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 ...

Core Viewpoint - C3is Inc. reported its financial and operational results for Q2 and the first half of 2025, highlighting a decrease in revenues and TCE rates, alongside a net loss for the quarter but a net income for the six-month period [1][8][9]. Operational and Financial Highlights - The company operates handysize dry bulk carriers on short-term charters, generating steady cash flows, while its Aframax tanker operates in the spot market with current voyage charter rates around $25,000 per day [4]. - Fleet operational utilization was 78% for Q2 2025, down from 87.7% in Q2 2024, primarily due to idle days of the Aframax tanker [4][19]. - Revenues for Q2 2025 were $10.7 million, a slight decrease from $10.8 million in Q2 2024, with a daily TCE of $16,466, down 31% from $23,938 in the same period last year [4][29]. - The company reported a net loss of $5.3 million for Q2 2025, with an EBITDA of $(3.7) million and a loss per share of $8.78 [4][30]. - For the first half of 2025, net income was $2.6 million, with earnings per share of $0.52, contrasting with a net loss of $7.97 million in the first half of 2024 [8][12]. Financial Performance - Adjusted net income for Q2 2025 was $1.1 million, a 62% decrease from $2.9 million in Q2 2024, while adjusted EBITDA was $2.8 million, down 43% from $4.9 million [4][12]. - The company settled a $14.6 million balance for the bulk carrier Eco Spitfire in April 2025, funded by operations and equity offerings [4][8]. - Total voyage revenues for the first half of 2025 were $19.4 million, down from $23.6 million in the same period of 2024, primarily due to lower average TCE rates [6][12]. - The average number of vessels owned increased from 3.3 in the first half of 2024 to 4.0 in 2025, contributing to increased operational expenses [6][12]. Industry Context - The maritime shipping industry is experiencing significant changes due to geopolitical factors, environmental regulations, and demand fluctuations, yet C3is Inc. has maintained solid performance with a fleet capacity increase of over 230% since inception without incurring bank debt [9][10]. - The company emphasizes its fully deleveraged position, enhancing financial flexibility and providing a strong foundation for future growth [10].