C3is Inc. Provides Fleet Expansion Update in the Tanker Sector and Announces Management’s Estimate of Net Asset Value

Core Viewpoint - C3is Inc. is expanding its fleet with the delivery of two MR product tankers expected between Q1 and Q3 of 2026, and management estimates the Company's Net Asset Value (NAV) to be approximately $77.5 million as of September 30, 2025 [1][8]. Fleet Expansion Update - Following the delivery of the two MR product tankers, the Company's fleet will consist of six vessels: one Aframax oil tanker (approximately 115,800 dwt), two MR product tankers (approximately 50,000 dwt each), and three Handysize dry bulk carriers (aggregate capacity of 97,664 dwt), resulting in a total fleet capacity of approximately 310,667 dwt [2][11]. - The fleet's DWT capacity will have increased by 385% from inception without any bank loans [3]. Tanker Fleet Performance - The tanker fleet, including one Aframax and two MR product tankers, is expected to operate in the spot market, which currently shows strong fundamentals. Average daily charter revenues are estimated at approximately $55,000 for Aframax tankers and $25,000 for MR product tankers, indicating substantial cash flow contributions from the tanker fleet [4][11]. Dry Bulk Carriers Performance - The Handysize dry bulk carriers are currently under short-term fixed time charter contracts, generating average daily charter rates of approximately $15,800, which provides stable revenues and contributes to cash flow generation [5][11]. Net Asset Value Estimate - As of September 30, 2025, management estimates the Company's NAV to be approximately $77.5 million on a pro forma basis, accounting for the recent agreements to acquire two MR product tankers [8][9]. - The NAV estimate is based on the current market value of the vessels, cash balances, and less remaining capital expenditures related to the newly acquired MR product tankers [9].