C3is Inc. Announces the Acquisition of Two Medium Range Product Tankers

Core Viewpoint - C3is Inc. is expanding its fleet by acquiring two MR product tankers, which will significantly enhance its operations and market presence in the tanker sector [1][4]. Fleet Expansion - The company has entered into two Memoranda of Agreement to acquire one 2008-built tanker for $16.88 million and one 2011-built tanker for $22.90 million, with delivery expected between Q1 and Q3 of 2026 [2][3]. - Following these acquisitions, the fleet will increase by 50% to a total of six vessels, comprising three Handysize dry bulk carriers and three tankers, including an Aframax oil tanker and two MR product tankers [2][5]. Financial Aspects - The acquisitions will be funded through a one-year interest-free loan, allowing the company flexibility in payment [4]. - Each newly acquired MR product tanker is expected to generate approximately $25,000 per day in revenue, translating to about $9 million in annual gross revenue per vessel [5]. - After accounting for estimated daily operating expenses of approximately $8,300, the expected annual EBITDA per vessel is around $6 million [5]. Market Positioning - The acquisition is aimed at capitalizing on favorable market conditions, with the CEO highlighting the positive fundamentals in the tanker market, including high short- and medium-term charter rates [4][5]. - The company's Aframax tanker is currently generating daily spot rates around $55,000, which will further enhance profitability and financial resilience [6].