C3is Inc. reports second quarter and six months 2024 financial and operating results

Core Insights - C3is Inc. reported significant financial improvements in Q2 2024, with voyage revenues reaching $10.8 million, a substantial increase from $1.7 million in Q2 2023, primarily due to a higher average number of vessels in operation [3][7] - The company achieved an adjusted net income of $2.9 million for Q2 2024, marking an 885% increase compared to the same period last year, alongside an adjusted EPS of $0.63 [6][12] - The fleet's operational utilization was 87.7% for Q2 2024, slightly down from 89.6% in Q2 2023, attributed to idle days in the spot market [2][3] Operational Highlights - The fleet consisted of an average of 3.6 vessels in Q2 2024, compared to 2.0 vessels in Q2 2023, contributing to increased revenues [3][16] - The Aframax tanker operated in the spot market, generating daily charter rates of approximately $27,000 [2] - The company’s total fleet capacity increased to 213,468 dwt following the acquisition of a handysize drybulk carrier in May 2024 [2][12] Financial Performance - Total revenues for the six months ended June 30, 2024, were $23.6 million, up from $4.9 million in the same period of 2023 [7][30] - Adjusted EBITDA for the six months ended June 30, 2024, was $11.3 million, compared to $1.7 million for the same period in 2023, reflecting strong operational performance [11][12] - The company recorded a net loss of $11.8 million for Q2 2024, primarily due to a non-cash loss on warrants of $14.5 million [6][11] Asset and Liability Management - Total assets increased by 44% to $137.4 million as of June 30, 2024, compared to December 31, 2023 [2][33] - The company paid off $38.7 million for the Aframax tanker in July 2024, utilizing cash from operations and equity offerings [2][13] - Current liabilities rose to $56.6 million, with significant amounts owed to related parties [33] Market Outlook - The CEO highlighted a turning point in the shipping business, emphasizing both risks and opportunities that could shape market dynamics [12][14] - The company aims to continue its fleet growth strategy while adapting to changing market conditions, including a decline in global demand for certain bulk cargoes and the impact of geopolitical risks [14][15]