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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.
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