CBL International (NASDAQ:BANL) Initiates Share Buyback Plan

CBL International (NASDAQ:BANL) announced that its board has approved a stock repurchase plan on Tuesday, June 3rd, RTT News reports. The company plans to repurchase $5.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 20% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

CBL International Stock Down 1.6%

Shares of CBL International stock opened at $0.91 on Wednesday. The business has a fifty day simple moving average of $0.95 and a two-hundred day simple moving average of $1.02. CBL International has a 1 year low of $0.55 and a 1 year high of $1.35.

About CBL International

CBL International Limited, a marine fuel logistics company, provides vessel refueling solutions in Malaysia, Hong Kong, China, South Korea, Singapore, and internationally. It facilitates vessel refueling between ship operators and local physical distributors/traders by purchasing marine fuel, including both fossil fuel and alternative fuel.