Timely and selective acquisitions of quality vessels Diversified fleet allowing more impact on long term profits C3is Inc. This presentation contains forward-looking statements within the meaning of applicable federal securities laws. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as "may," "will," "should," "estimates," ...

C3is Inc. (NASDAQ:CISS) Q1 2024 Earnings Conference Call May 28, 2024 11:00 AM ET Company Participants Diamantis Andriotis - CEO Nina Pyndiah - CFO Conference Call Participants Diamantis Andriotis Good morning, everyone, and welcome to our C3is First Quarter Earnings Conference Call and Webcast. This is Diamantis Andriotis, CEO of the company. Joining me on the call today is our CFO, Nina Pyndiah. Before we commence our presentation, I would like to remind you that we will be discussing forward-looking stat ...

Revenue Performance - Voyage revenues for the twelve months ended December 31, 2023 amounted to $28.7 million, an increase of $25.4 million compared to revenues of $3.3 million for the same period in 2022[11] - Voyage revenues for the three months ended December 31, 2023 amounted to $13.8 million, an increase of $10.7 million compared to revenues of $3.1 million for the same period in 2022[20] - Total revenues for the 12 months ended December 31, 2023, were $28,738,982, up from $3,287,101 for the same period in 2022, indicating an increase of about 775%[31] Operational Efficiency - Total calendar days for the fleet were 901 days for the twelve months ended December 31, 2023, with 680 days, or 75.5%, being time charter days[11] - Fleet operational utilization was 91.6% for the twelve months ended December 31, 2023[11] - Fleet operational utilization was 87.0% for the three months ended December 31, 2023[20] - Fleet utilization for the relevant period was calculated based on voyage days divided by fleet calendar days, indicating operational efficiency[27] Expenses and Costs - Voyage expenses for the twelve months ended December 31, 2023 were $7.6 million, with bunker costs accounting for $3.4 million, or 45% of total voyage expenses[11] - Voyage expenses for Q4 2023 were $4,205,883, a significant rise from $396,069 in Q4 2022, marking an increase of approximately 964%[31] - Interest and finance costs for the twelve months ended December 31, 2023 were $1.4 million, mainly related to the accrued interest expense for the acquisition of the Aframax tanker Afrapearl II[22] Profitability - Net income for the twelve months ended December 31, 2023 was $9.3 million[22] - Net income for Q4 2023 reached $5,572,743, a significant increase from $523,091 in Q4 2022, representing a growth of approximately 964%[31] - EBITDA for the twelve months ended December 31, 2023 amounted to $14.7 million[22] - EBITDA for Q4 2023 was $7,665,751, compared to $1,047,802 in Q4 2022, reflecting a growth of approximately 632%[30] Financial Position - Cash and cash equivalents at the end of the period were $695,288, with total current assets increasing to $20,310,584 from $1,023,520 in the previous year[32] - The company reported total liabilities of $39,928,166 as of December 31, 2023, compared to $965,466 in the previous year, showing a substantial increase[32] - The total assets of the company grew to $95,472,015 as of December 31, 2023, up from $39,859,671 in the previous year, indicating strong growth in asset base[32] Corporate Actions - The company plans to effect a reverse stock split, with the exact ratio and effective date to be determined by the Board of Directors[23] - The company reported a net cash increase from financing activities of $7,482,594 for the year, driven by proceeds from a follow-on offering[34] Depreciation - Depreciation for the twelve months ended December 31, 2023 was $4.1 million, a $3.5 million increase from $0.6 million for the same period last year[11]

ATHENS, Greece, May 28, 2024 (GLOBE NEWSWIRE) -- C3is Inc. (Nasdaq: CISS) (the "Company"), a shipowning company providing drybulk seaborne transportation services, and from the third quarter of 2023, tanker transportation services, announced today its unaudited financial and operating results for the first quarter ended March 31, 2024. OPERATIONAL AND FINANCIAL HIGHLIGHTS Our handysize dry bulk carriers are on time charters of short term durations, producing steady cash flows, while our Aframax tanker opera ...

ATHENS, Greece, May 28, 2024 (GLOBE NEWSWIRE) -- C3is Inc. (Nasdaq: CISS) (the "Company"), a shipowning company providing drybulk seaborne transportation services, and from the third quarter of 2023, tanker transportation services, announced today its unaudited financial and operating results for the first quarter ended March 31, 2024. OPERATIONAL AND FINANCIAL HIGHLIGHTS Our handysize dry bulk carriers are on time charters of short term durations, producing steady cash flows, while our Aframax tanker opera ...

Slides and audio webcast: ATHENS, Greece, May 23, 2024 (GLOBE NEWSWIRE) -- C3is Inc. (NASDAQ:CISS) (the "Company"), a ship-owning company providing seaborne transportation services, announced today that it will release its first quarter financial results for the period ended March 31, 2024 before the market opens in New York on May 28th, 2024. On May 28th, 2024, at 11:00 am ET, the company's management will host a conference call to present the results and the company's operations and outlook. There will al ...

Financial Performance and Risks - The company experienced increases in vessel operating expenses due to rising costs for crew and materials, with costs stabilizing in late 2022 and remaining stable until April 2024[86]. - The management team has limited experience running a public company, which may impact the company's performance and ability to obtain financing[89]. - Future financing arrangements may impose operating and financial restrictions, limiting the company's ability to incur additional indebtedness or engage in mergers and acquisitions[113]. - The market values of the company's vessels may decrease, potentially breaching covenants in future credit facilities and adversely affecting financial results[114]. - The company may face challenges in obtaining adequate insurance coverage for its fleet, which could increase costs or lower revenue[96]. - The company may face significant fluctuations in the market price of Common Shares due to various strategic actions and market conditions[143]. - The company may incur significant liabilities related to the operation of vessels prior to the Spin-Off, which could negatively impact its financial condition[218]. - The company’s ability to pay dividends is subject to its financial condition and legal restrictions, with no guarantee of surplus or net profits[193]. - The company has not declared any dividends on its Common Shares and may not make dividend payments in the future due to insufficient revenues or incurred expenses[217]. Fleet Management and Operations - The company intends to continue to prudently grow its fleet over the long term, but future growth will depend on locating and acquiring suitable vessels and obtaining required financing[93]. - The company relies on Brave Maritime for fleet management, and any material damage to its reputation could harm the company's competitive ability[88]. - The company has entered into a management agreement with Brave Maritime, which will provide technical, administrative, and commercial services, with a fixed management fee of $440 per vessel per day for voyage or time charters[225][255]. - The management agreement with Brave Maritime will expire on December 31, 2025, and will automatically extend for additional 12-month periods unless a six-month notice of non-renewal is given[226]. - The company operates a fleet consisting of three drybulk carriers and one Aframax crude oil tanker, with a total cargo carrying capacity of 213,468 dwt[221]. - The company is acquiring a third dry bulk carrier, expected to be delivered charter-free in May 2024[230][254]. - The current chartering strategy for tanker vessels is focused on spot employment or short-term charters, with the potential for longer-term employment as market conditions change[229]. - The company’s dry bulk carriers are under time charter contracts expiring in May 2024, while the tanker is operating in the spot market[254]. Market Conditions and Competition - The international drybulk and tanker shipping industries are highly competitive, and the company may struggle to compete with new entrants or established companies with greater resources[94]. - The market value of drybulk and tanker vessels is highly volatile, with current tanker values at relatively high levels, while drybulk carrier values remain well below the highs reached in 2007 and 2008[206]. - An oversupply of drybulk vessel capacity may depress current charter rates, adversely affecting profitability[202]. - The conflict in Ukraine has disrupted energy production and trade patterns, leading to uncertainty in energy prices and tanker rates[195]. - Sanctions against Russia have reduced its oil exports from approximately 5.5 mbpd to less than 0.4 mbpd, affecting global oil supply and tanker charter rates[195]. - Political uncertainty and trade protectionism could adversely impact the demand for shipping and the financial condition of charterers[199]. Regulatory and Compliance Issues - The company may incur additional costs due to governmental regulations related to vessel age and safety standards, impacting profitability[127]. - Compliance with environmental regulations may require significant capital expenditures, impacting the competitiveness and financial condition of the company's vessels[182]. - Increased scrutiny regarding ESG policies may impose additional costs and risks, potentially affecting access to capital[177]. - The company may need to implement more stringent ESG procedures to maintain investor and lender confidence, which could impact operational costs[178]. - The IMO adopted the 2023 Strategy on Reduction of GHG Emissions from Ships, aiming for net zero GHG emissions from international shipping[277]. - The revised strategy includes increasing the adoption of zero or near-zero emissions technologies to represent at least 5% of energy used by international shipping by 2023[277]. - The introduction of the EEXI regulatory framework may accelerate the scrapping of older tonnage and lead to new ship construction[278]. - The U.S. is undergoing changes in environmental policy that may negatively impact profitability due to potential future regulations on ship operations[280]. - Cybersecurity regulations for the maritime industry are expected to develop further, which may lead to increased expenses and capital expenditures for companies[280]. - Compliance with the International Ship and Port Facilities Security (ISPS) Code is mandatory, imposing detailed security obligations on vessels and port authorities[281]. Financial and Operational Challenges - The company may face unexpected repair costs for its vessels, which could adversely affect cash flow and financial condition[158]. - The company may be adversely affected by government requisition of vessels during periods of war or emergency, resulting in loss of revenues[151]. - The company is exposed to risks of lawsuits related to personal injury, property casualty, and environmental contamination, which could result in significant financial expenditures[129]. - The average age of the fleet is slightly above the industry average, which may affect competitiveness with younger vessels[234]. - The company may face challenges in meeting charterers' quality and compliance requirements, which could adversely affect future performance and cash flows[179]. - The company may incur significant capital expenditures to apply efficiency improvement measures to meet the Required EEXI threshold[278]. - Changes in fuel prices can significantly impact profitability, with unpredictable fluctuations based on geopolitical events and market conditions[190]. - The cost of low sulfur fuel, which contains 0.5% sulfur, is currently higher than standard marine fuel with 3.5% sulfur, impacting competitiveness[186]. - The company may face increased insurance premiums and crew costs due to piracy risks in certain regions, which could adversely affect its financial condition[200]. - Regular inspections by major charterers are a pre-condition for chartering voyages, emphasizing the importance of well-maintained, high-quality tonnage[285].

ATHENS, Greece, April 12, 2024 (GLOBE NEWSWIRE) -- C3is Inc. (NASDAQ:CISS) (the "Company") announced today that it has entered into an agreement to acquire the Bulk Carrier Eco Spitfire for $16.19 million from Brave Maritime, an affiliated company. Eco Spitfire, a Marshall Islands registered vessel, was built at a Japanese ship yard in 2012, and has a cargo carrying capacity of approximately 33,664 dwt. Payment of 10% of the purchase price will be effected within April 2024, with the remaining balance due b ...

To be effective April 12, 2024 Aiming to meet the minimum bid price requirement for maintaining listing on Nasdaq ATHENS, Greece, April 10, 2024 (GLOBE NEWSWIRE) -- C3IS INC. (the "Company") (NASDAQ:CISS) today announced that its board of directors has determined to effect a one-for-one hundred (1-for-100) reverse stock split of the Company's common stock, par value $0.01 per share. The reverse stock split will take effect at 11:59 pm Eastern Time on April 11, 2024, and the Company's common stock will begin ...

Financial Data and Key Metrics Changes - For the 12 months ended December 31, 2023, the company reported a net income of $9.3 million, with Q4 net income reaching $5.6 million, representing a 67% increase from Q3 2023 [9][20][29] - EBITDA for the 12 months ended December 31, 2023, amounted to $14.6 million, with Q4 EBITDA at $7.64 million, reflecting a 41% increase from Q3 2023 [9][20] - The company generated revenues of $13.8 million in Q4 2023, marking a 36% increase from the previous quarter [20][29] Business Line Data and Key Metrics Changes - The average time charter equivalent rate for the fleet was $34,000 per day in Q4 2023, with a full-year average of $23,453 [29] - Voyage revenues for the 12 months ending December 31, 2023, totaled $28.7 million, with Q4 revenues at $13.8 million [29] Market Data and Key Metrics Changes - Dry bulk demand increased by 4.4% in 2023 and is expected to grow by 2.1% in 2024, while crude oil demand in ton-mile terms grew by 5.9% in 2023, projected to grow by 4.3% in 2024 [4][5] - The tanker order book remained at historically low levels, standing at 6.7% of fleet capacity at the end of December 2023 [5] Company Strategy and Development Direction - The company aims to maintain a high-quality fleet to reduce operating costs and improve safety, focusing on selective vessel acquisitions and short to medium-term charters [31][33] - The acquisition of the Aframax tanker is seen as the first step in the company's growth strategy, enhancing fleet diversification and financial performance [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautiously optimistic outlook for the handy bulker market in 2024, anticipating gradual improvements due to demand growth slightly outpacing fleet expansion [14] - The ongoing geopolitical factors and environmental regulations are expected to impact tanker supply and rates significantly [6][27] Other Important Information - The fleet book value as of December 31, 2023, was $75.2 million, with cash and cash equivalents at $9.1 million and no outstanding bank debt [18] - The company’s net asset value is approximately $50.4 million, representing 10.3 times its current market capitalization [18] Q&A Session Summary - The Q&A session concluded without any recorded questions or answers, indicating a wrap-up of the conference call [22]