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C3is Inc. (NASDAQ: CISS) is a provider of international seaborne transportation services, catering to dry bulk charterers including major national and private industrial users, commodity producers, and traders. Based in Athens, Greece, C3is Inc. was founded in 2021 and operates a fleet comprising two Handysize dry bulk carriers and an Aframax oil tanker, with a combined cargo capacity of approximately 179,800 deadweight tons (dwt).
Specializing in the transportation of major bulks such as iron ore, coal, and grains, as well as minor bulks like bauxite, phosphate, and fertilizers, C3is Inc. has emerged as a reliable partner in the maritime industry. The company generates revenue through short-term time charter contracts for its Handysize bulk carriers, which currently earn daily charter rates between $13,000 and $14,000. Additionally, the Aframax oil tanker, operating in the spot market, captures robust spot rates exceeding $40,000 per day.
C3is Inc. recently expanded its fleet with the acquisition of an Aframax tanker in July 2023, highlighting its commitment to growth and diversification. The company plans to use the proceeds from a $6.0 million underwritten public offering to fund capital expenditures, including payments towards the new tanker, acquire additional vessels, and for general corporate purposes.
Financially, the company has demonstrated solid performance. In Q4 2023, C3is Inc. achieved revenues of $13.8 million and a net income of $5.6 million, reflecting increases of 36% and 67% respectively from the previous quarter. The company's strong cash balance of $35.6 million and absence of bank debt position it well for future growth.
In terms of corporate governance, the company has recently announced a one-for-one hundred reverse stock split to increase the market price of its common stock, aiming to meet the NASDAQ continued listing requirements. C3is Inc. remains focused on maintaining compliance with regulatory standards, ensuring sustainable growth, and delivering value to its shareholders.
C3is Inc. (CISS) reported Q3 and 9M 2024 financial results. For Q3 2024, the company achieved revenues of $9.3 million, net income of $5.1 million, and EPS of $0.69. The nine-month period showed revenues of $32.9 million, representing a 119% increase from 2023, though recording a net loss of $2.9 million. The company's fleet expanded to four vessels with 213,464 DWT total capacity, a 234% increase since inception. The Aframax tanker operates in spot market at ~$48,000 per day, while handysize dry bulk carriers are on short-term time charters. In July 2024, the company paid off $39.5 million for the Aframax oil tanker using cash from operations and equity offerings.
C3is Inc. (Nasdaq: CISS), a ship-owning company providing seaborne transportation services, has scheduled the release of its third quarter 2024 financial results for November 18, 2024, before the New York market opens. The company's management will host a conference call at 11:00 am ET on the same day to discuss results, operations, and outlook. A live webcast will be available through the company's website, with registration required approximately 10 minutes before the start of the listen-only presentation.
C3is Inc. (Nasdaq: CISS) reported its Q2 and H1 2024 financial results. Key highlights include:
- Revenues of $10.8 million for Q2 2024, with a daily TCE of $23,938
- 185% increase in daily TCE compared to Q2 2023
- Net loss of $11.8 million for Q2 2024
- Adjusted net income of $2.9 million for Q2 2024, up 885% year-over-year
- 1,499% increase in Adjusted EBITDA for Q2 2024 vs Q2 2023
- Fleet expansion to 213,468 dwt capacity
- Repayment of $38.7 million for Aframax tanker in July 2024
The company's CEO, Dr. Diamantis Andriotis, expressed confidence in the company's adaptability to changing market dynamics and focus on fleet growth strategy.
C3is Inc. (Nasdaq: CISS), a ship-owning company providing seaborne transportation services, has announced the release date for its second quarter 2024 financial and operating results. The company will disclose its Q2 results for the period ended June 30, 2024, before the market opens in New York on August 22nd, 2024. Following this, at 11:00 am ET on the same day, C3is Inc.'s management will host a conference call to present the results and discuss the company's operations and outlook.
A live webcast of the conference call will be available through the C3is Inc. website (www.c3is.pro), with an archived version accessible afterwards. Participants are advised to register on the website approximately 10 minutes before the webcast begins. The presentation will be in listen-only mode.
C3is (Nasdaq: CISS), a ship-owning company providing drybulk and tanker transportation services, reported $12.8 million in revenue and $3.8 million in net income for Q1 2024. This represents a significant increase from Q1 2023, with revenues up by $9.6 million and net income rising by 404%. EBITDA for Q1 2024 was $5.7 million, up 302% from the previous year. Basic and diluted EPS stood at $1.11. The company conducted two equity offerings, raising $11.4 million, and completed a reverse stock split to meet Nasdaq listing requirements. Fleet capacity increased to 213,468 dwt with the acquisition of a new vessel. Operating expenses rose due to fleet expansion, with voyage expenses at $2.8 million and vessel operating expenses at $1.8 million.
C3is Inc. (Nasdaq: CISS), a ship-owning company providing seaborne transportation services, will release its first-quarter financial results for the period ending March 31, 2024, on May 28, 2024, before the New York market opens. Additionally, the company's management will host a conference call at 11:00 am ET on the same day to discuss the results, company operations, and outlook. A live and archived webcast of the call will be available on the C3is Inc. website, with participants advised to register 10 minutes prior to the start.
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