C3is Inc. reports strong financial performance with increased revenues, net income, and assets

From GlobeNewswire: 2024-08-22 07:30:00

C3is Inc. announced financial and operational results for Q2 2024. Handysize dry bulk carriers on short term charters produced revenues of $10.8 million, with a fleet utilization of 87.7% and a 185% increase in daily rates. Adjusted net income rose by 885% to $2.9 million. Total assets increased by 44%. The company acquired a new drybulk carrier in April 2024.

Voyage revenues for Q2 2024 were $10.8 million, a significant increase from the previous year. Total fleet calendar days and operational utilization improved. Voyage and operating expenses also increased due to the rise in the number of vessels. Interest costs were incurred related to vessel acquisitions. Loss on warrants was recorded. Adjusted net income and EPS showed positive growth, with an average of 3.6 vessels owned by the company during the period.

For the first six months of 2024, voyage revenues grew to $23.6 million, attributed to the increase in the number of vessels. Total calendar days and time charter days improved. Voyage and operating expenses also increased, with interest and finance costs related to vessel acquisitions. Adjusted net income and EPS improved significantly. Fleet operational utilization remained strong at 90.3%.

In summary, C3is Inc. saw positive financial results for the second quarter and six months ended June 30, 2024. Revenues increased significantly from the previous year, driven by the rise in the average number of vessels, leading to improved operational and financial metrics. The company’s acquisition of a new vessel and repayment of the Aframax tanker highlighted key strategic moves.



Read more at GlobeNewswire:: C3is Inc. reports second quarter and six months 2024