C3is Inc. announces the acquisition of two medium range product tankers

The purchase price is US$16.88 million for the 2008-built tanker and US$22.90 million for the 2011-built tanker. The vessels are expected to be delivered to the Company between the first and third quarters of 2026.

Following completion of these acquisitions, the Company’s fleet will increase by 50% to a total of six vessels and focus on the lucrative tanker sector. It will consist of three Handysize dry bulk carriers and three tankers, an Aframax oil tanker and two MR product tankers.

The vessels will be acquired from an entity affiliated with Brave Maritime Corp Inc. The Acquisitions were approved by the independent directors of the Company, who obtained independent valuations for the vessels and based the respective purchase prices on the average of those valuations.

The Acquisitions are funded with a one-year interest free loan, pursuant to which the Company may elect to pay the entire purchase price of the vessels at any time during the year following the date of the applicable Memoranda of Agreement thereby providing significant financial flexibility.

Commenting on the Transaction, Dr. Diamantis Andriotis, the Company’s Chief Executive Officer, said:

“We continue to pursue opportunistic acquisitions that position our Company to capitalise on favourable market conditions. This acquisition represents an investment that materially increases the scale of our operations, while strengthening our commercial profile and earnings capacity.

“The newly acquired MR product tankers meaningfully increase our exposure to the tanker market, with very positive and sustainable fundamentals evidenced by high short- and medium-term charter rates. In the currently prevailing spot market, each vessel would be expected to generate revenues of approximately US$25 000 per day, or approximately US$9 million in annual gross revenue. After accounting for daily operating expenses, including management fees and general and administrative expenses, estimated at approximately US$8300 per day, this revenue would be expected to translate into annual EBITDA of approximately US$6 million per vessel.

“The robust cash flows expected to be generated by the newly acquired MR product tankers as well as our Aframax tanker with daily spot rates currently at around US$55 000, will significantly enhance our Company’s profitability, strengthen our financial resilience and provide additional flexibility to pursue future growth opportunities.”

Read the article online at: https://www.drybulkmagazine.com/dry-bulk/23012026/c3is-inc-announces-the-acquisition-of-two-medium-range-product-tankers/