C3is sees revenue increase in 2024; fleet capacity trebled

March 12, 2025

1394

C3is, a ship-owning company providing dry bulk and tanker seaborne transportation services, announced its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2024.

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 $43,000 per day.
All of our vessels are unencumbered.
Fleet operational utilization of 90.2% for the three months ended December 31, 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.
Revenues of $9.4 million for the three months ended December 31, 2024, corresponding to a daily TCE ^I of $15,665.
Cash balance, including time deposits, of $12.6 million at year end 2024, after total payments for vessel acquisitions of $41 million during the year.
For the full year 2024, daily TCE decreased by 9% as compared to the same period in 2023.
Net Income of $0.1 million, EBITDAⁱ of $2.0 million and Loss per Share, Basic, of $1.57 for the three months ended December 31, 2024.
Net Loss of $2.7 million, EBITDA of $5.0 million and Loss per Share, Basic, of $4.29 for the twelve months ended December 31, 2024.
Adjusted net incomeⁱ of $1.1 million and $8.7 million for the three and twelve months ended December 31, 2024, decreases of 81% for the 3 months’ period and 7% for the twelve months’ period compared to the 2023 equivalent periods.
Adjusted EBITDAⁱ of $16.4 million for the twelve months ended December 31, 2024, an increase of 11% as compared to the twelve months ended December 31, 2023.
In 2024 the Company paid $39.5 million, representing the remaining 90% purchase price on the Aframax oil tanker, Afrapearl II, and $1.6 million, representing the 10% purchase price of the Bulk Carrier, Eco Spitfire. The funds used were provided by operations, cash on hand and net proceeds from equity offerings.
For accounting purposes, the balance payable on the two vessels had to be recorded as capital due and interest costs, although no interest was charged by the Sellers. The final balances paid remain the same as the originally agreed purchase prices.

The Company recorded a non-cash adjustment of $11.1 million as “Loss on Warrants” for the twelve months ended December 31, 2024, mainly due to the change in the fair value of warrants as at December 31, 2024 as compared to the fair value as of their issuance date during Q1 2024.
In January 2025, the Company effected a reverse stock split of its common shares of 1-for-2.5, thus all share amounts have been retrospectively restated.

ⁱ TCE, EBITDA, Adjusted EBITDA and Adjusted Net Income are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.

Fourth Quarter 2024 Results:

Voyage revenues for the three months ended December 31, 2024 amounted to $9.4 million, a decrease of $4.4 million compared to revenues of $13.8 million for the three months ended December 31, 2023, primarily due to the decrease in charter rates. Total calendar days for our fleet were 368 days for the three months ended December 31, 2024, as compared to 276 days for the same period in 2023. Of the total calendar days in the fourth quarter of 2024, 252, or 68.5%, were time charter days, as compared to 174 or 63.0% for the same period in 2023. Our fleet utilization was 99.2% and 100.0% for the three months ended December 31, 2024 and 2023, respectively.
Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2024 were $3.7 million and $2.3 million, compared to $4.4 million and $1.5 million for the three months ended December 31, 2023. The decrease in voyage expenses was attributed to the decrease in bunkers cost in Q4 2024 and the decrease in brokerage commissions as revenues decreased. The increase in vessels’ operating expenses was mainly attributed to the increase in the average number of our vessels. Voyage expenses for the three months ended December 31, 2024 included bunkers cost and port expenses of $2.0 million and $1.3 million, respectively, corresponding to 54% and 35% of total voyage expenses due to the fact that the vessel Afrapearl II operated in the spot market. Operating expenses for the three months ended December 31, 2024 mainly included crew expenses of $1.2 million, corresponding to 52% of total operating expenses, spares and consumables costs of $0.5 million, corresponding to 22% of total vessel operating expenses, and maintenance expenses of $0.3 million, representing works and repairs on the vessels, corresponding to 13% of total vessel operating expenses.
Depreciation for the three months ended December 31, 2024 was $1.6 million, a $0.2 million increase from $1.4 million for the same period of last year, due to the increase in the average number of our vessels.
Management fees for the three months ended December 31, 2024 were $0.16 million, a $0.04 million increase from $0.12 million for the same period of last year, due to the increase in the average number of our vessels.
General and Administrative costs for the three-month periods ended December 31, 2024 and 2023 were $0.5 million and $0.3 million, respectively. They were mainly related to the increase in stock-based compensation cost.
Interest and finance costs for the three months ended December 31, 2024 were $0.3 million and mainly related to the accrued interest expense – related party, in connection with the $14.4 million, part of the acquisition price of our bulk carrier, the Eco Spitfire, which is payable by April 2025, while for the three months ended December 31, 2023, were $0.7 million and related to the accrued interest expense – related party, in connection with the $38.7 million, part of the acquisition price of our Aframax tanker, the Afrapearl II, which was completely repaid in July 2024.

For accounting purposes, the balance payable on the two vessels had to be recorded as capital due and interest costs, although no interest was charged by the Sellers. The final balances paid remain the same as the originally agreed purchase prices.

Interest income for the three months ended December 31, 2024 and 2023 was $0.1 million and $0.04 million respectively. The increase is mainly attributed to a higher amount of funds placed under time deposits.
Loss on warrants for the three months ended December 31, 2024 was $0.8 million and mainly related to net fair value losses on our Class B-1 and B-2 Warrants and Class C-1 and C-2 warrants which were issued during the first quarter of 2024 in connection with the two public offerings and have been classified as liabilities.
Adjusted net income was $1.1 million corresponding to an Adjusted loss per share, basic of $0.76 for the three months ended December 31, 2024 compared to an Adjusted net income of $5.6 million corresponding to an Adjusted EPS, basic, of $160.84 for the same period of last year.
Adjusted EBITDA for the three months ended December 31, 2024 and 2023 amounted to $2.9 million and $7.7 million, respectively. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
An average of 4.0 vessels were owned by the Company during the three months ended December 31, 2024 compared to 3.0 vessels for the same period in 2023.

Twelve months 2024 Results:

Voyage revenues for the twelve months ended December 31, 2024 amounted to $42.3 million, an increase of $13.6 million, compared to voyage revenues of $28.7 million for the twelve months ended December 31, 2023, primarily due to the increase in the average number of our vessels. Total calendar days for our fleet were 1,334 days for the twelve months ended December 31, 2024, as compared to 901 days for the same period in 2023. Of the total calendar days in the twelve months of 2024, 864 or 64.8%, were time charter days, as compared to 680 or 75.5% for the same period in 2023. Our fleet utilization for the twelve months ended December 31, 2024 and 2023 was 99.5% and 99.9%, respectively.
Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2024, were $14.1 million and $8.4 million respectively, compared to $7.6 million and $4.8 million for the twelve months ended December 31, 2023. The increase in voyage expenses is due to the increase in bunkers cost and port expenses for the twelve months ended December 31, 2024. The increase in vessels’ operating expenses is attributed to the increase in the average number of our vessels. Voyage expenses for the twelve months ended December 31, 2024 mainly included bunker costs of $6.9 million, corresponding to 49% of total voyage expenses, and port expenses of $4.7 million, corresponding to 33% of total voyage expenses due to the fact that the vessel Afrapearl II operated in the spot market. Operating expenses for the twelve months ended December 31, 2024 mainly included crew expenses of $4.4 million, corresponding to 52% of total operating expenses, spares and consumables costs of $1.8 million, corresponding to 21%, and maintenance expenses of $0.9 million, representing works and repairs on the vessels, corresponding to 11% of total vessel operating expenses.

Depreciation for the twelve months ended December 31, 2024 was $6.2 million, a $2.1 million increase from $4.1 million for the same period of last year, due to the increase in the average number of our vessels.
Management fees for the twelve months ended December 31, 2024 were $0.6 million, a $0.2 million increase from $0.4 million for the same period of last year, due to the increase in the calendar days of our fleet during the current year.
General and Administrative costs for the twelve months ended December 31, 2024 were $3.0 million and mainly related to expenses allocated to warrants issued as part of the two public offerings and classified as liabilities, the expenses incurred relating to reverse stock split and expenses incurred as a result of operating as a separate public company. General and Administrative costs for the twelve months ended December 31, 2023 were $1.2 million.
Interest and finance costs for the twelve months ended December 31, 2024 were $2.5 million and mainly related to the accrued interest expense – related party in connection with the $53.3 million, part of the acquisition prices of our Aframax tanker Afrapearl II, which was completely paid off in July 2024, and of our bulk carrier Eco Spitfire, which is payable by April 2025, while for the twelve months ended December 31, 2023 interest and finance costs were $1.4 million related to the accrued interest expense – related party in connection with the $38.7 million, part of the acquisition price of our Aframax tanker Afrapearl II.

For accounting purposes, the balance payable on the two vessels had to be recorded as capital due and interest costs, although no interest was charged by the Sellers. The final balances paid remain the same as the originally agreed purchase prices.

Interest income for the twelve months ended December 31, 2024 and 2023 was $1.0 million and $0.04 million respectively. The increase is mainly attributed to a higher amount of funds placed under time deposits.
Loss on warrants for the twelve months ended December 31, 2024 was $11.1 million and mainly related to the net fair value losses on our Class B-1 and B-2 Warrants and Class C-1 and C-2 warrants which were issued during the first quarter of 2024 in connection with the two public offerings and have been classified as liabilities.
Adjusted Net Income was $8.7 million corresponding to an Adjusted EPS, basic of $1.75 for the twelve months ended December 31, 2024 compared to adjusted net income of $9.3 million, corresponding to an Adjusted EPS, basic of $394.90 for the same period in the last year.
Adjusted EBITDA for the twelve months ended December 31, 2024 and 2023 amounted to $16.4 million and $14.8 million, respectively. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
An average of 3.6 vessels were owned by the Company during the twelve months ended December 31, 2024 compared to 2.5 vessels for the same period of 2023.

CEO Dr. Diamantis Andriotis commented:

“For the year 2024, we reported Revenues of $42.3 million – an increase of 47% from 2023 Revenues of $28.7 million, Voyage Revenues minus Voyage Expenses of $28.2 million – an increase of 34% from 2023, and an adjusted EBITDA of $16.4 million – 11% higher than 2023.

We have taken delivery of our fourth vessel this year, bringing our total fleet capacity to 213,464 DWT, an increase of 234% from the Company’s inception over a year ago.

We have more than trebled our fleet capacity without incurring any bank debt.

Our cash balance, including time deposits, at year end 2024 was $12.6 million, after total payments of $41 million for vessel acquisitions during the year.

Shipping is currently navigating a transitional phase, with shifting dynamics influenced by geopolitical factors, environmental regulations, demand patterns and weather-related challenges.

While navigating these most volatile waters, we are closely monitoring the evolving situations and are focused on identifying those components that would maximize our future profits.

Politics will play an important role in shipping in 2025, particularly in the US.
The Trump administration is likely to push an agenda aligned with “drill baby, drill”; this combined with the threat of tariffs on all Chinese built vessels, of which we have none, are two important factors that, if they materialize, could have a significant positive impact on the profitability of our company.

With a clear focus on emerging opportunities, we remain confident that 2025 will be a year that will produce strong financial performance and potential growth prospects”.