Press releases

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 where voyage charter rates for Aframax tankers are currently around $27,000 per day.
• All our handysize dry bulk carriers and our Aframax tanker are unencumbered.
• Fleet operational utilization of 87.7% for the three months ended June 30, 2024, mainly due to the commercial idle days of the vessel that operated in the spot market, as our vessels that operated under time charter employment had few commercial idle days.

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Athens, Greece, August 19, 2024 – C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing seaborne transportation services, announced today that it will release its second quarter financial results for the period ended June 30, 2024 before the market opens in New York on August 22^nd, 2024.

On August 22^nd, 2024, at 11:00 am ET, the company’s management will host a conference call to present the results and the company’s operations and outlook. (more…)

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 where voyage charter rates for Aframax tankers are in excess of $40,000 per day.
• All our handysize dry bulk carriers, and our Aframax tanker are unencumbered.
• Fleet operational utilization of 93.4% for the three months ended March 31, 2024, as our vessels that operated under time charter employment had few commercial idle days.

• Revenues of $12.8 million for the three months ended March 31, 2024, corresponding to a daily TCE[1] of $36,480.
• 129% increase in daily TCE for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023.
• Our Company generated a Net Income of $3.8 million for the three months ended March 31, 2024.
• 404% increase in Net Income for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023.
• Our Company generated an EBITDA[2] of $5.7 million for the three months ended March 31, 2024.
• 302% increase in EBITDA for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023.
• 19% increase in Total Assets as of March 31, 2024 compared to December 31, 2023.
• Basic and Diluted EPS for the first quarter of 2024 was $1.11.
• Our Basic and Diluted EPS for the quarter annualized and compared to our current share price represent a price to earnings ratio of approximately 0.36.
• During the first quarter of 2024, we concluded two follow-on equity offerings, generating aggregate net proceeds of $11.4 million which increased our cash balance, including time deposits, to $34.9 million.
• In April 2024, our Company effected a reverse stock split of 1 for 100 of its common shares, aimed at meeting the minimum bid price requirement for maintaining listing on Nasdaq Capital Market, thus all share amounts have been retrospectively restated.
• In April 2024, our Company announced an agreement to acquire a 2012-built Japanese handysize drybulk carrier from an affiliated company. Following this vessel acquisition and the delivery of the 33,664 DWT handysize drybulk carrier to our Company in May 2024, the total fleet capacity increased to 213,468 dwt. 10% of the purchase price was paid on delivery, with the remaining 90% due in April 2025.

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Athens, Greece, May 23, 2024 – C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing seaborne transportation services, announced today that it will release its first quarter financial results for the period ended March 31, 2024 before the market opens in New York on May 28^th, 2024.

On May 28^th, 2024, at 11:00 am ET, the company’s management will host a conference call to present the results and the company’s operations and outlook.

Slides and audio webcast:

There will also be a live and then archived webcast of the conference call, through the C3is Inc. website (www.c3is.pro).

Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Please note that this will be a listen-only mode presentation. (more…)

Athens, Greece, April 12, 2024 – C3is Inc. (Nasdaq: CISS) (the “Company”) announced today that it has entered into an agreement to acquire the Bulk Carrier Eco Spitfire for $16.19 million from Brave Maritime, an affiliated company. The Eco Spitfire, a Marshall Islands registered vessel, was built at a Japanese ship Read more…

To be effective April 12, 2024 Aiming to meet the minimum bid price requirement for maintaining listing on Nasdaq ATHENS, GREECE – April 10, 2024 – C3IS INC. (the “Company”) (Nasdaq: CISS) today announced that its board of directors has determined to effect a one-for-one hundred (1-for-100) reverse stock split of Read more…

 OPERATIONAL AND FINANCIAL HIGHLIGHTS Following the acquisition of the Aframax tanker, Afrapearl II (ex. Stealth Berana), in July 2023 the total fleet capacity increased to 179,800 dwt. Our two handysize dry bulk carriers are currently on short term fixed rate time charters with steady cash flows, while our Aframax tanker Read more…

Athens, Greece, March 21, 2024 – C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing seaborne transportation services, announced today that it will release its fourth quarter and twelve months financial results for the period ended December 31, 2023 before the market opens in New York on March 26^th, 2024.

On March 26^th, 2024, at 11:00 am ET, the company’s management will host a conference call to present the results and the company’s operations and outlook. (more…)

ATHENS, Greece, Mar. 19, 2024 (GLOBE NEWSWIRE) — C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing dry bulk and crude oil tanker seaborne transportation services, today announced the closing of a firm commitment underwritten public offering with gross proceeds to the Company of approximately $6.0 million, before deducting underwriting discounts and other estimated expenses payable by the Company. The offering consisted of 120,000,000 Common Units or Pre-funded Units, each consisting of one share of common stock (“Common Share”) or Pre-Funded Warrant, one half of a Class C-1 Warrant to purchase one Common Share at an exercise price of $0.075 per share (or 150% of the price of each Common Unit sold in the offering) or pursuant to an alternative cashless exercise option, which warrant will expire on the five-year anniversary of the original issuance date (the “Class C-1 Warrants”) and one Class C-2 Warrant to purchase one Common Share at an exercise price of $0.085 per share (or 170% of the price of each Common Unit sold in the offering) which warrant will expire on the five-year anniversary of the original issuance date (the “Class C-2 Warrants” and together with the Class C-1 Warrants, the “Warrants”). The purchase price of each Common Unit was $0.05, and the purchase price of each Pre-Funded Unit was $0.04 (which is equal to the public offering price per Common Unit minus $0.01). The Pre-Funded Warrants are immediately exercisable and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full. (more…)

Athens, Greece, March 15, 2024 – C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing dry bulk and crude oil tanker seaborne transportation services, announced today that it has received a staff determination letter, dated March 15, 2024, from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the Company’s common stock had a closing bid price of $0.10 or less for ten consecutive trading days, through March 14, 2024, and that, consistent with Nasdaq Listing Rule 5810(c)(3)(A)(iii), the Staff has determined to delist the Company’s common stock from The Nasdaq Capital Market. The letter further provides that the Company has until March 22, 2024 to appeal the Staff’s decision. (more…)