ATHENS, Greece, Nov. 18, 2025 (GLOBE NEWSWIRE) -- C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing drybulk and tanker seaborne transportation services, announced today its unaudited financial and operating results for the third quarter and nine months ended September 30, 2025. OPERATIONAL AND FINANCIAL HIGHLIGHTS Our handysize dry bulk carriers are on time charters of short-term durations, producing steady cash flows, while our Aframax tanker operates in the spot market, currently a ...

Financial Data and Key Metrics Changes - For Q2 2025, the company reported a net loss of $5.3 million, primarily due to a non-cash unrealized loss of $6.4 million on warrants, while adjusted net income was $1.1 million [3][16] - The net income for the first half of 2025 was $2.6 million, with voyage revenues of $10.7 million for Q2 2025, a slight decrease of 1% from $10.8 million in Q2 2024 [13][20] - The cash balance decreased by 82% to $2.3 million compared to $12.6 million at the end of 2024, attributed to the payment of the remaining balance for the Eco Spitfire [16] Business Line Data and Key Metrics Changes - Voyage costs increased to $4.7 million in Q2 2025 from $3.1 million in Q2 2024, driven by the addition of the Eco Spitfire [13] - Operating expenses rose to $2.4 million in Q2 2025 from $2 million in Q2 2024, again due to the new vessel [14] - General and administrative expenses increased to $677,000 in Q2 2025 from $603,000 in Q2 2024, mainly due to stock-based compensation [14] Market Data and Key Metrics Changes - The dry bulk market saw a modest decline of approximately 1% in seaborne trade, with a 5% year-on-year drop in Chinese iron imports [4] - Coal and iron ore imports have declined significantly, while grain trade experienced increased ton-mile demand due to trade route realignments [5] - The Aframax tanker market faced bearish conditions due to geopolitical tensions, but there was a seasonal increase in demand [9] Company Strategy and Development Direction - The company aims for disciplined growth with a focus on acquiring quality non-Chinese-built vessels and maintaining high operational standards [18] - The strategy includes equity issuances for selective acquisitions and chartering to high-quality clients [18] - The company has increased its fleet capacity by over 230% since inception without incurring bank debt, enhancing financial flexibility [20] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the company amidst geopolitical factors and environmental regulations affecting the shipping industry [20] - The company is confident in its adaptability to changing market conditions and plans to explore new growth opportunities [21] - The performance so far has demonstrated a solid foundation for future growth despite industry challenges [20] Other Important Information - The company successfully completed the dry docking of the Afrapearl II in August 2025 and has no vessels built in Chinese shipyards, mitigating tariff impacts [20] - The fleet consists of three Handysize dry bulk carriers and one Aframax oil tanker, with an average age of 14.5 years [11] Q&A Session Summary Question: What are the impacts of geopolitical tensions on the shipping market? - Management noted that geopolitical tensions have created both challenges and opportunities, particularly in the Aframax tanker market due to shifts in crude flows and sanctions [9][10] Question: How does the company plan to manage its fleet and operational costs? - The company emphasized maintaining a high-quality fleet through regular inspections and a comprehensive maintenance program, which helps reduce operating costs [18]