Financial Data and Key Metrics Changes - In Q1 2025, market spot rates for Hetty Seizen and Supramax vessels averaged $8,000 and $7,900 net per day, respectively, representing a decrease of 24% to 36% compared to the same period in 2024 [3][4] - The average Handysize and Supramax daily time charter equivalent earnings were $10,940 and $12,210 per day, respectively, reflecting a year-on-year decrease of 11% [6][7] - The operating activity generated a daily average margin of $830 per day over $6,950 in Q1, representing an increase of 634% year on year [8][9] Business Line Data and Key Metrics Changes - Global minor bulk loadings increased by approximately 2% year on year, driven by higher loading of bauxite, cement, and clinker [4] - Global grain loadings decreased by 16% year on year, influenced by reduced Chinese demand and harvest delays in Brazil [4][5] - Global coal loadings dropped by 5% year on year, primarily due to an 11% decline in seaborne coal volumes to China [5][6] Market Data and Key Metrics Changes - Iron ore loadings declined by 7% year on year, mainly due to reduced Australian iron ore loadings caused by cyclones [6] - The Baltic Exchange Forward Freight Agreement average rates for the remainder of 2025 are projected at $9,120 for Hetty Seizen and $9,860 for Supramax vessels [3] - Global net fleet growth is projected to outpace demand growth, with dry bulk and minor bulk fleets estimated to grow by 3% to 4.5% in 2025 [12][17] Company Strategy and Development Direction - The company aims to grow and renew its fleet, maintaining a disciplined approach amidst market uncertainties [19][20] - The strategy includes purchasing larger and younger vessels while selling older ones, contributing to a 4% increase in total deadweight capacity [19][20] - The company is evaluating the impact of IMO's midterm measures on its operations and investments in dual fuel methanol newbuildings [21][63] Management's Comments on Operating Environment and Future Outlook - The near-term bulk market demand outlook is clouded by uncertainties from trade and geopolitical tensions, but potential shifts in trade flows could support tonne mile demand [10][15] - The company expects some support from ASEAN countries for coal demand, while iron ore demand may remain under pressure due to reduced Chinese domestic demand [11][15] - Management acknowledges the volatility in the market and emphasizes the importance of positioning for potential opportunities amidst uncertainties [34][58] Other Important Information - The company has covered 77% of committed vessel stays for Q2 2025 at rates higher than current market spot rates [7] - The company has a solid balance sheet that allows for growth opportunities despite market uncertainties [78] - The company is focused on optimizing short-term cargo commitments to navigate expected market volatility [22] Q&A Session Summary Question: Can you comment on the market rate expectations for the rest of the year? - Management indicated that the market has developed normally, with stable freight rates and ongoing activity despite uncertainties [30][34] Question: How is the company preparing for various scenarios regarding USTR? - Management noted that 70% of the fleet is Japanese built, which may present opportunities amidst regulatory changes, but emphasized the need for clarity on regulations [38][40] Question: What is the outlook for secondhand prices and potential buybacks? - Management acknowledged a slight improvement in secondhand prices recently and confirmed ongoing share buyback programs due to undervaluation [50][51] Question: What kind of trade shifts have been observed recently? - Management reported that there has been a general step back in trade involving the US due to tariff uncertainties, but demand remains for various commodities [72][75] Question: Can you elaborate on M&A opportunities? - Management expressed interest in M&A opportunities but emphasized a preference for organic growth while remaining open to potential acquisitions [78][79]

Financial Data and Key Metrics Changes - The company achieved a net income of $8,000,000 for Q1 2025, an increase of 109% from Q1 2024 [3][30] - Net revenues were reported at $5,800,000, a decrease of 41% compared to Q1 2024, primarily due to a decrease in charter rates [3][21] - Cash balance increased by 25% to $15,700,000 from the end of 2024 [4][24] - Adjusted net income decreased by 74% to $1,200,000 compared to Q1 2024 [24] Business Line Data and Key Metrics Changes - The Aframax tanker, Afra Pearl II, contributed approximately 72% to total revenues, with TCE rates 55% lower than Q1 2024 [4][21] - The TCE rates for the entire fleet were 56% lower than the rates for Q1 2024 [4][21] - Voyage costs remained stable at $2,800,000, while vessel operating expenses increased to $2,100,000 from $1,800,000 in Q1 2024 [22] Market Data and Key Metrics Changes - The dry bulk trade is experiencing shifting dynamics influenced by economic trends and environmental pressures, with a forecasted long-term downtrend in the iron ore market [5][6] - Global dry bulk trading ton miles are expected to grow by 1.5% in 2025, lagging behind fleet growth of 3.1% [8] - China's grain imports are expected to slow due to high inventories and policy adjustments [7] Company Strategy and Development Direction - The company aims for disciplined growth through technical assessments and selective acquisitions of non-Chinese built vessels [27][28] - The strategy includes maintaining high-quality fleet standards to reduce operating costs and secure favorable charters [27][28] - The company has no bank debts and has met all CapEx obligations without resorting to bank loans [29][30] Management's Comments on Operating Environment and Future Outlook - The global economic environment in 2025 is characterized by mixed signals, presenting both risks and opportunities for the shipping sector [11][30] - Economic shocks and evolving policy measures are expected to shape the outlook, contributing to a cautious yet dynamic landscape [11][30] - The company is positioned to leverage regional growth drivers and adapt to evolving economic dynamics [31] Other Important Information - The company has increased its fleet by 234% since inception and maintains a focus on high-quality charterers [28][29] - The global Handysize fleet has seen a slight increase, with 3,151 vessels currently in operation [15] - The Aframax LR2 fleet stands at 1,174 vessels, with a significant portion over 20 years of age [17] Q&A Session Summary - No specific questions or answers were documented in the provided content.

Financial Data and Key Metrics Changes - The company reported a net income of $8,000,000 for Q1 2025, an increase of 109% from Q1 2024 [3][24] - Net revenues were $5,800,000, a decrease of 41% compared to Q1 2024, primarily due to a decrease in charter rates [3][21] - Cash balance increased by 25% to $15,700,000 from the end of 2024 [4][24] - Adjusted net income decreased by 74% to $1,200,000 compared to Q1 2024 [24] Business Line Data and Key Metrics Changes - The Aframax tanker, Afra Pearl II, contributed 72% to total revenues, with TCE rates 55% lower than Q1 2024 [4][21] - The TCE rates for the entire fleet were 56% lower than the rates for Q1 2024 [4][21] - Voyage costs remained stable at $2,800,000, while vessel operating expenses increased to $2,100,000 from $1,800,000 in Q1 2024 [22] Market Data and Key Metrics Changes - The dry bulk trade is experiencing shifting dynamics influenced by economic trends and environmental pressures, with a forecasted long-term downtrend in the iron ore market [5][6] - Global dry bulk trading ton miles are expected to grow by 1.5% in 2025, lagging behind fleet growth of 3.1% [8] - China's grain imports are expected to slow due to high inventories and policy adjustments [7] Company Strategy and Development Direction - The company aims for disciplined growth through technical assessments and selective acquisitions of non-Chinese built vessels [27] - The strategy includes maintaining high-quality fleet standards to reduce operating costs and secure favorable charters [26] - The company has no bank debts and has met all CapEx obligations without resorting to bank loans [28][29] Management's Comments on Operating Environment and Future Outlook - The global economic environment in 2025 is characterized by mixed signals, presenting both risks and opportunities for the shipping sector [10][29] - Economic shocks and evolving policy measures are expected to shape the outlook, contributing to a cautious yet dynamic landscape [10][29] - The company is positioned to leverage regional growth drivers and adapt to evolving economic dynamics [30] Other Important Information - The company has increased its fleet by 234% since inception and maintains a focus on short to medium-term charters and spot voyages [27][28] - The global Handysize fleet has seen a slight increase, with 3,151 vessels currently in operation [14] Q&A Session Summary Question: What are the expectations for the dry bulk market in 2025? - The dry bulk market is expected to face lower demand growth due to various uncertainties, but a relatively balanced supply-demand dynamic is anticipated [9] Question: How is the company managing its fleet and operational costs? - The company maintains high standards of safety and reliability, conducting regular inspections and adopting comprehensive maintenance programs [26] Question: What impact do environmental regulations have on the shipping sector? - Environmental regulations are expected to play a significant role in market dynamics, influencing supply-side conditions and operational practices [8][10]

Financial Data and Key Metrics Changes - The company generated a net income of approximately €95,000,000 for the first quarter of 2025, translating to $0.79 per share, while the adjusted net income was €73,000,000 or $0.61 per share [3][6] - Liquidity stands above $1,000,000,000 [6] Business Line Data and Key Metrics Changes - The spin-off of Costamare Bulkers, which includes 37 owned dry bulk vessels, has been successfully completed, allowing both companies to pursue distinct strategic initiatives [3][4] - For the containership market, the fleet employment rate is at 73% for 2025 and 2026, with total contracted revenues amounting to €2,300,000,000 and a remaining time charter duration of approximately 3.3 years [4][7] - In the dry bulk sector, the Capesize market rebounded strongly in March, while Panamax activity increased post-Chinese New Year due to recovering grain flows [5] Market Data and Key Metrics Changes - The commercially idle fleet in the containership market remains below 1%, indicating a fully employed market [4] - Charter rates in the dry bulk market have recovered from their lows in February, with the order book at around 10% of the total fleet [10] Company Strategy and Development Direction - The spin-off is expected to unlock hidden value and better position both companies in their respective markets [3] - The company is focusing on acquiring larger vessels in the dry bulk sector, subject to market conditions [8] Management's Comments on Operating Environment and Future Outlook - Geopolitical challenges and economic uncertainties are impacting global trade, but demand for containership vessels has maintained momentum [4] - Proposed USTR fees may initially create inefficiencies but could also boost demand in the current strong market dynamics [10] Other Important Information - The company has refinanced its contingency vessel with no increased leverage and has no major maturities until 2027 [8] - Total investments and commitments for Neptune Multi Time Leasing exceed $530,000,000, indicating a healthy pipeline [5][9] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded without further inquiries [12][14]

Financial Data and Key Metrics Changes - The company generated a net income of approximately €95,000,000 for the first quarter, translating to $0.79 per share, while adjusted net income was €73,000,000 or $0.61 per share [3][6] - Liquidity stands above $1,000,000,000 [6] Business Line Data and Key Metrics Changes - The spin-off of Costamare Bulkers, which includes 37 owned dry bulk vessels, has been successfully completed, allowing both companies to pursue distinct strategic initiatives [3] - For the containership market, the fleet employment stands at 73% for 2025 and 2026, with total contracted revenues amounting to €2,300,000,000 and a remaining time charter duration of approximately 3.3 years [4][7] - In the drybulk sector, the Capesize market rebounded strongly in March, while Panamax activity increased post-Chinese New Year due to recovering grain flows [5] Market Data and Key Metrics Changes - The commercially idle fleet in the containership market remains below 1%, indicating a fully employed market [4] - Charter rates in the drybulk market have recovered from their lows in February, with the order book at around 10% of the total fleet [10] Company Strategy and Development Direction - The spin-off is expected to unlock hidden value and better position the two separate companies in their respective markets [3] - The company is focusing on acquiring larger vessels in the drybulk sector, subject to market conditions [8] Management's Comments on Operating Environment and Future Outlook - Geopolitical challenges and economic uncertainties are impacting global trade, yet demand for containership vessels has maintained momentum [4] - Proposed USTR fees may lead to fleet redeployments and network reorganizations, potentially creating inefficiencies that could boost demand [4][10] Other Important Information - The company has refinanced its contingency vessel with no increased leverage and has no major maturities until 2027 [8] - Total investments and commitments for Neptune Multi Time Leasing exceed $530,000,000, indicating a healthy pipeline [5][9] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded without further inquiries [11][12]

Financial Data and Key Metrics Changes - For the year 2024, the company reported revenues of $42.3 million, an increase of 47% compared to 2023 [6] - Net revenues were $28 million, reflecting a 33% increase from 2023 [6] - Adjusted EBITDA was $16.4 million, up 11% from the previous year [6] - Adjusted net income was $8.7 million, a 7% increase from 2023 [6] - Cash balance at the end of Q4 2024 was $12.6 million, a 39% increase from year-end 2023 [7] Business Line Data and Key Metrics Changes - The Aframax tanker, Afrapearl II, contributed approximately 76% to total revenues [6][34] - Daily time charter equivalent (TCE) for 2024 was $21,000 per day, which is 10% lower than the rate for 2023 [8][34] - Fleet operational utilization was 90.3% for the 12-month period ending December 31, 2024, down from 91.6% in 2023 [35] Market Data and Key Metrics Changes - The global drybulk trade showed resilience, particularly in the latter half of 2024, with Handysize vessels holding a significant market share [9] - Iron ore and coal trade continue to dominate, but the iron ore market is undergoing a transitional phase influenced by economic trends [10] - Demand for coal rebounded in the second half of 2024 due to prolonged hot weather and growth in the chemical sector [13] Company Strategy and Development Direction - The company aims for disciplined growth through selective acquisition of quality vessels and maintaining high standards of safety and reliability [43][44] - The strategy includes focusing on short to medium-term charters and securing favorable contracts with high-quality customers [44] - The company has no bank debts and has increased its fleet capacity by 234% since inception [45][46] Management's Comments on Operating Environment and Future Outlook - The shipping industry is navigating a transitional phase influenced by geopolitical factors and environmental regulations [47] - The management anticipates that 2025 will present strong financial performance and growth prospects, particularly with potential political changes in the U.S. [48][49] - The company is closely monitoring evolving market conditions to maximize future profits [47] Other Important Information - The company recorded a non-cash item of $11.13 million loss at year-end 2024, resulting in a net loss of $2.7 million for the year [39] - The fleet book value at the end of December 2024 was $84 million, a 12% increase from year-end 2023 [40] - The company maintains a comprehensive maintenance program for its vessels to ensure quality and reduce operating costs [42] Summary of Q&A Session - There was no question-and-answer session at the end of the conference call [1]

Table of Contents As filed with the U.S. Securities and Exchange Commission on June 26, 2023 (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 14561 Athens, Greece (Address of principal executive offices) Dr. Diamantis Andriotis 331 Kifissias Avenue, Erithrea 14561, Athens, Greece Telephone: (011) (30) (210) 625 0 ...

Table of Contents As filed with the U.S. Securities and Exchange Commission on June 6, 2023 Registration No. 333-271228 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 AMENDMENT NO. 2 TO 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 Kifissi ...

Table of Contents As filed with the U.S. Securities and Exchange Commission on May 17, 2023 Registration No. 333-271228 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) Republic of the Marshall Islands 4412 N/A (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) 331 Kifissi ...