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Related Party Transactions and Balances
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions and Balances

11. Related Party Transactions and Balances

 

Related parties:

 

Name of related parties   Relationship with the Company
Mr. Chia   The Chief Executive Officer, shareholder and director of the Company
Banle International Holdings Limited   An entity controlled by Mr. Chia (Note 1)
CBL (Asia) Limited   An entity controlled by Mr. Chia (Note 1)
Tumpuan Megah Development Sdn. Bhd.   An entity controlled by Straits Energy Resources Berhad (Note 2)

 

Note 1: Mr. Chia is the director and controlling shareholder of CBL (Asia) Limited, which is a 62% shareholder of the Company.
   
Note 2: Straits Energy Resources Berhad is a company incorporated and listed in Malaysia, which is a 38% shareholder of the Company.

 

The Company purchased marine fuel from the following during the year ended December 31, 2022 and 2021, which were fully paid during the years:

 

Name of related party  2022   2021 
   For the year ended December 31, 
Name of related party  2022   2021 
Tumpuan Megah Development Sdn. Bhd.  $-   $1,320,191 

 

Due from Related Parties

 

As of December 31, 2022 and 2021, due from related parties consists of the following:

Schedule of Due from Related Parties 

   2022   2021 
Name of related parties  As of December 31, 
   2022   2021 
Banle International Holdings Limited  $-   $1,509,988 

 

The amount due from Banle International Holdings Limited was non-interest bearing and it was repaid in full in September, 2022.