Financial Data and Key Metrics Changes - For the year 2024, the company reported revenues of $42.3 million, an increase of 47% compared to 2023 [6] - Net revenues were $28 million, reflecting a 33% increase from 2023 [6] - Adjusted EBITDA was $16.4 million, up 11% from the previous year [6] - Adjusted net income was $8.7 million, a 7% increase from 2023 [6] - Cash balance at the end of Q4 2024 was $12.6 million, a 39% increase from year-end 2023 [7] Business Line Data and Key Metrics Changes - The Aframax tanker, Afrapearl II, contributed approximately 76% to total revenues [6][34] - Daily time charter equivalent (TCE) for 2024 was $21,000 per day, which is 10% lower than the rate for 2023 [8][34] - Fleet operational utilization was 90.3% for the 12-month period ending December 31, 2024, down from 91.6% in 2023 [35] Market Data and Key Metrics Changes - The global drybulk trade showed resilience, particularly in the latter half of 2024, with Handysize vessels holding a significant market share [9] - Iron ore and coal trade continue to dominate, but the iron ore market is undergoing a transitional phase influenced by economic trends [10] - Demand for coal rebounded in the second half of 2024 due to prolonged hot weather and growth in the chemical sector [13] Company Strategy and Development Direction - The company aims for disciplined growth through selective acquisition of quality vessels and maintaining high standards of safety and reliability [43][44] - The strategy includes focusing on short to medium-term charters and securing favorable contracts with high-quality customers [44] - The company has no bank debts and has increased its fleet capacity by 234% since inception [45][46] Management's Comments on Operating Environment and Future Outlook - The shipping industry is navigating a transitional phase influenced by geopolitical factors and environmental regulations [47] - The management anticipates that 2025 will present strong financial performance and growth prospects, particularly with potential political changes in the U.S. [48][49] - The company is closely monitoring evolving market conditions to maximize future profits [47] Other Important Information - The company recorded a non-cash item of $11.13 million loss at year-end 2024, resulting in a net loss of $2.7 million for the year [39] - The fleet book value at the end of December 2024 was $84 million, a 12% increase from year-end 2023 [40] - The company maintains a comprehensive maintenance program for its vessels to ensure quality and reduce operating costs [42] Summary of Q&A Session - There was no question-and-answer session at the end of the conference call [1]

Core Viewpoint - C3is Inc. reported its financial and operational results for Q4 and the full year 2024, highlighting a significant increase in total revenues but a net loss for the year, influenced by various operational costs and market conditions [1][14][15]. Financial Highlights - Voyage revenues for Q4 2024 were $9.4 million, down from $13.8 million in Q4 2023, a decrease of $4.4 million [5]. - For the full year 2024, voyage revenues reached $42.3 million, an increase of 47% from $28.7 million in 2023 [13][14]. - The company reported a net income of $0.1 million for Q4 2024, compared to a net income of $5.6 million in Q4 2023, and a net loss of $2.7 million for the full year 2024 [6][13][32]. - Adjusted net income for Q4 2024 was $1.1 million, down 81% from $5.6 million in Q4 2023, while for the full year, adjusted net income was $8.7 million, a decrease of 7% from $9.3 million in 2023 [6][14][32]. Operational Performance - The fleet operational utilization was 90.2% in Q4 2024, with a total of 368 calendar days for the fleet, compared to 276 days in Q4 2023 [6][7]. - The average number of vessels owned increased to 4.0 in Q4 2024 from 3.0 in Q4 2023, contributing to increased operational capacity [10][25]. - The company achieved a daily Time Charter Equivalent (TCE) of $15,665 in Q4 2024, a 9% decrease from the previous year [6][35]. Cost Structure - Voyage expenses for Q4 2024 were $3.7 million, down from $4.4 million in Q4 2023, attributed to lower bunker costs [9]. - Operating expenses for Q4 2024 increased to $2.3 million from $1.5 million in Q4 2023, primarily due to a higher average number of vessels [9]. - For the full year 2024, total voyage expenses were $14.1 million, up from $7.6 million in 2023, reflecting increased operational activity [13]. Strategic Outlook - The company has expanded its fleet capacity significantly, increasing by 234% since its inception over a year ago, without incurring bank debt [14][15]. - The CEO indicated that geopolitical factors and regulatory changes could influence shipping dynamics in 2025, with potential positive impacts on profitability [16][17]. - The company is focused on identifying opportunities to maximize future profits amid a transitional phase in the shipping industry [15][16].

Core Viewpoint - C3is Inc. is set to release its fourth quarter and full year financial results for the period ended December 31, 2024, on March 11, 2025, with a conference call scheduled to discuss the results and company outlook [1]. Group 1: Financial Results Announcement - The financial results will be announced after the market opens in New York on March 11, 2025 [1]. - A conference call will be hosted by the company's management at 10:00 am ET on the same day to present the results and discuss operations and outlook [1]. Group 2: Webcast Information - There will be a live and archived webcast of the conference call available on the C3is Inc. website [2]. - Participants are advised to register approximately 10 minutes prior to the start of the webcast, which will be in listen-only mode [2]. Group 3: Company Overview - C3is Inc. is a ship-owning company that provides seaborne transportation services to dry bulk and tanker charterers, serving major national and private industrial users, commodity producers, and traders [3]. - As of the end of Q4 2024, the company owned three Handysize dry bulk carriers and one Aframax oil tanker, with a total capacity of 213,464 deadweight tons (dwt) [3]. - The company's shares are listed on the Nasdaq Capital Market under the symbol "CISS" [3].

Reverse Stock Split Details - The company will implement a one-for-two-and-a-half (1-for-2.5) reverse stock split of its common stock [4] - The reverse stock split will take effect at 11:59 pm Eastern Time on December 31, 2024, with trading on a split-adjusted basis beginning on January 2, 2025 [5] - Every 2.5 issued shares of common stock will be combined into one share, reducing the number of outstanding shares from approximately 10.6 million to approximately 4.2 million [11] - No fractional shares will be issued, and stockholders holding fractions will receive a cash payment based on the closing price of the company’s common stock on Nasdaq on December 31, 2024 [1] Purpose of the Reverse Stock Split - The reverse stock split aims to increase the market price of the company’s common stock to meet the minimum bid price requirement for maintaining listing on Nasdaq [13] Impact on Stockholders - Stockholders with shares held in book-entry form or through a bank, broker, or other nominee will see the reverse stock split reflected in their accounts on or after January 2, 2025 [2] - The company’s outstanding warrants and Series A Convertible Preferred Stock will be proportionately adjusted, increasing the exercise price and reducing the number of shares issuable upon exercise [11] Company Overview - C3is Inc is a ship-owning company providing dry bulk and crude oil seaborne transportation services, owning four vessels with a total fleet capacity of 213,464 deadweight tons (dwt) [10]

Exhibit 99.1 C3is Inc. C3is Inc. reports third quarter and nine months 2024 financial and operating results OPERATIONAL AND FINANCIAL HIGHLIGHTS Athens, Greece, November 18, 2024 – C3is Inc. (Nasdaq: CISS) (the "Company"), a ship-owning company providing dry bulk and tanker seaborne transportation services, announced today its unaudited financial and operating results for the third quarter and nine months ended September 30, 2024. • Our handysize dry bulk carriers are on time charters of short term duration ...

C3is Inc. (NASDAQ:CISS) Q3 2024 Earnings Conference Call November 18, 2024 11:00 AM ET Company Participants Diamantis Andriotis - Chief Executive Officer Nina Pyndiah - Chief Financial Officer Operator Good day and thank you for standing by. Welcome to the C3is Third Quarter 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. Please be advised that this conference is being recorded. I would now like to hand the conference over to your speaker today Dr. Diamantis Andriotis, ...

Core Insights - C3is Inc. reported significant growth in voyage revenues and adjusted net income for the nine months ended September 30, 2024, with voyage revenues reaching $32.9 million, a 119% increase from the previous year, and adjusted net income of $7.7 million, up 108% [26][24]. Operational Highlights - The company operates handysize dry bulk carriers on time charters and an Aframax tanker in the spot market, achieving current voyage charter rates of approximately $48,000 per day [2]. - Fleet operational utilization was 90.2% for the three months ended September 30, 2024, with a total of 368 calendar days for the fleet [3][8]. - The average number of vessels owned increased from 2.9 to 4.0 during the third quarter of 2024 [16]. Financial Performance - Revenues for the third quarter of 2024 were $9.3 million, a decrease from $10.1 million in the same period of 2023, primarily due to lower rates [8]. - The company reported a net income of $5.1 million and an EBITDA of $7.0 million for the third quarter of 2024 [4]. - For the nine months ended September 30, 2024, adjusted EBITDA was $13.5 million, a 92% increase compared to the same period in 2023 [5][24]. Cost and Expense Analysis - Voyage expenses for the third quarter of 2024 were $4.5 million, up from $2.8 million in the same period of 2023, attributed to an increase in the average number of vessels [9][10]. - Operating expenses for the nine months ended September 30, 2024, were $6.0 million, compared to $3.3 million for the same period in 2023 [18]. Strategic Developments - The company paid off the remaining balance of $39.5 million for the Aframax tanker in July 2024, utilizing cash from operations and equity offerings [6][27]. - C3is Inc. has expanded its fleet capacity by 234% since its inception, now totaling 213,464 deadweight tons (DWT) [26][33]. Market Context - The company is closely monitoring the implications of the recent U.S. elections on the global shipping industry, particularly concerning proposed tariffs and geopolitical tensions affecting trade dynamics [29][30].

ATHENS, Greece, Nov. 12, 2024 (GLOBE NEWSWIRE) -- C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing seaborne transportation services, announced today that it will release its third quarter financial results for the period ended September 30, 2024 before the market opens in New York on November 18, 2024. On November 18, 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. Slides and audio webcast: Th ...

[Management's Discussion and Analysis of Financial Condition and Results of Operations](index=1&type=section&id=MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides management's perspective on the company's financial condition, operational results, and future outlook [Overview](index=1&type=section&id=Overview) C3is Inc., spun off in June 2023, operates a four-vessel fleet of drybulk and crude oil carriers, totaling 213,468 dwt as of June 30, 2024, with a new Handysize acquired in April 2024 - C3is Inc. began operating as a separate company from Imperial Petroleum on **June 21, 2023**, following a spin-off[2](index=2&type=chunk) - The company provides transportation for drybulk charterers and, since Q3 2023, for oil producers, refineries, and commodities traders[34](index=34&type=chunk) - In April 2024, the company acquired a **33,664 DWT** handysize bulk carrier from an affiliated company for **$16.19 million**[3](index=3&type=chunk) Fleet Profile as of June 30, 2024 | Name | Year built | DWT | Vessel Type | Employment Status | | :--- | :--- | :--- | :--- | :--- | | **DRYBULK FLEET** | | | | | | EcoBushfire | 2011 | 32,000 | Handysize drybulk carrier | Time Charter | | Eco Angelbay | 2009 | 32,000 | Handysize drybulk carrier | Time Charter | | Eco Spitfire | 2012 | 33,664 | Handysize drybulk carrier | Time Charter | | **TANKER FLEET** | | | | | | Afrapearl II | 2010 | 115,804 | Aframax oil tanker | Spot | | **Fleet Total** | | **213,468** | | | [Selected Financial Data](index=2&type=section&id=Selected%20Financial%20Data) This section presents summary historical financial and operational data for the six-month periods ended June 30, 2023 and 2024, highlighting significant revenue growth, increased operating activities, and a notable net loss in 2024 Selected Statement of Comprehensive Income Data (Six-Month Period Ended June 30, USD) | Metric | 2023 | 2024 | | :--- | :--- | :--- | | **Revenues** | 4,855,097 | 23,619,205 | | **Income from operations** | 387,474 | 8,546,707 | | **Net income / (loss)** | 388,125 | (7,970,332) | Selected Balance Sheet Data (USD) | Metric | As of Dec 31, 2023 | As of June 30, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | 695,288 | 32,317,158 | | **Total assets** | 95,472,015 | 137,408,185 | | **Total liabilities** | 39,928,166 | 71,096,936 | | **Total stockholders' equity** | 55,543,849 | 66,311,249 | Selected Fleet Data (Six-Month Period Ended June 30) | Metric | 2023 | 2024 | | :--- | :--- | :--- | | **Average number of vessels** | 2.00 | 3.3 | | **Total voyage days for fleet** | 362 | 594 | | **Fleet utilization** | 100.0% | 99.3% | [Results of Operations](index=4&type=section&id=Results%20of%20Operations) For the six months ended June 30, 2024, revenues surged to $23.6 million, driven by fleet expansion, yet a $15.2 million non-cash loss on warrants resulted in an $8.0 million net loss despite increased operating income - Revenues increased by **$18.7 million** to **$23.6 million** for the six months ended June 30, 2024, primarily due to the increase in the average number of vessels[16](index=16&type=chunk) - Voyage and vessel operating expenses increased due to the larger fleet size, with voyage expenses significantly impacted by bunker and port costs as the Aframax tanker operated in the spot market[16](index=16&type=chunk) - A loss on warrants of **$15.2 million** was recognized, related to the net fair value losses on Class B and C warrants issued in 2024, which were classified as liabilities[16](index=16&type=chunk) - General and Administrative costs rose to **$2.1 million** from **$0.5 million**, mainly due to expenses from two public offerings, a reverse stock split, and costs of operating as a public company[16](index=16&type=chunk) [Liquidity and Capital Resources](index=5&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2024, the company maintained strong liquidity with $32.3 million in cash and no bank debt, funding operations primarily through cash flow and equity offerings, with significant vessel payments due in July 2024 and April 2025 Cash Flow Summary (Six-Month Period Ended June 30, USD) | Metric | 2023 | 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | 1,694,917 | 21,392,996 | | **Net cash used in investing activities** | — | (6,611,629) | | **Net cash provided by financing activities** | 3,305,083 | 16,840,503 | - As of June 30, 2024, the company had cash and cash equivalents of **$32.3 million** and bank time deposits of **$13.2 million**[46](index=46&type=chunk) - The company had no bank debt as of June 30, 2024, but may incur debt in the future to finance fleet growth[19](index=19&type=chunk) - Key liquidity needs include a **$14.6 million** payment due in April 2025 for a handysize bulk carrier, with a **$38.7 million** payment for the Aframax tanker made in July 2024[47](index=47&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section highlights that forward-looking statements are subject to significant risks and uncertainties, including market conditions, operating costs, financing availability, and geopolitical events, which could cause actual results to differ materially - Forward-looking statements are based on current assumptions which are inherently subject to significant uncertainties and contingencies[49](index=49&type=chunk) - Important factors that could cause results to differ include market conditions, charter rates, vessel values, operating costs, and the ability to obtain financing[50](index=50&type=chunk) - Geopolitical risks cited include the conflict in Ukraine, the conflict in Israel and Gaza, and potential shipping disruptions by Houthis in the Red Sea[50](index=50&type=chunk) [Unaudited Interim Condensed Consolidated Financial Statements](index=8&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's unaudited interim condensed consolidated financial statements, including the balance sheets, statements of comprehensive income, stockholders' equity, cash flows, and accompanying notes [Unaudited Interim Condensed Consolidated Balance Sheets](index=9&type=section&id=Unaudited%20interim%20condensed%20consolidated%20balance%20sheets) As of June 30, 2024, total assets increased to $137.4 million, driven by higher cash and vessel values, while total liabilities rose to $71.1 million due to increased related-party payables and a new warrant liability Consolidated Balance Sheet Highlights (USD) | Metric | As of Dec 31, 2023 | As of June 30, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | 695,288 | 32,317,158 | | **Vessels, net** | 75,161,431 | 87,400,747 | | **Total assets** | 95,472,015 | 137,408,185 | | **Payable to related parties** | 38,531,016 | 54,730,861 | | **Warrant liability** | — | 14,486,493 | | **Total liabilities** | 39,928,166 | 71,096,936 | | **Total stockholders' equity** | 55,543,849 | 66,311,249 | [Unaudited Interim Condensed Consolidated Statements of Comprehensive Income](index=10&type=section&id=Unaudited%20interim%20condensed%20consolidated%20statements%20of%20comprehensive%20income) For the six months ended June 30, 2024, revenues surged to $23.6 million and operating income increased, but a $15.2 million non-cash loss on warrants led to an $8.0 million net loss, or ($4.61) per share Consolidated Statement of Comprehensive Income (Six-Month Period Ended June 30, USD) | Metric | 2023 | 2024 | | :--- | :--- | :--- | | **Revenues** | 4,855,097 | 23,619,205 | | **Total expenses** | 4,467,623 | 15,072,498 | | **Income from operations** | 387,474 | 8,546,707 | | **Loss on warrants** | — | (15,176,536) | | **Net income/(loss)** | 388,125 | (7,970,332) | | **Earnings/(loss) per share, basic** | 11.54 | (4.61) | [Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity](index=11&type=section&id=Unaudited%20interim%20condensed%20consolidated%20statements%20of%20stockholders%27%20equity) Total stockholders' equity increased to $66.3 million by June 30, 2024, primarily from $19.0 million in equity offerings and warrant exercises, partially offset by an $8.0 million net loss and a $2.9 million deemed dividend - Stockholders' equity increased by **$10.8 million** during the first six months of 2024[55](index=55&type=chunk) - Net proceeds from the issuance of common stock and exercise of warrants totaled approximately **$19.0 million**[55](index=55&type=chunk) - The net loss of **$8.0 million** and a deemed dividend of **$2.9 million** reduced retained earnings to an accumulated deficit of **$2.9 million**[55](index=55&type=chunk) [Unaudited Interim Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=Unaudited%20interim%20condensed%20consolidated%20statements%20of%20cash%20flows) For the six months ended June 30, 2024, net cash from operations significantly increased to $21.4 million, while investing activities used $6.6 million and financing provided $16.8 million, resulting in a $31.6 million net increase in cash Consolidated Statement of Cash Flows (Six-Month Period Ended June 30, USD) | Metric | 2023 | 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | 1,694,917 | 21,392,996 | | **Net cash used in investing activities** | — | (6,611,629) | | **Net cash provided by financing activities** | 3,305,083 | 16,840,503 | | **Net increase in cash and cash equivalents** | 5,000,000 | 31,621,870 | | **Cash and cash equivalents at end of period** | 5,000,000 | 32,317,158 | [Notes to the Unaudited Interim Condensed Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations of accounting policies and financial figures, covering the basis of presentation, related-party transactions, vessel accounting, warrant classification and valuation, and equity offerings [Note 1. Basis of Presentation and General Information](index=15&type=section&id=Note%201.%20Basis%20of%20Presentation%20and%20General%20Information) The financial statements are prepared under U.S. GAAP for interim reporting, covering C3is Inc.'s fleet of four vessels managed by a related party, with management asserting no going concern doubt despite a working capital deficit - The company was spun off from Imperial Petroleum Inc. on **June 21, 2023**[85](index=85&type=chunk) - A **1-for-100** reverse stock split was effected on **April 12, 2024**, and all share/per share data has been retroactively adjusted[89](index=89&type=chunk) - Management believes there is no substantial doubt about the company's ability to continue as a going concern, despite a working capital deficit of **$6.6 million**, due to available cash, operational cash flows, and potential financing[87](index=87&type=chunk) [Note 3. Transactions with Related Parties](index=16&type=section&id=Note%203.%20Transactions%20with%20Related%20Parties) The company engages in significant related-party transactions, including management services and vessel acquisitions from affiliates using seller financing, resulting in $54.7 million payable to related parties as of June 30, 2024 - The company acquired the vessel 'Afrapearl II' from Imperial Petroleum Inc. in July 2023 for **$43 million**, with **$38.7 million** payable in July 2024[66](index=66&type=chunk) - The company acquired the vessel 'Eco Spitfire' from an affiliated company in April 2024 for **$16.19 million**, with **$14.57 million** payable in April 2025[95](index=95&type=chunk) Related Party Expenses (Six-Month Period Ended June 30, 2024) | Expense Category | Amount (USD) | | :--- | :--- | | Management fees | 263,120 | | Voyage expenses (commissions) | 295,839 | | Vessels' operating expenses | 67,167 | | General and administrative expenses | 225,445 | | Interest expense | 1,691,831 | [Note 5. Vessels, Net](index=18&type=section&id=Note%205.%20Vessels%2C%20Net) The net book value of vessels increased to $87.4 million by June 30, 2024, primarily due to the $15.2 million acquisition of 'Eco Spitfire', offset by depreciation, with no impairment loss recognized Vessels, Net (USD) | Metric | Balance, Dec 31, 2023 | Balance, June 30, 2024 | | :--- | :--- | :--- | | **Vessel cost** | 79,824,125 | 94,990,150 | | **Accumulated depreciation** | (4,662,694) | (7,589,403) | | **Net book value** | **75,161,431** | **87,400,747** | - The increase in vessel value relates to the acquisition of the 'Eco Spitfire' in the first half of **2024**[71](index=71&type=chunk) - The company performed an impairment review of its vessels as of June 30, 2024, and concluded that no impairment loss was necessary[72](index=72&type=chunk) [Note 8. Stockholders' Equity](index=19&type=section&id=Note%208.%20Stockholders%27%20equity) During the first six months of 2024, the company raised $13.1 million from equity offerings, but warrant liabilities, remeasured to fair value, resulted in a $15.2 million loss and a $2.9 million deemed dividend due to down-round adjustments - In January and March 2024, the company completed two offerings, raising total gross proceeds of **$13.1 million** through the sale of common shares and warrants[99](index=99&type=chunk)[120](index=120&type=chunk) - Class B and C warrants were classified as liabilities due to exercise price adjustment clauses, and are remeasured to fair value at each reporting date[101](index=101&type=chunk) - The change in fair value of the warrant liability resulted in a recognized loss of **$15,176,536** for the six months ended June 30, 2024[102](index=102&type=chunk) - A down-round adjustment on warrants triggered a change in the conversion price of Series A Preferred Shares, resulting in a deemed dividend of **$2,862,000**[123](index=123&type=chunk) [Note 14. Subsequent Events](index=23&type=section&id=Note%2014.%20Subsequent%20Events) In July 2024, the company paid the remaining $38.7 million for the Aframax oil tanker 'Afrapearl II', funded by cash from operations, cash on hand, and recent equity offering proceeds - In July 2024, the company paid the remaining **$38.7 million** purchase price for the Aframax oil tanker[112](index=112&type=chunk)

Financial Data and Key Metrics Changes - For the first half of 2024, the company reported an adjusted EBITDA of $11.3 million, a 555% increase compared to the first half of 2023 [4] - Adjusted net income for the same period was $7.3 million, reflecting a 1,790% increase from the first half of 2023 [4] - The net cash balance at the end of June 2024 was $45.5 million, up from $9 million at the end of December 2023, marking a 402% increase [5][17] Business Line Data and Key Metrics Changes - The Aframax tanker, Afrapearl II, contributed approximately 80% of total revenues [5] - Voyage revenues for Q2 2024 amounted to $10.8 million, a 403% increase compared to Q2 2023, with a daily TCE of $23,938, up 185% from the previous year [15] - Fleet operational utilization was 87.7% for Q2 2024, slightly down from 89.6% in Q2 2023 [15] Market Data and Key Metrics Changes - Global exports of iron ore reached 672.1 million tons in January-May 2024, a 5.3% year-on-year increase [6] - Global coal exports increased by 2.5% year-on-year, reaching 556.8 million tons in January-May 2024 [7] - The dry bulk market is expected to see a demand increase of 3.6% in 2024, supported by firm Chinese demand and geopolitical factors [9] Company Strategy and Development Direction - The company aims for disciplined growth through selective acquisitions of quality vessels, focusing on short to medium-term charters and spot voyages [17] - The strategy includes maintaining a high-quality fleet to reduce operating costs and improve safety, which provides a competitive advantage [17] - The company has increased its fleet capacity by 234% since inception, with no bank debts incurred [18] Management's Comments on Operating Environment and Future Outlook - Management highlighted the shipping business is at a turning point with risks and opportunities due to declining global demand for major cargos and increasing transportation of grain [18] - The company is confident in its adaptability to changing market dynamics, enhancing its ability to develop existing core businesses and explore new growth opportunities [18] - Earnings momentum is expected to remain favorable, prompting continued focus on fleet growth strategy [18] Other Important Information - The company executed a one-for-one hundred reverse stock split in April 2024 to regain compliance with NASDAQ listing requirements [5] - The fleet book value at the end of June 2024 was $87.4 million, a 16% increase from year-end 2023 [17] - The company reported an unrealized loss on warrants of $14.5 million for Q2 2024, which is a non-cash item [16] Summary of Q&A Session - No questions were recorded during the conference call, and the session concluded without a Q&A segment [19]