This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
PTL Limited is a Singapore-based marine fuel logistics intermediary that facilitates bunkering — the delivery of fossil fuels to commercial shipping vessels — across seven ports in the Asia-Pacific and Middle East. Operating through subsidiaries Petrolink Energy Limited and Petrolink Energy Pte. Ltd., PTL arranges vessel refuelling at competitive pricing, provides trade credit, and manages fuel quality disputes. Revenue for the first half of fiscal 2025 was $43.6 million, down 13.4 percent from $50.3 million in the same period of 2024 due to lower sales volume. The company's entire business model revolves around distributing marine fossil fuels — primarily very low sulfur fuel oil and marine gas oil — to the global shipping fleet. PTL has no material non-fossil revenue stream.
PTL Ltd provides marine fuel logistics and bunkering services in Asia Pacific, distributing HSFO, LSFO, and LSMGO to container ships, bulk carriers, and tankers. Core business is fossil fuel distribution to the maritime industry.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
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