Exhibit 99.1

Press Release

For immediate release

Banle Group announces 2023 full year results

Hong Kong, April 18, 2024 – Banle Group (the “Group” or “Banle”) (Nasdaq: BANL), a reputable marine fuel logistic company in the Asia Pacific, today reported its audited financial results for the full year ended December 31, 2023 (“FY2023”).

Results compared with the full year ended December 31, 2022 (“FY2022”) are as follows:

* Gives retroactive effect to reflect the reorganization in August 2022.

Mr. Teck Lim Chia, Chairman and Chief Executive Officer, commented, “FY2023 marks a significant year for Banle. In March 2023, we raised gross proceeds of US$15 million from an IPO offering. With the additional financial resources from the IPO, we not only successfully expanded our service network to Europe, but also gained new businesses with existing customers and acquired new customers. These accomplishments led to remarkable growth in our sales volume in FY2023. On the environmental protection side, we were approved for biofuel trading activities and launched the first biofuel supply after years of proactively exploring alternative fuel options.

Sales volume in FY2023 surged by 18% year-on-year, despite a tepid global economy and a slight decline in global container port throughput, as the Group efficiently utilized the additional funding from the IPO completed in March 2023 to increase sales from existing customers as well as expand customer base through an enlarged service network. Notwithstanding the 20% drop in average oil prices during FY2023, revenue only registered a drop of 5.8% year-on-year to US$435.9 million, thanks to the surge in sales volume which partially offset the negative impact from oil price movement.

Our supply network expanded substantially over the past year, from 36 ports covering the Asia Pacific as of the end of FY2022 to 55+ ports covering both the Asia Pacific and Europe as of the end of FY2023. In the near future, further expansion into the European market is our priority. We will also endeavor to maximize volume growth to balance the impact from the change in customer mix as we further expand our service network.”

With the IPO funding, the Group was able to penetrate deeper into the bunkering market by acquiring new customers and businesses in FY2023. The expansion of customer mix post-IPO means that revenue stream as well as customer margin profiles had become more diversified. The move to develop new customers and explore business opportunities inevitably affected gross profit in FY2023, which declined by 21.0% to US$7.2 million compared to FY2022, due to a lower gross profit per metric ton as a result of a more diversified customer base, again partially offset by the increased sales volume.

The Group recorded an increase in operating expenses of US$1.2 million in FY2023 which is primarily attributable to the expenses incurred from the listing, business expansion and efforts in exploring and conducting biofuel operation. The listing-related expenses, amounting to approximately US$0.6 million, were primarily required to maintain the Group’s listing status. There were no listing-related expenses in FY2022. As for the expenses related to business expansion and biofuel operation, the Group regards them as vital investments for long-term sustainable growth.

Banle generated net income of US$1.1 million in FY2023, compared with US$3.7 million in FY2022. The decrease was mainly attributable to the decline in gross profit and increase in operating expenses as explained above, partially offset by a reduction in provision for income taxes.

About CBL International Limited

Established in 2015, CBL International Limited (Nasdaq: BANL) is the listing vehicle of Banle Group, a reputable marine fuel logistic company in the Asia Pacific region. We are committed to providing customers with one stop solution for vessel refueling. Banle Group’s business activities are primarily focused in over 55 major ports covering Japan, Korea, China, Hong Kong, Taiwan, Vietnam, Malaysia, Singapore, Thailand, Turkey and Belgium. The Group actively promotes the use of alternative fuels and is awarded with the ISCC EU and ISCC Plus certifications.

Forward-Looking Information and Statements

Certain statements in this announcement are forward-looking statements, by their nature, subject to significant risks and uncertainties. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Group’s current expectations and projections about future events that the Group believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. The Group undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Group believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Group cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Group’s registration statement and other filings with the SEC.

CBL INTERNATIONAL LIMITED

(Incorporated in Cayman Islands with limited liabilities)

For more information, please contact:

CBL International Limited

Email: investors@banle-intl.com

CBL INTERNATIONAL LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Expressed in U.S. dollars, except for the number of shares)

* Gives retroactive effect to reflect the reorganization in August 2022.

CBL INTERNATIONAL LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Expressed in U.S. dollars, except for the number of shares)

* Gives retroactive effect to reflect the reorganization in August 2022.

CBL INTERNATIONAL LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in U.S. dollars)

Note: The accompanying notes in our 2023 Annual Report are an integral part of the above consolidated financial statements. Please refer to our Form 20-F 2023 Annual Report filed with SEC on April 18, 2024 on www.banle-intl.com for details of our consolidated financial statements.