C3is, a ship-owning company providing drybulk and tanker seaborne transportation services, announced its unaudited financial and operating results for the third quarter and nine months ended September 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 $52,000 per day.
- All of our vessels are unencumbered.
- Fleet operational utilization of 67.7% for the three months ended September 30, 2025, mainly due to the commercial idle days of the Aframax tanker operating in the spot market which underwent her drydocking in August 2025. Vessels operating under time charter employment had fewer idle days.
- Revenues of $4.8 million for the three months ended September 30, 2025, corresponding to a daily TCE[1] of $8,733, as compared to revenues of $9.3 million for the three months ended September 30, 2024, which corresponded to a daily TCE of $13,084.
- For the third quarter of 2025, daily TCE decreased by 33% as compared to the same period in 2024.
- Cash and cash equivalents and time deposits balance of $6.6 million as of September 30, 2025.
- Net Income of $2.7 million, EBITDA1 of $4.2 million and Earnings per Share (“EPS”), Basic, of $2.32 for the three months ended September 30, 2025.
- For the nine months ended September 30, 2025, we reported a Net Income of $5.3 million and Earnings per Share, Basic, of $3.34.
- 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 $6.7 million as “Gain on Warrants” for the three months ended September 30, 2025, due to the change in the fair value of warrants between June 30, 2025 and September 30, 2025.
- In August 2025, our Aframax tanker, the Afrapearl II, successfully completed its dry-docking, over 24 days at a cost of $1.7 million.
- On October 9, 2025, we completed a registered offering of 800,000 shares of common stock to certain institutional investors for total proceeds of $2.0 million
Third Quarter 2025 Results:
- Voyage revenues for the three months ended September 30, 2025 amounted to $4.8 million, a decrease of $4.5 million compared to revenues of $9.3 million for the three months ended September 30, 2024, primarily due to the commercially idle days and off hire days related to the dry-docking of our Aframax tanker. Total calendar days for our fleet were 368 days for both three months ended September 30, 2025 and 2024. Of the total calendar days in the third quarter of 2025, 231, or 62.8% were time charter days, as compared to 245, or 66.6% for the same period in 2024. Our fleet operational utilization was 67.7% and 90.2% for the three months ended September 30, 2025 and 2024, respectively.
- Voyage expenses and vessels’ operating expenses for the three months ended September 30, 2025 were $1.8 million and $2.5 million, respectively, compared to $4.5 million and $2.2 million, respectively, for the three months ended September 30, 2024. The decrease in voyage expenses by $2.7 million is mainly attributable to Afrapearl II, which in 2025 spent extended periods commercially idle in port and in dry dock, during which no voyages were undertaken and bunker consumption and port expenses were therefore significantly lower. The increase in vessels’ operating expenses is attributed to the increase in spares and consumable stores. Voyage expenses for the three months ended September 30, 2025 included bunkers cost and port expenses of $0.8 million and $0.5 million, respectively, corresponding to 44% and 28% of total voyage expenses, since our tanker, the Afrapearl II, operated primarily in the spot market. Operating expenses for the three months ended September 30, 2025 mainly included crew expenses of $1.0 million, corresponding to 40% of total operating expenses, spares and consumables costs of $0.8 million, corresponding to 32% of total vessel operating expenses, and maintenance expenses of $0.3 million, representing works and repairs on the vessels, corresponding to 12% of total vessel operating expenses.
- Drydocking costs for the three months ended September 30, 2025 and 2024 were $1.6 million and nil, respectively. During the three months ended September 30, 2025, our Aframax tanker underwent drydocking, whereas during the three months ended September 30, 2024, no vessel underwent drydocking.
- Depreciation for the three months ended September 30, 2025 and 2024 was $1.6 million for each period.
- Management fees for the three months ended September 30, 2025 and 2024 were $0.16 million for both periods.
- General and Administrative costs for the three months ended September 30, 2025 and 2024 were $0.6 million and $0.4 million, respectively. The $0.2 million increase is primarily due to higher legal fees, following our public filings in the third quarter of 2025 in connection with the equity offerings.
- Interest and finance costs for the three months ended September 30, 2025 and 2024 were $0.002 million and $0.4 million, respectively. This decrease is related to the reduced 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 September 30, 2025 and 2024 was $0.05 million and $0.2 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.
- Gain on warrants for the three months ended September 30, 2025 was $6.7 million whereas gain on warrants for the three months ended September 30, 2024 was $4.8 million. This change related to 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 $2.7 million and related EPS, basic of $2.32.
- Adjusted net loss1 was $3.4 million corresponding to an Adjusted loss per share, basic, of $3.45 for the three months ended September 30, 2025, compared to an Adjusted Net Income of $0.3 million corresponding to an Adjusted EPS, basic, of $0.20 for the same period of last year.
- Adjusted EBITDA1 for the three months ended September 30, 2025 and 2024 amounted to ($1.8) million and $2.2 million, respectively.
Reconciliations of Adjusted Net Income/(loss) and Adjusted EBITDA to Net Income/(loss) are set forth below.
- An average of 4.0 vessels were owned by the Company during the three-month periods ended September 30, 2025 and 2024.
Nine months 2025 Results:
- Voyage revenues for the nine months ended September 30, 2025 amounted to $24.2 million, a decrease of $8.7 million compared to revenues of $32.9 million for the nine months ended September 30, 2024, primarily due to the decrease in the average TCE of our vessels. Total calendar days for our fleet were 1,092 days for the nine months ended September 30, 2025, as compared to 966 days for the same period in 2024. Of the total calendar days in the nine months of 2025, 695 or 63.6%, were time charter days, as compared to 612 or 63.4% for the same period in 2024. Our fleet operational utilization was 79.0% and 90.3% for the nine months ended September 30, 2025 and 2024, respectively.
- Voyage expenses and vessels’ operating expenses for the nine months ended September 30, 2025 were $9.4 million and $7.0 million, compared to $10.4 million and $6.0 million for the nine months ended September 30, 2024. The decrease in voyage expenses by $1.0 million is mainly attributable to the Afrapearl II, which in the third quarter of 2025 spent extended periods commercially idle in port and in dry dock, during which no voyages were undertaken and bunker consumption and port expenses were therefore significantly lower.The increase in vessels’ operating expenses is attributed to the increase in the average number of our vessels and to the increase in crew costs, maintenance costs and spares and consumable stores. Voyage expenses for the nine months ended September 30, 2025 mainly included bunker costs of $4.7 million, corresponding to 50% of total voyage expenses, and port expenses of $3.7 million, corresponding to 39% of total voyage expenses, since our tanker, the Afrapearl II, operated primarily in the spot market. Operating expenses for the nine months ended September 30, 2025 mainly included crew expenses of $3.4 million, corresponding to 49% of total operating expenses, spares and consumables costs of $1.6 million, corresponding to 23%, and maintenance expenses of $0.9 million, representing works and repairs on the vessels, corresponding to 13% of total vessel operating expenses.
- Drydocking costs for the nine months ended September 30, 2025 and 2024 were $1.7 million and nil, respectively. During the nine months ended September 30, 2025, our Aframax tanker underwent drydocking, whereas during the nine months ended September 30, 2024, no vessel underwent drydocking.
- Depreciation for the nine months ended September 30, 2025 was $4.9 million, a $0.3 million increase from $4.6 million for the same period of last year, due to the increase in the average number of our vessels.
- Management fees for the nine months ended September 30, 2025 and 2024 were $0.5million and $0.4 million, respectively.
- General and Administrative costs for the nine months ended September 30, 2025 and 2024 were $2.0 million and $2.5 million, respectively. The $0.5 million decrease is mainly related to the decrease in expenses allocated to warrants issued as part of the two public offerings that occurred in 2024 and classified as liabilities.
- Interest and finance costs for the nine months ended September 30, 2025 and 2024 were $0.4 million and $2.1 million, respectively. The $1.7 million decrease is related to the reduced 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 nine months ended September 30, 2025 and 2024 was $0.2 million and $0.8 million respectively. The decrease of $0.6 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 nine months ended September 30, 2025 was $6.7 million as compared with the loss on warrants of $10.4 million for the nine months ended September 30, 2024, and 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 $5.3 million and related EPS, basic, of $3.34.
- Adjusted Net Loss1 was $1.1 million, corresponding to an Adjusted loss per share, basic, of ($4.17) for the nine months ended September 30, 2025, compared to an adjusted net income of $7.7 million, corresponding to an Adjusted EPS, basic, of $10.93 for the same period of the last year.
- Adjusted EBITDA1 for the nine months ended September 30, 2025 and 2024 amounted to $3.9 million and $13.5 million respectively.
Reconciliations of Adjusted Net Income/(loss) and Adjusted EBITDA to Net Income/(loss) are set forth below.
- An average of 4.0 vessels were owned by the Company during the nine months ended September 30, 2025 compared to 3.5 vessels for the same period of 2024.
CEO Dr. Diamantis Andriotis commented:
“For the first nine months of 2025, we reported Voyage Revenues of $24.2 million, EBITDA of $10.3 million – an increase of 245%, Net Income of $5.3 million – an increase of 281%, and EPS,basic, of $3.34. 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. We are fully deleveraged, thus significantly enhancing our financial flexibility. As the world goes through an uncertain and volatile era, turbulences in the shipping market is unavoidable. The market remains as uncertain as it has ever been, due to this geopolitical environment. But despite all this uncertainty, major economies are still growing, and trade volumes are still rising across sectors. In the midst of these shifting dynamics, C3is Inc.’s performance remained solid, and we have proved that we have built the resilient and organic foundations adaptable to this changing environment. We will therefore continue with our strategy, with our debt free balance sheet, of enhancing our fundamental ability to both further develop existing core businesses, as well as explore potential new growth businesses”.