C3is Announces Agreement to Acquire One Aframax Oil Tanker, and Estimated Net Asset Value Premium at 370% Over Market Capitalization
- C3is Inc. is acquiring the M/T Stealth Berana, an Aframax oil tanker, which is expected to enhance the Company's cashflow and earnings.
- The estimated Net Asset Value (NAV) of C3is Inc. is $26.66 million, representing a 370% premium over its current market capitalization.
- None.
ATHENS, Greece, July 17, 2023 (GLOBE NEWSWIRE) -- C3is Inc. (Nasdaq:CISS) (the “Company”) announced today that it has entered into an agreement to acquire for
Payment of
The transaction with Imperial Petroleum Inc., which is an affiliated company, was approved by the Company’s audit committee comprising of independent directors.
Net Asset Value (“NAV”)
As of July 14, 2023, the Company’s management estimated C3is Inc’s Net Asset Value (“NAV”) to be
This translates into a NAV of
The estimated NAV represents a snapshot in time as of July 14, 2023; the figure will likely change and does not represent the amount a stockholder would receive now or in the future for his or her shares of the Company’s common stock. This NAV is based on recent charter-free vessel values and cash as of July 14, 2023, and does give effect to the acquisition of the Aframax oil tanker.
CFO, Dr. Diamantis Andriotis commented:
"We are pleased to announce the acquisition of the M/T Stealth Berana as we believe it will significantly enhance the Company’s cashflow and earnings and assist in addressing our low price to NAV valuation. We expect to finance the remaining acquisition consideration with cash on hand, cashflow from operations and possibly the incurrence of senior secured bank debt within the twelve-month period following the vessel’s delivery to us, as agreed with the seller."
About C3is Inc.
C3is Inc. is a ship-owning company providing seaborne transportation services, including major national and private industrial users, commodity producers and traders. The Company owns two Handysize drybulk carriers with a capacity of 64,000 deadweight tons (dwt), and one Aframax oil tanker of 115,800 dwt. Total capacity is currently 179,800 dwt.
C3is Inc.’s common shares are listed on the Nasdaq Capital Market and trade under the symbol “CISS.”
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, or impact or duration of the COVID-19 pandemic and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although C3is INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, C3is INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to fund the remaining purchase price for the acquired Aframax oil tanker and profitably operate in the crude oil tanker sector, our net asset value at any particular time and the risks discussed in our filings with the SEC and the following: the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in C3is INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by C3is INC. with the U.S. Securities and Exchange Commission.
Company Contact:
Nina Pyndiah
C3is INC.
00-30-210-6250-001
E-mail: info@C3is.pro
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FAQ
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