olivLaw · US equity research
CBL International Limited BANL
Wholesale-Petroleum & Petroleum Products (No Bulk Stations) · SIC 5172 · Vertical: Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (SIC 5172)
CBL International is a marine fuel logistics company that facilitates vessel refueling at ports across Asia Pacific, Europe, Australia, Africa and Central America. In fiscal 2025 revenue fell 9.1% as lower oil prices reduced prices, even though sales volume grew 8.0%.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, CBL International Limited (BANL) stock was 2.91 USD (−0.48% on the day), with market capitalisation 80.0 m USD, beta 0.44, 52-week range 2.91–16.10 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.4
- weak (30–45)
- Bollinger (20, 2)
- 2.44 – 4.72
- in the lower half of the band · %B 0.21 · band width 63.8%
- SMA 50 / 200
- 6.01 / 6.16
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.61 / -0.69
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −36.3% | −1.1% | −35.2 pp | — |
| 3 months | −26.1% | −0.5% | −25.7 pp | — |
| 6 months | −57.0% | +4.4% | −61.3 pp | — |
| Year to date | −49.7% | +12.3% | −62.0 pp | — |
| 1 year | −51.8% | +13.5% | −65.3 pp | +24.1% |
| 3 years | −86.0% | +76.4% | −162.4 pp | — |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 326.5 m | 462.9 m | 435.9 m | 592.5 m | 538.5 m |
| Revenue YoY | unavailable | +41.8% | −5.8% | +35.9% | −9.1% |
| Net income | 3.6 m | 3.7 m | 1.1 m | -3.9 m | -3.0 m |
| Net income YoY | unavailable | +3.3% | −69.3% | −441.8% | unavailable |
| Diluted EPS | 0.17 | 0.17 | 0.05 | -0.14 | -0.11 |
| Diluted EPS YoY | unavailable | +0.6% | −73.7% | −402.2% | unavailable |
| net % | 1.1% | 0.8% | 0.3% | -0.7% | -0.6% |
| Free cash flow | -2.5 m | 3.1 m | -10.8 m | -2.1 m | 4.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.3 m USD
- Financial debt
- 1.9 m USD
- Net debt
- -7.4 m USD
- Equity
- 19.9 m USD
- Total assets
- 75.7 m USD
- Debt / equity
- 0.10x
- Current ratio
- 1.35x
- ROE
- -14.0%
- ROA
- -4.1%
- FCF margin
- 0.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 326.5 m | 462.9 m | 435.9 m | 592.5 m | 538.5 m | SEC (XBRL)· 17 Apr 2026verified |
| Cost of revenue | 319.0 m | 453.8 m | 428.7 m | 587.1 m | 534.0 m | SEC (XBRL)· 17 Apr 2026verified |
| Gross profit | 7.6 m | 9.1 m | 7.2 m | 5.4 m | 4.5 m | SEC (XBRL)· 17 Apr 2026verified |
| Operating income | 4.2 m | 4.8 m | 1.7 m | -3.3 m | -2.4 m | SEC (XBRL)· 17 Apr 2026verified |
| Depreciation & amortisation | 59.5 k | 88.2 k | 170.8 k | 357.5 k | 384.5 k | SEC (XBRL)· 17 Apr 2026verified |
| EBITDA | 4.3 m ≈ | 4.8 m ≈ | 1.8 m ≈ | -3.0 m ≈ | -2.0 m ≈ | SEC (XBRL)· 17 Apr 2026derived |
| Interest expense | 3.4 k | 260.0 k | 231.6 k | 570.7 k | 744.4 k | SEC (XBRL)· 17 Apr 2026verified |
| Pre-tax income | 4.2 m | 4.5 m | 1.4 m | -3.9 m | -3.0 m | SEC (XBRL)· 17 Apr 2026verified |
| Income tax | 656.3 k | 814.5 k | 298.6 k | -29.5 k | -394 | SEC (XBRL)· 17 Apr 2026verified |
| Net income | 3.6 m | 3.7 m | 1.1 m | -3.9 m | -3.0 m | SEC (XBRL)· 17 Apr 2026verified |
| Diluted EPS | 0.17 | 0.17 | 0.05 | -0.14 | -0.11 | SEC (XBRL)· 17 Apr 2026verified |
| Weighted average diluted shares | — | 21.3 m | 25.0 m | 27.5 m | 27.5 m | SEC (XBRL)· 17 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 3.0 m | 5.0 m | 7.4 m | 8.0 m | 9.3 m | SEC (XBRL)· 17 Apr 2026verified |
| Receivables | 18.0 m | 18.4 m | 25.1 m | 36.7 m | 39.0 m | SEC (XBRL)· 17 Apr 2026verified |
| Current assets | 26.7 m | 23.7 m | 52.1 m | 68.3 m | 75.1 m | SEC (XBRL)· 17 Apr 2026verified |
| Property, plant & equipment, net | 122.3 k | 394.1 k | 996.5 k | 783.5 k | 400.5 k | SEC (XBRL)· 17 Apr 2026verified |
| Total assets | 27.0 m | 25.6 m | 53.5 m | 69.3 m | 75.7 m | SEC (XBRL)· 17 Apr 2026verified |
| Accounts payable | 18.3 m | 12.7 m | 27.5 m | 42.0 m | 52.7 m | SEC (XBRL)· 17 Apr 2026verified |
| Short-term debt | — | — | — | 1.4 m | 1.9 m | SEC (XBRL)· 17 Apr 2026verified |
| Current liabilities | 18.5 m | 13.3 m | 28.0 m | 46.5 m | 55.8 m | SEC (XBRL)· 17 Apr 2026verified |
| Total liabilities | 18.6 m | 13.5 m | 28.2 m | 46.5 m | 55.8 m | SEC (XBRL)· 17 Apr 2026verified |
| Equity | 8.4 m | 12.1 m | 25.3 m | 22.8 m | 19.9 m | SEC (XBRL)· 17 Apr 2026verified |
| Shares outstanding at year end | — | 21.3 m | 25.0 m | 27.5 m | — | SEC (XBRL)· 16 Apr 2025verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -2.5 m | 3.5 m | -10.0 m | -1.9 m | 4.0 m | SEC (XBRL)· 17 Apr 2026verified |
| Capex | 19.2 k | 373.1 k | 773.9 k | 144.4 k | 2.6 k | SEC (XBRL)· 17 Apr 2026verified |
| Free cash flow | -2.5 m ≈ | 3.1 m ≈ | -10.8 m ≈ | -2.1 m ≈ | 4.0 m ≈ | SEC (XBRL)· 17 Apr 2026derived |
| Investing cash flow | -19.2 k | -373.1 k | -773.9 k | -144.4 k | -2.6 k | SEC (XBRL)· 17 Apr 2026verified |
| Financing cash flow | — | -1.1 m | 13.2 m | 2.7 m | 483.0 k | SEC (XBRL)· 17 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 80.0 m USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.54 – 3.73 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)2.54 – 3.73 (Mid 3.00)WACC 9.2% · starting FCFF 4.6 m USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 3.7%
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -14.3% | 0 (on a fixed band) | 24% |
| Net margin · Quality | -0.6% | 67 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 5.2% | 43 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -3.3x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.3x | 46 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.0% | 62 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet18/100 · 2/3 factors with a value
- Growth· partial43/100 · 1/2 factors with a value
- Quality25/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial62/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CBL INTERNATIONAL LIMITED (BANL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 538.5 m USD in 2025; YoY growth -9.1%; net margin -0.6%; ROE -14.0%.
The estimated value range is 2.54–3.73 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3.00 USD, the price of 2.91 USD leaves a potential of 3.1% (value / price − 1) and a margin of safety of 3.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -14.3%
- Interest coverage: -3.3x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (SIC 5172) · same industry (4-digit SIC) · compared with 6 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WKCWorld Kinect Corporation | 1.9 bn | — | -11.5% | -0.4% | −12.5% | +64% / +81% |
| CAPLCrossamerica Partners LP | 773.8 m | 16.1 | — | 1.2% | −10.6% | −1% / −15% |
| PTLEPTL Limited | 121.4 m | — | -24.8% | -1.6% | −27.0% | −30% / unavailable |
| BANLCbl International Limited | 80.0 m | — | -14.0% | -0.6% | −9.1% | −52% / −86% |
| DLXYDelixy Holdings Limited | 23.7 m | — | -612.2% | -1.5% | −2.3% | +49% / unavailable |
| UFGUni-Fuels Holdings Ltd | 13.6 m | — | -23.3% | -0.7% | +70.0% | +279% / unavailable |
| TMDETmd Energy Limited | 11.8 m | — | -154.1% | -3.4% | unavailable | −33% / unavailable |
1- and 3-year price returns: for BANL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 17 Apr 2026; since then the company filed 6-K (23 Oct 2026), 6-K (28 Aug 2026), 6-K (18 Aug 2026), 6-K (04 Aug 2026), 6-K (16 Jul 2026), 6-K (28 Apr 2026).
In brief
CBL International is a marine fuel logistics company that facilitates vessel refueling at ports across Asia Pacific, Europe, Australia, Africa and Central America. In fiscal 2025 revenue fell 9.1% 1 as lower oil prices reduced prices, even though sales volume grew 8.0% 1.
SWOT
Strengths
- Wide port network across several continents that allows fast reallocation of services and lowers the risk of disruption 1.
- Asset-light model with low fixed asset investment, supporting financial flexibility and rapid growth 1.
- Relationships with major customers, including several leading container liner operators, providing a consolidated revenue base 1.
Weaknesses
- Revenue is sensitive to fuel prices, and gross margin falls when prices rise because the company can buy less fuel with the same resources 1.
- Revenue concentration in a small number of large customers could expose the company if one of them reduces demand 1.
- Limited working capital restricts the volume of fuel that can be purchased, which could slow growth 1.
Opportunities
Risks
- Fuel price volatilityhigh
Fuel prices directly affect revenue and margins, and the source notes that rising prices reduce gross margin relative to revenue even though the premium per ton is protected 1.
- Customer concentrationhigh
Revenue depends on a small number of large customers, and losing one could significantly affect turnover 1.
- Working capitalmedium
The company operates within working capital limits that restrict purchase volumes and could limit growth 1.
- Geopolitical and route risksmedium
Conflicts in the Middle East and Red Sea can change vessel routes and raise costs, affecting demand at certain ports 1.
- Environmental regulationlow
Changes in fuel quality and emission rules could require costly adaptation if the product range is not updated 1.
Investment thesis
What would need to be true (bull case)
- If European expansion and diversification toward sustainable fuels continue, the company could strengthen its market position and reduce reliance on a single customer type 1.
- The wide port network and asset-light model could allow rapid growth even when demand in one region falls 1.
- Rising demand for LNG and biofuel, supported by IMO and EU rules, could open new revenue streams 1.
What would break the thesis
- Revenue fell in 2025 and is strongly influenced by oil prices, which could keep affecting results if prices stay low 1.
- Customer concentration and working capital limits could slow growth and expose the company to unexpected losses 1.
- Competition from oil major bunkering arms and local distributors could compress margins, especially if they offer lower prices 1.
What to watch
- Quarterly trend in revenue and sales volumeQ1 2026
- Number of network ports and expansion into Europe and Africa2026
- Biofuel and LNG sales volume after launching the new services2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 17 Apr 2026; since then the company filed 6-K (23 Oct 2026), 6-K (28 Aug 2026), 6-K (18 Aug 2026), 6-K (04 Aug 2026), 6-K (16 Jul 2026), 6-K (28 Apr 2026).
The business
The company describes itself as a bunkering facilitator that buys marine fuel, including biofuel and LNG, from suppliers and arranges delivery to customers 1. Its cost plus pricing model earns a premium equal to the difference between selling and purchase prices per metric ton 1. The supply network relies on low fixed asset investment, as the company does not own bunker barges in ports 1.
Customers have mainly been container liner operators, and the company has extended its base to bulk carriers and tankers 1. The network covers ports in Asia Pacific, Europe, Australia, Africa and Central America, and the company offers biofuel including B24 and started LNG supply in late 2025 1.
Segments
Market context
The source describes marine fuel supply as highly competitive and fragmented, with rivals including other facilitators, oil major bunkering arms and local distributors 1. Brent crude fell 14.1% in 2025, reducing revenue but adding pricing pressure on margins 1.
Demand is shaped by container liner routes, Middle East tensions and environmental rules such as EU ETS and FuelEU Maritime, which could favour lower emission fuels 1. The source notes seaborne volumes grew only 0.5% in 2025 1.
Trends
- Lower oil pricesheadwind
Lower oil prices reduced reported revenue even though volumes rose, showing how sensitive turnover is to fuel prices 1.
- Emission regulationstailwind
IMO and EU emission requirements could increase demand for sustainable fuels, which would support the company's strategy 1.
- Trade reroutingmixed
Trade tensions and Suez diversions changed vessel routes, creating extra demand at some European and Asian ports while raising fuel costs 1.
- Customer concentrationmixed
Revenue concentration in the top five customers fell in 2025 but remains high, which could affect revenue stability if a major client reduces activity 1.
Competitive position
The company names other bunkering facilitators as its main competitors, but it also faces pressure from local distributors that supply ship operators directly 1. Key factors are supplier relationships, technical know-how and working capital, plus the ability to offer sustainable fuels at scale 1.
Declared advantages include the wide port network, economies of scale and a treasury management system, while the source notes that rivals offering sustainable fuels in bulk could gain an edge 1.
- Other bunkering facilitators
Independent companies supplying similar vessel refueling services, named as main competitors in the source 1.
- Bunkering arms of oil majors
Divisions of major oil companies that also provide vessel refueling services 1.
- Local physical distributors and traders
Local suppliers delivering fuel directly to ship operators, competing with the company in some ports 1.
- Large-scale sustainable fuel suppliers
Rivals offering biofuel or other low emission fuels in large volumes, which could give them a competitive advantage 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)23 Oct 2026
- Current report (foreign issuer)28 Aug 2026
- Current report (foreign issuer)18 Aug 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)16 Jul 2026
- Current report (foreign issuer)28 Apr 2026
- Current report (foreign issuer)22 Apr 2026
- Current report (foreign issuer)17 Apr 2026
- Annual report (foreign issuer)17 Apr 2026
- Current report (foreign issuer)31 Mar 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / CBL International Limited · 17 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.