C3is Inc. reports third quarter and nine months 2024 financial and operating results

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].