C3is Inc. reports fourth quarter and twelve months 2024 financial and operating results

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].