CBL International unit launches biofuel bunker operations in Hong Kong

Banle Energy International, a subsidiary of CBL International Limited, has successfully completed its first B24 biofuel bunker operation in Hong Kong. The operation was conducted in collaboration with ASB Biodiesel and Seven Seas Oil. This initiative is part of Banle Energy’s efforts to support the International Maritime Organization’s (IMO) 2023 Greenhouse Gas Strategy, which aims to reduce annual greenhouse gas (GHG) emissions from international shipping by at least 20% and 70% by 2030 and 2040, respectively, compared to 2008 levels.

Banle Energy is committed to promoting biofuels as an environmentally sustainable solution to reduce greenhouse gas emissions. The company believes that biofuels, as low-carbon alternatives to fossil oils, have the potential to significantly impact the shipping industry’s contribution to climate change. Teck Lim Chia, the CEO and Chairman of Banle Energy, views the operation of Hong Kong’s B24 biofuel bunker facility as a significant step towards decarbonization and environmental sustainability in the shipping industry.

According to a white paper by classification society DNV, the current global sustainable biofuel production capacity is around 11 million tonnes of oil equivalent (Mtoe) per year. However, to fully decarbonize shipping through the use of biofuels and energy efficiency measures, an annual supply of 250 Mtoe of sustainable biofuels is required by 2050. This would account for 20-50% of potential global production. Therefore, there is a need to significantly increase the production capacity of sustainable and economically viable biofuels in order to meet the demand and achieve the desired reduction in emissions.

Banle Energy’s biofuel bunkering operation marks an important milestone in the adoption of biofuels in the shipping industry. It sets the stage for Hong Kong’s bunkering industry to embrace biofuels as a means of contributing to decarbonization and reducing carbon emissions. This development aligns with the company’s ESG-centric approach and its commitment to promoting sustainable energy solutions.

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