C3is Inc., a ship-owning company providing drybulk and tanker seaborne transportation services, announced today its unaudited financial and operating results for the second quarter and six months ended June 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 achieving voyage charter rates of around $25,000 per day.

All of our vessels are unencumbered.

Fleet operational utilization of 78% for the three months ended June 30, 2025, mainly due to the commercial idle days of the Aframax tanker operating in the spot market. Vessels operating under time charter employment had less idle days.

Revenues of $10.7 million for the three months ended June 30, 2025, corresponding to a daily TCE1 of $16,466, as compared to revenues of $10.8 million for the three months ended June 30, 2024, which corresponded to a daily TCE of $23,938.

Cash and cash equivalents and time deposits balance of $2.3 million at the end of Q2 2025.

For the second quarter of 2025, daily TCE decreased by 31% as compared to the same period in 2024.

Net Loss of $5.3 million, EBITDA1 of $(3.7) million and Loss per Share, Basic, of $8.78 for the three months ended June 30, 2025.

For the six months ended June 30, 2025, we reported a Net Income of $2.6 million and Earnings per Share, Basic, of $0.52.

Adjusted net income1 of $1.1 million for the three months ended June 30, 2025, a decrease of 62% compared to $2.9 million for the three months ended June 30, 2024.

Adjusted EBITDA1 of $2.8 million for the three months ended June 30, 2025, a decrease of 43% compared to $4.9 million for the three months ended June 30, 2024.

In April 2025, the Company settled the outstanding balance of $14.6 million due to the sellers of the bulk carrier Eco Spitfire, representing 90% of the purchase price of the vessel. The funds used were provided by operations, cash on hand and net proceeds from equity offerings.

The Company has met all of its capital expenditure commitments, totalling $59.2 million, without resorting to any bank loans.
These expenditures mainly related to the acquisitions of our Aframax tanker, the Afrapearl II, and our bulk carrier, the Eco Spitfire.

The Company recorded a non-cash adjustment of $6.4 million as “Loss on Warrants” for the three months ended June 30, 2025, mainly due to the change in the fair value of warrants between March 31, 2025 and June 30, 2025.

In August 2025, our Aframax tanker, the Afrapearl II, successfully completed its dry-docking, over 23 days at a cost of approximately $1.3 million.

Second Quarter 2025 Results:

Voyage revenues for the three months ended June 30, 2025 amounted to $10.7 million, a decrease of $0.1 million compared to revenues of $10.8 million for the three months ended June 30, 2024, primarily due to the decrease in the average TCE rates of our vessels. Total calendar days for our fleet were 364 days for the three months ended June 30, 2025, as compared to 325 days for the same period in 2024. Of the total calendar days in the second quarter of 2025, 217, or 59.6%, were time charter days, as compared to 203 or 62.5% for the same period in 2024. Our fleet operational utilization was 78.0% and 87.7% for the three months ended June 30, 2025 and 2024, respectively.

Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2025 were $4.7 million and $2.4 million, respectively, compared to $3.1 million and $2.0 million for the three months ended June 30, 2024. The increases in both voyage expenses and vessels’ operating expenses are attributed to the increase in the average number of our vessels. Voyage expenses for the three months ended June 30, 2025 included bunkers cost and port expenses of $2.4 million and $2.3 million, respectively, corresponding to 51% and 49% of total voyage expenses, since our tanker, the Afrapearl II, operated primarily in the spot market. Operating expenses for the three months ended June 30, 2025 mainly included crew expenses of $1.3 million, corresponding to 54% of total operating expenses, spares and consumables costs of $0.5 million, corresponding to 21% of total vessel operating expenses, and maintenance expenses of $0.3 million, representing works and repairs on the vessels, corresponding to 13% of total vessel operating expenses.

Depreciation for the three months ended June 30, 2025 was $1.6 million, a $0.1 million increase from $1.5 million for the same period of last year, due to the increase in the average number of our vessels.

Management fees for the three months ended June 30, 2025 were $0.16 million, a $0.02 million increase from $0.14 million for the same period of last year, due to the increase in the average number of our vessels.

General and Administrative costs for the three months ended June 30, 2025 and 2024 were $0.7 million and $0.6 million, respectively. The $0.1 million increase is primarily due to an increase in stock-based compensation costs.

Interest and finance costs for the three months ended June 30, 2025 and 2024 were $0.04 million and $0.9 million, respectively. This decrease is related to the accrued interest expense – related party, in connection with the $53.3 million, part of the acquisition prices of our Aframax tanker, the Afrapearl II – which was completely repaid in July 2024 – and our bulk carrier, the Eco Spitfire, which was completely repaid in April 2025.

Interest income for the three months ended June 30, 2025 and 2024 was $0.03 million and $0.4 million, respectively. This decrease is due to the reduction in time deposits held by the Company, after the settlement of the balance due on the bulk carrier, the Eco Spitfire.

Loss on warrants for the three months ended June 30, 2025 was $6.4 million whereas loss on warrants for the three months ended June 30, 2024 was $14.5 million. This change related to net fair value losses on our Class B-1 and B-2 Warrants and Class C-1 and C-2 warrants and were classified as liabilities.

Net Loss of $5.3 million and related EPS of ($8.78).

Adjusted net income was $1.1 million corresponding to an Adjusted (loss)/earnings per share (“EPS”), basic, of ($0.51) for the three months ended June 30, 2025, compared to an Adjusted Net Income of $2.9 million corresponding to an Adjusted EPS, basic, of $6.15 for the same period of last year. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

Adjusted EBITDA for the three months ended June 30, 2025 and 2024 amounted to $2.8 million and $4.9 million, respectively. An average of 4.0 vessels were owned by the Company during the three months ended June 30, 2025 compared to 3.6 vessels for the same period in 2024.

Six months 2025 Results:

Voyage revenues for the six months ended June 30, 2025 amounted to $19.4 million, a decrease of $4.2 million compared to revenues of $23.6 million for the six months ended June 30, 2024, primarily due to the decrease in the average TCE rate of our vessels. Total calendar days for our fleet were 724 days for the six months ended June 30, 2025, as compared to 598 days for the same period in 2024. Of the total calendar days in the first six months of 2025, 464 or 64.1%, were time charter days, as compared to 367 or 61.4% for the same period in 2024. Our fleet operational utilization was 84.8% and 90.3% for the six months ended June 30, 2025 and 2024, respectively.

Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2025 were $7.6 million and $4.6 million, compared to $6.0 million and $3.8 million for the six months ended June 30, 2024. The increases in both voyage expenses and vessels’ operating expenses are attributed to the increase in the average number of our vessels. Voyage expenses for the six months ended June 30, 2025 mainly included bunker costs of $3.9 million, corresponding to 51% of total voyage expenses, and port expenses of $3.2 million, corresponding to 42% of total voyage expenses, since our tanker, the Afrapearl II, operated primarily in the spot market. Operating expenses for the six months ended June 30, 2025 mainly included crew expenses of $2.4 million, corresponding to 52% of total operating expenses, spares and consumables costs of $0.9 million, corresponding to 20%, and maintenance expenses of $0.6 million, representing works and repairs on the vessels, corresponding to 13% of total vessel operating expenses.

Depreciation for the six months ended June 30, 2025 was $3.3 million, a $0.4 million increase from $2.9 million for the same period of last year, due to the increase in the average number of our vessels.

Management fees for the six months ended June 30, 2025 and 2024 were $0.3 million for both periods.

General and Administrative costs for the six months ended June 30, 2025 and 2024 were $1.3 million and $2.1 million, respectively. The $0.8 million decrease mainly related to expenses incurred in the six months ended June 2024 relating to the two public offerings.

Interest and finance costs for the six months ended June 30, 2025 and 2024 were $0.4 million and $1.7 million, respectively. The $1.3 million decrease is related to the accrued interest expense – related party, in connection with the $53.3 million, part of the acquisition prices of our Aframax tanker, the Afrapearl II – which was completely repaid in July 2024 – and our bulk carrier, the Eco Spitfire, which was completely repaid in April 2025.

Interest income for the six months ended June 30, 2025 and 2024 was $0.2 million and $0.6 million respectively. The decrease of $0.4 million is due to the reduction in time deposits held by the Company, after the settlement of the balance due on the bulk carrier, the Eco Spitfire.

Gain on warrants for the six months ended June 30, 2025 was $0.5 million as compared with the loss on warrants of $15.2 million for the six months ended June 30, 2024, and mainly related to the net fair value changes on our Class B-1 and B-2 Warrants and Class C-1 and C-2 warrants and were classified as liabilities.

Net Income of $2.6 million and related EPS of $0.52.

Adjusted Net Income was $2.3 million, corresponding to an Adjusted EPS, basic, of $0.15 for the six months ended June 30, 2025, compared to an adjusted net income of $7.3 million, corresponding to an Adjusted EPS, basic, of $17.41 for the same period of the last year. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

Adjusted EBITDA for the six months ended June 30, 2025 and 2024 amounted to $5.8 million and $11.3 million respectively.

An average of 4.0 vessels were owned by the Company during the six months ended June 30, 2025 compared to 3.3 vessels for the same period of 2024.

CEO Dr. Diamantis Andriotis commented:

“For the first half of 2025, we reported Voyage Revenues of $19.4 million, EBITDA of $6.0 million, Net Income of $2.6 million, and EPS of $0.52.

“In April 2025 we paid off the remaining balance of $14.6 million due on our bulk carrier, the Eco Spitfire. In August 2025, we successfully completed the dry-docking of our Aframax tanker, the Afrapearl II.

“Major changes in the maritime shipping industry were caused by extensive transitions in the world due to geopolitical factors, environmental regulations, demand patterns and weather-related challenges. Despite these shifting dynamics, C3is Inc.’s performance remained solid, with an increase of its fleet capacity by over 230% since inception, without incurring any bank debt.

“We are fully deleveraged, thus significantly enhancing our financial flexibility. This financial position provides a strong foundation for our future growth.

“Our performance so far has demonstrated our resilience and strategic focus; we are confident that we have established foundations that are adaptable to this changing environment, thereby enhancing our fundamental ability to both further develop existing core businesses, as well as explore potential new growth businesses.”
Source: C3is Inc.