From GlobeNewswire: 2025-03-11 09:00:00

C3is Inc., a ship-owning company, announced its financial results for Q4 and full year 2024. The company reported revenues of $9.4 million for Q4, with a daily TCE of $15,665. Fleet operational utilization was at 90.2% for the quarter. Net loss for Q4 was $2.7 million, with adjusted net income of $1.1 million.

For the full year 2024, C3is reported revenues of $42.3 million, a 47% increase from 2023. Total fleet utilization was 99.5%, with daily TCE of $23,453. Adjusted EBITDA for the year was $16.4 million. The company paid $41 million for vessel acquisitions during the year, ending with a cash balance of $12.6 million.

CEO Dr. Diamantis Andriotis highlighted the company’s fleet expansion, with a total fleet capacity of 213,464 DWT, a 234% increase from the previous year. The company aims for strong financial performance in 2025 amidst changing dynamics in the shipping industry, influenced by geopolitical factors and environmental regulations.

C3is Inc. will host a conference call on March 11, 2025, at 10:00 am ET to discuss its financial results and outlook. The call will be available via webcast on the company’s website. The company owns four vessels, including three Handysize drybulk carriers and an Aframax oil tanker, with shares listed on the Nasdaq Capital Market under the symbol “CISS.”



Read more at GlobeNewswire:: C3is Inc. reports fourth quarter and twelve months 2024