C3is (US:CISS)2025-11-18 16:02Financial Data and Key Metrics Changes - For the first nine months of 2025, the company achieved a net income of EUR 5.26 million compared to a net loss of EUR 3 million for the same period in 2024, an increase of 281% [3] - EBITDA for the same period was EUR 10 million, up from EUR 3 million in 2024, representing an increase of 245% [3] - Voyage revenues decreased by 24% to EUR 24.2 million compared to EUR 32.9 million in 2024, primarily due to the dry docking of the Haframx II tanker [3][14] - Time charter equivalent rates dropped by 40% compared to the same period in 2024 [3][14] - The company reported a cash balance of EUR 6.6 million, down 48% from EUR 12.6 million at the end of 2024 [19] Business Line Data and Key Metrics Changes - Voyage costs for the first nine months of 2025 were EUR 9.4 million, a decrease from EUR 10.4 million in 2024, attributed to fewer voyage days due to dry docking [15] - Operating expenses for the same period were EUR 7 million, with crew expenses accounting for 50% of total operating expenses [17] - General and administrative costs decreased to EUR 2 million from EUR 2.5 million in 2024 [17] Market Data and Key Metrics Changes - The dry bulk trade showed resilience, with strong iron ore volumes to China and a potential rebound in coal trade expected in 2026 [4][5] - The grain trade experienced a boom in Q3, driven by high volumes of Brazilian soybeans purchased by China [5] - The handy-sized fleet now stands at 3,202 vessels, with 17.8% over 20 years of age [7][8] Company Strategy and Development Direction - The company aims for disciplined growth with a focus on acquiring quality non-Chinese-built vessels and maintaining a debt-free balance sheet [20][21] - The strategy includes securing favorable charters with high-quality customers such as commodity traders and oil producers [20][21] - The company has repaid all CapEx obligations totaling EUR 59.2 million without resorting to bank loans [21] Management Comments on Operating Environment and Future Outlook - The CEO noted that the shipping market remains uncertain due to geopolitical factors, but major economies are still growing and trade volumes are rising [23] - The company has built resilient foundations adaptable to changing market dynamics and will continue to explore new growth opportunities [24] Other Important Information - The company completed the dry docking of the Aframax tanker, the Afrapearl II, in August 2025 [22] - None of the vessels were built in Chinese shipyards, mitigating the impact of U.S. tariffs on the fleet [20][13] Q&A Session Summary - No specific questions or answers were documented in the provided content, thus this section is not applicable.