target of achieving at least 5% of the energy used by international shipping from zero-emission fuels by 2030. According to the Chinese Ship-source Oil Pollution Compensation Fund, this implies that the shipping industry, which consumes nearly 400 million tons of traditional fuels per year, will need to reduce and replace traditional fuels by 20-40 million tons by 2030 with emerging alternative fuels such as biofuels, LNG, LPG, and methanol. Banle Energy’s successful completion of the B24 biofuel bunkering service demonstrates its dedication to this global goal.
The Global Green Marine Fuel Market Anticipated to Grow to USD 201.35 Billion by 2030, at a CAGR of 50.4% from 2023-2030
As the shipping industry accelerates its efforts to meet decarbonization goals, there is a corresponding upward trend in both the utilization of green marine fuel and its market potential. According to the internationally renowned market research company Exactitude Consultancy, the global green marine fuel market is anticipated to grow from USD 11.57 billion in 2023 to USD 201.35 billion by 2030, at a CAGR of 50.4% during the forecast period. Recognizing this favorable opportunity, the Group has strengthened its commitment to explore and expand the portfolio of alternative fuel options available to customers.
Port Klang is the largest port in Malaysia and among the top 20 busiest ports globally, positioned in the top-producing state for the nation’s GDP, highlighting its significant role in Malaysia’s economy.
The B24 biofuel is a blend of Used Cooking Oil Methyl Ester (UCOME) and traditional marine fuel. Compared to traditional marine fuel, the B24 biofuel blend is projected to reduce approximately 20% of Greenhouse Gas (GHG) emissions. This partnership between the local refinery and Banle Energy not only ensures a stable supply of biofuel in the region but also provides strong support for BANL’s business expansion in the Asia-Pacific region.
Teck Lim Chia, Chairman and Chief Executive Officer, expressed his pride at meeting this landmark achievement, stating, “We are honored to facilitate Port Klang’s first inaugural B24 biofuel bunkering services. This milestone not only marks a significant step in the Group’s sustainable development journey but also demonstrates our contribution to the global shipping industry’s low-carbon transition. Banle Energy will continue to expand its business scope and stay committed to meeting the diverse needs of shipowner customers, further solidifying our position as a leading ship fuel supplier in the Asia-Pacific region.”
About the Banle Group
Established in 2015, CBL International Limited (Nasdaq: BANL) is the listing vehicle of Banle Group, a reputable marine fuel logistics company in the Asia-Pacific region. We are committed to providing customers with a one-stop solution for vessel refueling. Banle Group’s business activities are primarily focused in over 55 major ports covering Belgium, China, Hong Kong, Japan, Korea, Malaysia, Mauritius, Singapore, Taiwan, Thailand, Turkey, and Vietnam, as of May 15, 2024. The Group actively promotes the use of alternative fuels and is awarded the ISCC EU and ISCC Plus certifications.
Source Banle Group