C3is Inc. reports second quarter and six months 2025 financial and operating results

Operational and financial highlights:

• Handysize dry bulk carriers are employed on short-term time charters, generating steady cash flows, while the Aframax tanker operates in the spot market, currently achieving voyage charter rates of approximately US$25 000 per day.
• All vessels are unencumbered.
• Fleet operational utilisation was 78% for the three months ended 30 June 2025, primarily due to commercial idle days of the Aframax tanker operating in the spot market. Vessels employed under time charter had fewer idle days.
• Revenues totalled US$10.7 million for the three months ended 30 June 2025, corresponding to a daily TCE¹ of US$16 466, compared to revenues of US$10.8 million and a daily TCE of US$23 938 for the three months ended 30 June 2024.
• Cash and cash equivalents and time deposits amounted to US$2.3 million at the end of Q2 2025.
• For Q2 2025, daily TCE decreased by 31% compared to the same period in 2024.
• Net loss of US$5.3 million, EBITDA¹ of (US$3.7 million), and basic loss per share of US$8.78 were recorded for the three months ended 30 June 2025.
• For the six months ended 30 June 2025, net income was US$2.6 million and basic earnings per share were US$0.52.
• Adjusted net income¹ for the three months ended 30 June 2025 was US$1.1 million, representing a 62% decrease compared to US$2.9 million for the same period in 2024.
• Adjusted EBITDA¹ was US$2.8 million for the three months ended 30 June 2025, a 43% decrease compared to US$4.9 million for the three months ended 30 June 2024.
• In April 2025, the Company settled the outstanding balance of US$14.6 million due to the sellers of the bulk carrier Eco Spitfire, representing 90% of the vessel’s purchase price. Funds used for the settlement were sourced from operations, available cash, and net proceeds from equity offerings.
• All capital expenditure commitments, totalling US$59.2 million, were met without reliance on bank loans. These expenditures primarily related to the acquisitions of the Aframax tanker Afrapearl II and the bulk carrier Eco Spitfire.
• A non-cash adjustment of US$6.4 million was recorded as “Loss on Warrants” for the three months ended 30 June 2025, mainly due to changes in the fair value of warrants between 31 March 2025 and 30 June 2025.
• In August 2025, the Aframax tanker Afrapearl II successfully completed dry-docking over a 23-day period at an approximate cost of US$1.3 million.

CEO Dr. Diamantis Andriotis commented:

“For the first half of 2025, we reported Voyage Revenues of US$19.4 million, EBITDA of US$6.0 million, Net Income of US$2.6 million, and EPS of US$0.52.

“In April 2025 we paid off the remaining balance of US$14.6 million due on our bulk carrier, the Eco Spitfire. In August 2025, we successfully completed the dry-docking of our Aframax tanker, the Afrapearl II.

“Major changes in the maritime shipping industry were caused by extensive transitions in the world due to geopolitical factors, environmental regulations, demand patterns and weather-related challenges. Despite these shifting dynamics, C3is Inc.’s performance remained solid, with an increase of its fleet capacity by over 230% since inception, without incurring any bank debt.

“We are fully deleveraged, thus significantly enhancing our financial flexibility. This financial position provides a strong foundation for our future growth.

“Our performance so far has demonstrated our resilience and strategic focus; we are confident that we have established foundations that are adaptable to this changing environment, thereby enhancing our fundamental ability to both further develop existing core businesses, as well as explore potential new growth businesses.”

Read the article online at: https://www.drybulkmagazine.com/dry-bulk/03092025/c3is-inc-reports-second-quarter-and-six-months-2025-financial-and-operating-results/