CBL expands into SAF feedstocks with Green Marine majority stake

CBL International has acquired a 50.5% majority stake in Green Marine Energy Holdings, marking its entry into sustainable aviation fuel feedstocks and broadening its exposure to biofuels across the marine and aviation value chains.

The transaction, executed via CBL's wholly owned subsidiary under a share sale and purchase agreement, includes a corporate guarantee from the parent to secure payment obligations, CBL said in a statement on April 23. However, financial terms were not disclosed.

GMH operates two core businesses in Malaysia: feedstock trading for SAF and biofuels, and marine fuel supply, including both conventional bunkering and biofuel delivery within Malaysian waters. Its trading arm holds licenses to source and supply raw materials used in SAF and biofuel production, supported by an established supplier and customer network.

Strategic shift into fuel supply chain

The acquisition positions CBL, a marine fuel logistics provider active across more than 70 ports in the Asia-Pacific, to expand upstream into the sustainable fuel supply chain while retaining its core bunkering facilitation model.

"This acquisition represents a measured step to broaden our presence in the sustainable energy supply chain while leveraging our core strengths in marine fuel services," said CEO Teck Lim Chia.

Market participants said access to feedstocks has become increasingly critical as SAF production ramps up globally, tightening competition for waste- and residue-based inputs.

Malaysia emerging as SAF hub

The deal comes amid rising investment in SAF infrastructure in Malaysia, where new commercial-scale production facilities are being commissioned and planned, driving demand for feedstocks.

GMH's bunkering license includes operations at key ports such as Port Klang, one of the world's largest by throughput, positioning the combined group to expand both conventional and biofuel marine supply as shipping transitions toward lower-carbon fuels.

Integration of trading and bunkering

CBL said its financial resources and logistics expertise are expected to support GMH's expansion, particularly in scaling feedstock trading volumes and developing supply relationships with SAF producers in the region.

The combined platform is also expected to strengthen marine biofuel availability, aligning with tightening emissions regulations in shipping and aviation and growing ESG-linked demand.

The acquisition does not alter CBL's primary focus on its established bunkering facilitation business but is expected to enhance its long-term positioning in the evolving marine and energy sectors.

Platts, part of S&P Global Energy, assessed the Sustainable Aviation Fuel FOB FARAG Outright price at $2,642.25/metric ton on April 23, up $18.25/mt week over week.