Financial Data and Key Metrics Changes - For Q4 2024, Euroseas reported total net revenues of $53.3 million, an 8.7% increase from $49.1 million in Q4 2023 [44] - Net income for Q4 2024 was $24.4 million, slightly down from $24.7 million in Q4 2023 [44] - Adjusted EBITDA for Q4 2024 increased to $32.8 million from $32.4 million in the same period last year [45] - For the full year 2024, total net revenues were $212.9 million, a 12.4% increase from $189.4 million in 2023 [47] - Net income for 2024 was $112.8 million, down from $114.5 million in 2023 [47] - Adjusted EBITDA for 2024 rose to $135.8 million from $123.6 million in 2023 [48] Business Line Data and Key Metrics Changes - The overall fleet utilization rate for Q4 2024 was 99.6%, compared to 99.9% in Q4 2023 [50] - The average time charter equivalent rate for Q4 2024 was $26,479 per day, down from $29,266 per day in Q4 2023 [50] - Operating expenses per vessel per day decreased to $7,728 in Q4 2024 from $7,932 in Q4 2023 [50] - For the full year 2024, the average time charter equivalent rate was just above $28,000 per day, down from $29,700 in 2023 [52] Market Data and Key Metrics Changes - In Q4 2024, containership charter rates experienced a slight decline, with the 6- to 12-month charter rate for 2,500 TEU containerships at approximately $32,500 per day, significantly higher than the 10-year average of $16,500 [18][19] - Feeder vessel rates decreased by 9% in Q4 2024, while rates for Panamax and post-Panamax vessels rose [21] - Average secondhand prices increased by approximately 7% compared to Q3 2024, but remain about 50% below peak levels reached during the pandemic [21] - The idle fleet stood at 0.2 million TEU, or just 0.6% of the fleet, as of February 2025 [22] Company Strategy and Development Direction - The company is focused on enhancing shareholder value through dividends and share repurchase programs, with a quarterly dividend of $0.65 declared for Q4 2024 [7] - Euroseas is also looking for growth opportunities to enhance shareholder returns, supported by a strong cash position [42] - The company has contributed older vessels to a subsidiary, Euroholdings Ltd., and plans to distribute shares to shareholders [12][14] Management Comments on Operating Environment and Future Outlook - Management highlighted the uncertainty in the container shipping market due to geopolitical risks and trade policies, which could impact medium-term growth prospects [24][28] - The IMF projects stable yet underwhelming global economic growth, with the US expected to grow at 2.7% while other advanced economies face stagnant growth [25] - The container demand outlook for 2025 remains murky, with projected trade growth declining by 1% due to various factors [28] Other Important Information - The company has repurchased 425,000 shares since initiating its buyback program in May 2022, totaling approximately $9.25 million [9] - The average age of the fleet is about 13.5 years, with a total carrying capacity of just under 71,000 TEU [15] Q&A Session Summary Question: Will Euroseas' income statements be based on the drop-down as of January 8? - Yes, the income statements will reflect the drop-down as of January 8 [66] Question: What are the expected scheduled off-hire days for 2025? - The company expects about 70 to 75 days for dry dockings in 2025, with minimal commercial off-hire due to high charter rates [72] Question: What is the current market rate for the M/V Oakland? - The current market rate for the M/V Oakland is around $35,500, not the previously mentioned $42,000 [74] Question: Will the distribution happen on March 17, and will Euroholdings start trading on March 18? - The distribution is expected to occur on March 17, and Euroholdings is likely to start trading on the same day [81] Question: Can you explain the increase in G&A expenses in Q4? - The increase was due to year-end bonuses, not primarily related to the spin-off [91] Question: What are the newbuild payment schedules for 2025 and beyond? - There are no payments due in 2025, with $12 million due for both vessels in 2026 [104]

Financial Data and Key Metrics Changes - For the full year 2024, the company reported revenue of $1.33 billion, with $333 million in the fourth quarter. Net income was $367 million for the year and $95 million for the fourth quarter. Earnings per common unit were $11.98 for the year and $3.11 for the fourth quarter [7][31][34] - The fleet time charter equivalent (TCE) rate for Q4 2024 increased by 2.6% to $23,205 per day compared to Q4 2023, while available days increased by 1.1% to 13,671 days [29] - Adjusted EBITDA for Q4 2024 decreased by $45 million to $182 million compared to Q4 2023, primarily due to the prepayment of charter hire received in 2023 [30] Business Line Data and Key Metrics Changes - The TCE rate for the dry bulk fleet increased by approximately 1% to $17,079 per day, while the container fleet's TCE rate increased to $30,623 per day. In contrast, the tanker TCE rate decreased by approximately 3% to $26,646 per day [29][32] - For the full year 2024, the TCE rate for the dry bulk fleet increased by 18% to $16,959 per day, while container and tanker TCE rates were approximately 10% and 5% lower, respectively [32] Market Data and Key Metrics Changes - The company ended 2024 with contracted revenue of $3.6 billion and $312 million in cash on the balance sheet. 63% of available days for 2025 are fixed, with an estimated breakeven of $425 per open index day [10][15] - The Red Sea entrance leading to the Suez Canal continues to operate at restricted transit levels, affecting shipping routes and costs [44] Company Strategy and Development Direction - The company is focused on fleet renewal and modernization, having purchased 46 newbuildings since Q1 2021, with 23 vessels delivered. The strategy aims to maintain a young fleet profile and reduce carbon footprint [16][22] - The company has a diversified fleet and a significant amount of contracted revenue, which provides stability amid geopolitical uncertainties [70] Management's Comments on Operating Environment and Future Outlook - Management highlighted the impact of geopolitical events, such as the conflicts in Ukraine and the Middle East, on global trade and the shipping market. The resolution of these conflicts could significantly affect market dynamics [8][70] - The company remains optimistic about its ability to navigate uncertainties due to its diversified fleet and strong contracted revenue [70] Other Important Information - The company paid a $0.20 dividend per unit for 2024, totaling $6.1 million, and repurchased 489,955 common units for $25 million under its unit repurchase program [11] - The average analyst estimate of the company's NAV per unit increased by 29% over the two-year period ending Q4 2024, reaching $143.2 [19] Q&A Session Summary Question: How have geopolitical uncertainties affected the company's operations and capital deployment? - Management acknowledged the uncertainties in the market due to geopolitical events and tariffs but emphasized the solid results for 2024 and the company's diversified fleet as a stabilizing factor [66][70] Question: What is the current appetite for vessel capacity among customers? - Management noted that there is still an appetite for tonnage and duration among major liner companies, despite the ongoing uncertainties in the Red Sea [72][74]

Table of Contents As filed with the U.S. Securities and Exchange Commission on February 23, 2024 Registration No. 333-276868 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Amendment No. 1 To Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 C3is Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Republic of the Marshall Islands 4412 N/A (Primary Standard Industrial Classification Code Number) 331 Ki ...

Table of Contents As filed with the U.S. Securities and Exchange Commission on February 5, 2024 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 C3is Inc. (Exact name of registrant as specified in its charter) Republic of the Marshall Islands 4412 N/A (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) 331 Kifissias Avenue Erithrea 14 ...

Table of Contents As filed with the U.S. Securities and Exchange Commission on January 8, 2024 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 C3is Inc. (Exact name of registrant as specified in its charter) Republic of the Marshall Islands 4412 N/A (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) 331 Kifissias Avenue Erithrea 145 ...

Table of Contents Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 C3is Inc. (Exact name of registrant as specified in its charter) Republic of the Marshall Islands 4412 N/A (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 331 Kifissias Avenue Erithrea 14561 Athens, Greece (Address of principal ...