CISS

C3is delivered a sharp improvement in second-quarter earnings as higher vessel charter rates lifted revenue and TCE performance, while recent product tanker acquisitions further expand the company’s exposure to the tanker market. C3is (NASDAQ:CISS) generated second-quarter revenue of $24.0 million, up approximately 124% from $10.7 million a year earlier. Daily TCE increased 144.5% year over year to $40,260, providing the main driver of the stronger financial performance. Second-quarter net income reached $10.0 million versus a $5.3 million net loss in the comparable period, while Adjusted EBITDA increased 321.4% to $11.8 million. Cash and cash equivalents and time deposits reached $33.2 million at quarter-end, up 122.8% from $14.9 million at the end of 2025. Two product tanker acquisitions increase C3is’ exposure to tanker markets, although the $39.8 million aggregate purchase consideration is payable by January 2027. C3is (NASDAQ:CISS) reported a substantial improvement in second-quarter operating economics, with voyage revenue rising to $24.0 million from $10.7 million in the prior-year period. The principal catalyst was higher vessel earnings. Daily TCE reached $40,260 compared with $16,466 a year earlier, representing a 144.5% increase. Net income was $10.0 million, while Adjusted net income increased 790.9% to $9.8 million. Adjusted EBITDA rose to $11.8 million from $2.8 million. The stronger performance continued across the first half. Six-month revenue increased to $35.6 million from $19.4 million as average TCE climbed to $36,769 from $16,335. First-half net income reached $13.2 million and Adjusted EBITDA was $18.7 million. The results demonstrate the sensitivity of C3is’ earnings to stronger shipping rates. Revenue increased significantly despite second-quarter fleet operational utilization of 78.6%, which was affected by commercial idle days for its spot-market Aframax tanker and dry-docking of a recently acquired product tanker. Current charter economics therefore remain particularly relevant. The company said its Aframax tanker is achieving voyage charter rates of around $100,000 per day in the spot market, while its product tankers are achieving approximately $30,000 per day on spot employment. Fleet expansion could provide another earnings lever. C3is agreed to acquire two product tankers for an aggregate $39.8 million, with one delivered in April and the second delivered on August 6. The company now owns six vessels with combined capacity of 311,431 dwt. The acquisitions also introduce a significant future payment obligation. The $39.8 million purchase consideration is payable by January 2027, including $22.1 million related to the Clean Fury acquisition price. That makes the company’s cash position and future cash generation important considerations alongside its debt-free, unencumbered fleet. C3is ended the second quarter with $33.2 million in cash, cash equivalents and time deposits. It subsequently completed a $6.0 million public offering in July, with the associated Class F Warrants later exercised. Tanker charter rates and vessel utilization will be central metrics for the second half, particularly following delivery of the company’s second recently acquired product tanker. Investors may also watch how C3is manages the remaining acquisition payments due by January 2027 while maintaining its unencumbered fleet and financial flexibility. Management expects the second half of 2026 to reflect the strong first-half performance, making subsequent TCE rates, profitability and cash generation important measures of whether that outlook is being achieved. C3is stock price

ATHENS, Greece, Aug. 27, 2026 (GLOBE NEWSWIRE) -- C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing drybulk, crude oil and petroleum products seaborne transportation services, announced today its unaudited financial and operating results for the second quarter and six months ended June 30, 2026. 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 $100,000 per day. Our product tankers are achieving rates of $30,000 per day on Spot. All our vessels are unencumbered. The Company had entered into agreements to acquire two product tankers for an aggregate consideration of $39.8 million, which amount is payable by January 2027. One of these tankers was delivered on April 3, 2026, while the second one was delivered on August 6, 2026. These acquisitions increase the Company’s exposure to the product tanker market. Fleet operational utilization of 78.6% for the three months ended June 30, 2026, mainly due to the commercial idle days of the Aframax tanker operating in the spot market and the off-hire days due to the dry-docking of the product tanker acquired during the period. Vessels operating under time charter employment had less idle days. For the three months ended June 30, 2026, the Company generated revenues of $24.0 million corresponding to a daily TCE1 of $40,260, as compared to revenues of $10.7 million for the three months ended June 30, 2025, which corresponded to a daily TCE of $16,466. For the second quarter of 2026, daily TCE increased by 144.5% as compared to the same period in 2025. Cash and cash equivalents and time deposits balance of $33.2 million at the end of second quarter of 2026, compared to $14.9 million at year-end 2025, representing an increase of 122.8%. For the three months ended June 30, 2026, the Company reported a Net Income of $10.0 million, EBITDA1 of $12.0 million and Earnings per share, basic, of $353.87. For the six months ended June 30, 2026, the Company reported a Net Income of $13.2 million, EBITDA of $16.6 million and Earnings per share (“EPS”), basic, of $483.39. Adjusted net income1 of $9.8 million for the three months ended June 30, 2026, an increase of 790.9% compared to $1.1 million for the three months ended June 30, 2025. Adjusted EBITDA1 of $11.8 million for the three months ended June 30, 2026, an increase of 321.4% compared to $2.8 million for the three months ended June 30, 2025. In July 2026, the Company completed a public offering of units resulting in gross proceeds of $6.0 million. Each unit consisted of one share of our common stock and one Class F Warrant, all of which were subsequently exercised. Second Quarter 2026 Results: Voyage revenues for the three months ended June 30, 2026, amounted to $24.0 million, an increase of $13.3 million compared to revenues of $10.7 million for the three months ended June 30, 2025, primarily due to the increase in the average TCE rates of our vessels. Total calendar days for our fleet were 453 days for the three months ended June 30, 2026, as compared to 364 days for the same period in 2025, due to the increase in the average number of our vessels. Of the total calendar days in the second quarter of 2026, 286, or 63.1%, were time charter days, as compared to 217 or 59.6% for the same period in 2025. Our fleet operational utilization was 78.6% and 78.0% for the three months ended June 30, 2026, and 2025, respectively. Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2026, were $7.0 million and $3.2 million, respectively, compared to $4.7 million and $2.4 million for the three months ended June 30, 2025. The increase in voyage expenses is mainly attributed to increase in bunker costs by 64.5%, primarily due to the increase in bunker prices. The increase in vessels’ operating expenses is attributed to the increase in the average number of our vessels. Voyage expenses for the three months ended June 30, 2026, included bunkers cost and port expenses of $3.9 million and $2.0 million, respectively, corresponding to 55.7% and 28.6% of total voyage expenses. Operating expenses for the three months ended June 30, 2026, mainly included crew expenses of $1.5 million, corresponding to 46.9% of total operating expenses, spares and consumables costs of $0.7 million, corresponding to 21.9% of total vessel operating expenses, and maintenance expenses of $0.4 million, representing works and repairs on the vessels, corresponding to 12.5% of total vessel operating expenses. Depreciation for the three months ended June 30, 2026, was $2.1 million, a $0.5 million increase from $1.6 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 June 30, 2026, were $0.2 million, a $0.04 million increase from $0.16 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 months ended June 30, 2026, and 2025 were $0.6 million and $0.7 million, respectively. The $0.1 million decrease is primarily due to the decrease in stock-based compensation costs. Interest and finance costs for the three months ended June 30, 2026, and 2025 were $0.2 million and $0.04 million, respectively. This increase is related to the accrued interest expense – related party, in connection with the $22.1 million, part of the acquisition price of our MR Product tanker, Clean Fury - which is payable by January 2027. Interest income for the three months ended June 30, 2026, and 2025 was $0.3 million and $0.03 million, respectively. The increase of $0.27 million is due to the increase in time deposits held by the Company. Gain on warrants for the three months ended June 30, 2026, was $0.2 million whereas loss on warrants for the three months ended June 30, 2025, was $6.4 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 $10.0 million and related earnings per share, basic, of $353.87 for the three months ended June 30, 2026, compared to a net loss of $5.3 million, corresponding to a loss per share, basic, of $49,100.24, for the same period of last year. Adjusted net income was $9.8 million corresponding to Adjusted earnings per share, basic, of $345.57 for the three months ended June 30, 2026, compared to an Adjusted net income of $1.1 million corresponding to Adjusted loss per share, basic, of $2,861.53 for the same period of last year. Adjusted EBITDA for the three months ended June 30, 2026, and 2025 amounted to $11.8 million and $2.8 million, respectively. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. An average of 5.0 vessels were owned by the Company during the three months ended June 30, 2026, compared to 4.0 vessels for the same period in 2025. Six months 2026 Results: Voyage revenues for the six months ended June 30, 2026, amounted to $35.6 million, an increase of $16.2 million compared to revenues of $19.4 million for the six months ended June 30, 2025, primarily due to the increase in the average TCE rate of our vessels, from $16,335 for the six months ended June 30, 2025, to $36,769 for the same period in 2026. Total calendar days for our fleet were 813 days for the six months ended June 30, 2026, as compared to 724 days for the same period in 2025, due to the increase in the average number of our vessels. Of the total calendar days in the first six months of 2026, 511 or 62.9%, were time charter days, as compared to 464 or 64.1% for the same period in 2025. Our fleet operational utilization was 81.4% and 84.8% for the six months ended June 30, 2026, and 2025, respectively. Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2026, were $8.2 million and $5.7 million, compared to $7.6 million and $4.6 million for the six months ended June 30, 2025. The increase in voyage expenses is mainly attributed to increase in bunker cost by 12.1%, primarily due to the increase in bunker prices. The increase in vessels’ operating expenses is attributed to the increase in the average number of our vessels. Voyage expenses for the six months ended June 30, 2026, mainly included bunker costs of $4.4 million, corresponding to 53.7% of total voyage expenses, and port expenses of $2.3 million, corresponding to 28.0% of total voyage expenses. Operating expenses for the six months ended June 30, 2026, mainly included crew expenses of $2.8 million, corresponding to 49.1% of total operating expenses, spares and consumables costs of $1.3 million, corresponding to 22.8%, and maintenance expenses of $0.7 million, representing works and repairs on the vessels, corresponding to 12.3% of total vessel operating expenses. Depreciation for the six months ended June 30, 2026, was $3.7 million, a $0.4 million increase from $3.3 million for the same period of last year, due to the increase in the average number of our vessels. Management fees for the six months ended June 30, 2026, were $0.4 million, a $0.1 million increase from $0.3 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 six months ended June 30, 2026, and 2025 were $1.3 million for each period. Interest and finance costs for the six months ended June 30, 2026, and 2025 were $0.2 million and $0.4 million, respectively. The balances are related to the accrued interest expense – related party in connection with the $22.1 million, part of the acquisition price of our MR Product tanker, Clean Fury - which is payable by January 2027- and our bulk carrier, the Eco Spitfire, which was completely repaid in April 2026. Interest income for the six months ended June 30, 2026, and 2025 was $0.5 million and $0.2 million respectively. The increase of $0.3 million is due to the increase in time deposits held by the Company. Loss on warrants for the six months ended June 30, 2026, was $2.0 million as compared with the gain on warrants of $0.5 million for the six months ended June 30, 2025, and mainly 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 $13.2 million and related earnings per share, basic, of $483.39 for the six months ended June 30, 2026, compared to a net income of $2.6 million, corresponding to earnings per share, basic, of $2,913.39, for the same period of last year. Adjusted Net Income was $15.3 million, corresponding to Adjusted earnings per share, basic, of $614.94 for the six months ended June 30, 2026, compared to an adjusted net income of $2.3 million, corresponding to Adjusted earnings per share, basic, of $841.44 for the same period of last year. Adjusted EBITDA for the six months ended June 30, 2026, and 2025 amounted to $18.7 million and $5.8 million respectively. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. An average of 4.5 vessels were owned by the Company during the six months ended June 30, 2026, compared to 4.0 vessels for the same period of 2025. CEO Dr. Diamantis Andriotis commented: Our results for the first six months of 2026 demonstrate the strength of our strategy and the significant progress we have achieved since the Company was established three years ago. Net Income totaled $13.18 million, up 409% compared with the first half of 2025, while Adjusted Net Income was $15.28 million, up 562%. EBITDA reached $16.6 million, up 176%, and Adjusted EBITDA stood at $18.7 million, up 226%. These remarkable results validate our strategy of disciplined expansion and diversification. Since the beginning of the year, we have taken delivery of two product tankers, which are expected to further enhance and diversify our fleet profile while increasing our exposure to the tanker market, where charter rates currently remain at attractive levels. We have also benefited from a flexible payment structure, under which the remaining acquisition costs of these recently acquired vessels are payable within one year from the respective acquisition agreements. Most importantly, we have achieved this expansion while maintaining a debt-free fleet, providing a strong foundation for further growth and financial flexibility. Looking ahead, we are confident that the second half of 2026 will mirror the strong performance of the first half, with our expansion efforts projected to further boost profitability, strengthen our financial position, and introduce greater flexibility for C3is’ future growth and operational strategy. Conference Call details: On August 27, 2026, at 10:00 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 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. ABOUT C3IS INC.C3is Inc. is a ship-owning company providing drybulk, crude oil and petroleum products seaborne transportation services. The Company owns six vessels, comprising three Handysize dry bulk carriers with a total capacity of 97,664 deadweight tons (dwt), an Aframax oil tanker with a cargo carrying capacity of 115,804 dwt and two product tankers with a total cargo carrying capacity of 97,963 dwt, resulting in a fleet total capacity of 311,431 dwt. C3is Inc.’s shares of common stock are listed on the Nasdaq Capital Market and trade under the symbol “CISS”. Forward-Looking StatementsMatters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance including our intentions relating to fleet growth and diversification and financing, and outlook for our shipping sectors and vessel earnings,  and our ability to maintain compliance with Nasdaq continued listing requirements, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although C3is Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, C3is Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include risks discussed in our filings with the SEC and the following: our ability to maintain compliance with Nasdaq continued listing requirements, the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs or other protectionist measures imposed by the United States or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in C3is Inc.’s operating expenses, including bunker prices, drydocking and insurance costs,  ability to fund the purchase price for our two product tankers, ability to obtain financing and comply with covenants in any financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, including the conflict in Ukraine and related sanctions and the conflict in the Middle East, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden and the effective closure of the Persian Gulf, including the Strait of Hormuz, due to the conflict between Iran and the U.S. and Israel, accidents and political events or acts by terrorists. Risks and uncertainties are further described in reports filed by C3is INC. with the U.S. Securities and Exchange Commission. Company Contact: Nina PyndiahChief Financial Officer C3is INC.00-30-210-6250-001E-mail: [email protected] Fleet Data: The following key indicators highlight the Company’s operating performance during the periods ended June 30, 2025, and June 30, 2026. 1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with repairs, drydockings or special or intermediate surveys.3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with repairs, drydockings or special or intermediate surveys.4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days and is determined by dividing voyage days by fleet calendar days for the relevant period.5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.7) Fleet operational utilization is the percentage of time that our vessels generated revenue and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period. Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS: Adjusted net income represents net (loss)/income before loss/(gain) on warrants and share based compensation. EBITDA represents net (loss)/income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net (loss)/income before interest and finance costs, interest income, depreciation, loss/(gain) on warrants and share based compensation. Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating our performance. Reconciliation of TCE:Time Charter Equivalent rate or “TCE” rate is determined by dividing voyage revenue net of voyage expenses by voyage days for the relevant time period. TCE is a non-GAAP measure which provides additional meaningful information in conjunction with voyage revenues, the most directly comparable GAAP measure to Time charter equivalent revenues assisting the Company’s management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. TCE is also a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance despite changes in the mix of charter types (i.e., spot charters or time charters, but not bareboat charters) under which the vessels may be employed between the periods. TCE assists our investors to assess our financial performance from period to period on a comparable basis and provides investors with a means of better evaluating and understanding our operating performance. ii The computation of (loss)/earnings per share gives retroactive effect to the reverse stock splits effected in April 2024, December 2024, April 2025, January 2026, April 2026 and August 2026. 1 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.

This article first appeared on GuruFocus. Release Date: August 27, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. C3is Inc (NASDAQ:CISS) reported a 124% increase in voyage revenues to $24 million for Q2 2026, and an 84% increase for the first half of the year, driven by strong market conditions and fleet expansion. The company achieved a net income of $10 million in Q2 2026, a 287% improvement from a loss in the prior year, with adjusted net income up 755% to $9.8 million. C3is Inc (NASDAQ:CISS) has a debt-free fleet, with no bank debt, and a cash balance of $48 million as of July 2026, which fully covers the upcoming $39.78 million CapEx obligation for the two new product tankers. The fleet's time charter equivalent (TCE) rate increased by 145% in Q2 2026 to $40,300, with the Aframax tanker achieving a TCE of $133,500, up 202% year-over-year. C3is Inc (NASDAQ:CISS) has diversified its fleet by adding two product tankers, increasing capacity by 387% since inception, and none of its vessels are Chinese-built, mitigating potential US tariff risks. The company's EBITDA for Q2 2026 was $12 million, a 426% increase from a negative EBITDA in the prior year, reflecting strong operational performance. C3is Inc (NASDAQ:CISS) is trading at a significant discount to its net asset value (NAV) of $12.83 per share, with a share price of $2.67, indicating potential upside for investors. The dry bulk and tanker markets are supported by positive factors such as increased ton-mile demand from longer routes, strong coal demand in Asia-Pacific, and a structurally firm product tanker market. The company has built strong relationships with high-quality charterers, leading to repeat business and confidence in its operational standards. C3is Inc (NASDAQ:CISS) has a disciplined growth strategy, focusing on selective acquisitions of quality non-Chinese built vessels, with no interest charged on purchases from affiliated sellers. C3is Inc (NASDAQ:CISS) faces potential market volatility, as product tanker rates slowed significantly after April, with MR2 rates falling from over $70,000 per day to $30,000 per day by July. The company recorded an unrealized loss on warrants of $2 million for the first half of 2026, which, while non-cash, impacts reported net income. The average age of the fleet is 16.8 years, which may lead to higher maintenance costs and reduced operational efficiency compared to newer vessels. The company's growth is heavily reliant on equity issuances, which could dilute existing shareholders' value, as seen with two public offerings in 2026. Geopolitical risks, such as the Middle East conflict and potential disruptions around the Strait of Hormuz, could negatively impact trade routes and charter rates. The dry bulk market faces headwinds from subdued Chinese steel demand and softening iron ore prices, which could affect future earnings. C3is Inc (NASDAQ:CISS) has a relatively small fleet of five vessels, making it vulnerable to operational disruptions or market downturns in specific segments. The company's cash balance, while strong, is largely tied to covering the CapEx for the new product tankers, limiting flexibility for other investments. The reliance on short to medium-term charters and spot voyages exposes the company to rate fluctuations, which could impact revenue stability. The company's net asset value per share is significantly higher than its trading price, indicating a lack of investor confidence or market liquidity issues. Warning! GuruFocus has detected 2 Warning Sign with CISS. Is CISS fairly valued? Test your thesis with our free DCF calculator. Q: What were the key financial highlights for C3is in Q2 2026?A: CEO Dr. Diamantis Andriotis reported a record quarter with voyage revenues of $24 million, a 124% increase year-over-year. Net income reached nearly $10 million, a 287% improvement from a loss in Q2 2025. Adjusted net income surged 755% to $9.8 million, and EBITDA jumped 426% to $12 million. The company's cash balance also grew significantly, reaching $48 million by the end of July 2026. Q: How has the company's fleet expansion strategy contributed to its performance?A: The CEO highlighted that the strategy of growth and diversification has been lucrative. Since inception, C3is has acquired five vessels, increasing fleet capacity by 387%. This includes two product tankers delivered in 2026. The expansion has allowed the company to capitalize on strong charter market conditions, with the fleet's time charter equivalent (TCE) rate increasing by 145% in Q2 2026 compared to the same period last year. Q: What is the company's financial position regarding its upcoming capital expenditure obligations?A: CFO Nina Pyndiah confirmed that the company has no bank debt. The capital expenditure for the two newly acquired product tankers is $39.78 million, due in January 2027. However, as of July 2026, the company's cash balance of $48 million amply covers this future obligation, demonstrating strong financial health and liquidity. Q: What are the current market conditions and outlook for the dry bulk (Handysize) segment?A: The CEO provided a detailed market overview, noting that while iron ore prices are bearish, ton-mile demand is positive due to longer hauls from projects like Simandou in Guinea. Coal demand is regionally divided, with increased demand from Asia-Pacific due to LNG shortfalls from the Middle East conflict. Grain and oilseed trade remains resilient, with soybean trade forecast at a record high. These factors are expected to provide continued support for dry bulk rates. Q: How is the Aframax tanker market performing, and what is the outlook?A: The Aframax market has seen significant strength, with spot rates on the North Sea to continent route averaging $116,749 per day in June 2026, a 236% increase from the five-year average. The CEO noted that disruptions in the Middle East and the potential for increased transits along the Northern Sea route due to Russia-China ties could further support rates. The global Aframax fleet is also aging, with 24% of vessels over 20 years old, which supports long-term fundamentals. Q: What is the outlook for the product tanker (MR2) segment?A: The CEO stated that the outlook for MR2 tankers is structurally firm, driven by strong ton-mile demand, an ageing global fleet, and geopolitical trade disruptions. While rates slowed after a strong April, they remain healthy versus historical levels. The potential reopening of the Strait of Hormuz is seen as a recovery of lost activity rather than a new ton-mile impulse, but overall fundamentals remain supported. Q: How is the company positioned regarding potential US tariffs on Chinese-built ships?A: Both the CEO and CFO emphasized that none of C3is's vessels were built in Chinese shipyards. Therefore, the company is not exposed to any potential US tariffs on Chinese-built ships. This is a strategic advantage that ensures no additional costs or operational disruptions from this geopolitical risk. Q: What is the company's strategy for future growth and capital allocation?A: The CEO reiterated that the company's strategy is disciplined growth through timely and selective acquisitions of quality, non-Chinese built vessels. The focus remains on short to medium-term charters and spot voyages. Equity issuances will continue to fund this growth, as demonstrated by the recent ATM agreement and share offer. The company aims to maintain its debt-free status while expanding its fleet. Q: Can you provide details on the company's net asset value and trading discount?A: The CEO highlighted that the net asset value (NAV) per share for the first six months of 2026 was $12.83. Based on the share price of $2.67 at the close on August 25, the company was trading at a significant discount of approximately 380% to its NAV, suggesting potential value for investors. Q: What are the expectations for the second half of 2026?A: The CEO expressed confidence that the second half of the year will mirror the strong first half. The expansion efforts, including the delivery of the second product tanker, are projected to boost profitability and fortify the company's financial strength. The company remains optimistic about its ability to exploit current market conditions and continue its growth trajectory. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved a 358% increase in adjusted net income driven by a 106% surge in Aframax tanker TCE rates and a 34% rise in voyage revenues. Capitalized on geopolitical tensions in the Middle East and the Red Sea, which have significantly increased ton-mile demand as vessels reroute around the Cape of Good Hope. Maintained a zero-debt capital structure despite a 387% increase in fleet capacity since inception, utilizing equity and cash flow for acquisitions. Strategically avoided Chinese-built vessels to insulate the fleet from potential US port fees and trade tariffs, focusing instead on high-quality assets for repeat business. The dry bulk market strength was attributed to shifting trade flows, including China sourcing more grain from Brazil and Russia replacing its trade with Europe with long-haul trade to Asia. Reported a robust cash balance of $27 million, an 82% increase from year-end 2025, even after making significant payments for fleet expansion. Anticipates a seasonal boost in iron ore trade, though management warns of rising input costs resulting from the ongoing Middle East conflict. Expects to take delivery of the second newly acquired product tanker in Q3 2026, further diversifying the fleet into the high-potential tanker market. Projects net MR2 fleet growth to continue at approximately 6.5% in 2026 before moderating to 4.7% in 2027, based on current order book and demolition assumptions. Identified a $39.7 million CapEx obligation for the two product tankers due in January 2027, which the company plans to manage through its debt-free balance sheet. Warns of potential food supply disruptions in Iran if grain vessel transits through the Persian Gulf do not resume in the coming weeks. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Reported a $2.3 million non-cash loss from warrants due to net fair value changes, which management emphasizes does not reflect operational performance. Noted that newbuilding activity declined globally in Q1 26 as shipowners pulled back due to uncertainty regarding US tariffs and long shipyard lead times. Highlighted that 33% of the global handysize fleet is over 15 years old, suggesting potential supply tightening as demolition activity persists. Flagged surging bunker costs and tightening prompt supplies as immediate operational headwinds caused by the Middle East conflict.

ATHENS, Greece, May 18, 2026 (GLOBE NEWSWIRE) -- C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing tanker and dry bulk seaborne transportation services, announced today its unaudited financial and operating results for the first quarter ended March 31, 2026. OPERATIONAL AND FINANCIAL HIGHLIGHTS Our handysize dry bulk carriers are employed 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 $115,000 per day. The Company has also entered into agreements to acquire two product tankers for an aggregate consideration of $39.8 million. One of these tankers was delivered in April 2026, while the second is expected to be delivered in the third quarter of 2026. These acquisitions increase the Company’s exposure to the product tanker market, where current voyage charter rates for MR product tankers are approximately $36,000 per day. For the three months ended March 31, 2026, the Company generated revenues of $11.6 million, corresponding to a daily TCE I of $32,173, as compared to revenues of $8.7 million for the same period in 2025, representing a daily TCE of $16,202. For the first quarter of 2026, daily TCE increased by 98.6% as compared to the same period in 2025. EBITDAi of $4.6 million, Net Income of $3.2 million, and Loss per share, Basic, of $(1.33) for the three months ended March 31, 2026, affected by two non-cash items of a $2.3 million loss on warrants and a $3.5 million deemed dividend on the Series A Perpetual Convertible Preferred Shares, both reflecting accounting revaluations of these securities. All of our vessels are unencumbered. Adjusted EBITDAi of $6.9 million for the three months ended March 31, 2026, an increase of 130% compared to $3.0 million for the three months ended March 31, 2025. Adjusted Net Incomei of $5.5 million for the three months ended March 31, 2026, an increase of 358% compared to $1.2 million for the three months ended March 31, 2025. Cash balance, including time deposits, of $27.3 million at the end of the first quarter of 2026, compared to $14.9 million at year-end 2025, representing an increase of 82%. In February 2026, the Company entered into an “At The Market” sales agreement with Aegis Capital Corporation, covering the registration of common shares with an aggregate amount of up to $98,000,000. During the first quarter of 2026, the Company sold 156,619 shares of common stock – adjusted for the Reverse Stock Split of 1:7 in April 2026 - for total gross proceeds of $1.6 million. The Company effected a 1:20 Reverse Stock Split in January 2026 and a second 1:7 Reverse Stock Split in April 2026 to satisfy the minimum price bid requirement for maintaining listing on Nasdaq. 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. First Quarter 2026 Results: Voyage revenues for the three months ended March 31, 2026 amounted to $11.6 million, representing an increase of $2.9 million, or 34%, compared to revenues of $8.7 million for the three months ended March 31, 2025, primarily due to higher charter rates. Total calendar days for our fleet were 360 days for both the three months ended March 31, 2026 and 2025. Of the total calendar days in the first quarter of 2026, 225, or 62.5%, were time charter days, as compared to 247 or 68.6% for the same period in 2025. Our fleet utilization was 89.4% and 100.0% for the periods of three months ended March 31, 2026 and 2025, respectively. Fleet operational utilization was 85.0% and 91.7% for the three months ended March 31, 2026 and 2025, respectively. The decrease was mainly attributable to the engine repairs on board our handysize carrier, the Eco Angelbay. Voyage expenses and vessels’ operating expenses for the three months ended March 31, 2026 were $1.2 million and $2.5 million respectively, compared to $2.8 million and $2.2 million for the same period in 2025. The decrease in voyage expenses was mainly driven by lower bunker costs and port expenses, which declined by 69% and 63% respectively, primarily due to greater fleet employment under time charter arrangements. Specifically, voyage expenses for the three months ended March 31, 2026 included bunker costs of $0.5 million and port expenses of $0.3 million, representing 41.7% and 25.0% of total voyage expenses, primarily due to our Aframax tanker, the Afrapearl II, operating in the spot market. Operating expenses for the three months ended March 31, 2026 mainly included crew expenses of $1.2 million, corresponding to 48.0% of total operating expenses, spares and consumable costs of $0.6 million, corresponding to 24.0% of total vessel operating expenses, and maintenance expenses of $0.3 million, representing maintenance and repairs on the vessels, corresponding to 12.0% of total vessel operating expenses. Depreciation for the three months ended March 31, 2026 and 2025 was $1.6 million for each period. Management fees for the three months ended March 31, 2026 and 2025 were $0.16 million for each period. General and Administrative costs for the three months ended March 31, 2026 and 2025 were $0.8 million and $0.7 million, respectively. The $0.1 million increase is primarily due to higher professional fees. Interest and finance costs for the three months ended March 31, 2026 and 2025 were $0.002 million and $0.3 million respectively. In 2025, interest expense included accrued interest related to $14.6 million payable to a related party, representing 90% of the acquisition price of the Eco Spitfire, which was fully repaid in April 2025. For accounting purposes, the outstanding purchase price balance payable on the new vessel acquisition was allocated to principal and imputed interest, even though no interest was contractually charged by the sellers. The total amount paid was consistent with the originally agreed purchase price of the vessel. Interest income for the three months ended March 31, 2026 and 2025 was $0.2 million and $0.1 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 March 31, 2026 was $2.3 million compared to a gain on warrants of $6.9 million for the three months ended March 31, 2025. The change reflects the net fair value movements in our Class B-1, B-2, C-1 and C-2 warrants, which are classified as liabilities. Net Income of $3.2 million and related Loss per share, basic, of ($1.33) for the three months ended March 31, 2026, compared to a net income of $7.9 million, corresponding to an Earnings per share (EPS), basic, of $1,439.93 for the same period of last year. Adjusted Net Income was $5.5 million, corresponding to an Adjusted EPS, basic, of $5.24 for the three months ended March 31, 2026 compared to an Adjusted net income of $1.2 million corresponding to an Adjusted EPS, basic, of $101.88 for the same period of last year. Adjusted EBITDA for the three months ended March 31, 2026 and 2025 amounted to $6.9 million and $3.0 million, respectively. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. CEO Dr. Diamantis Andriotis commented: The first quarter of 2026 marked a period of strong financial and operational performance for the Company, with adjusted net income increasing by 358% year-over-year to $5.5 million and adjusted EBITDA rising by 130% to $6.9 million. During the quarter, the Company generated revenues of $11.6 million and a robust cash flow from operating activities of $9.3 million, resulting in a cash balance of $27 million, representing an 82% increase compared to year-end 2025. Our fleet achieved average daily TCE rates of approximately $32,200 during the quarter, reflecting healthy market conditions across both the tanker and dry bulk sectors. More recently, spot market earnings have strengthened further, with our Aframax tanker currently earning $115,000 per day, while MR product tanker and Handysize dry bulk markets continue to generate attractive returns. At the beginning of the second quarter, we took delivery of the first of two newly acquired product tankers, with the second vessel expected to be delivered in the third quarter of 2026. These additions further enhance and diversify our fleet profile while increasing our exposure to the tanker market. We also benefit from a flexible payment structure, under which the remaining acquisition costs for the recently acquired vessels are payable within one year from the respective acquisition agreements. With no outstanding bank debt, we maintain significant financial flexibility as we continue to execute our growth strategy and position the Company to capitalize on favorable market conditions. Conference Call details: On May 18, 2026, at 10:00 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 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. ABOUT C3IS INC. C3is Inc. is a ship-owning company providing dry bulk and crude oil seaborne transportation services. The Company currently owns five vessels, comprising three Handysize dry bulk carriers with a total capacity of 97,664 deadweight tons (dwt), an Aframax oil tanker with a cargo carrying capacity of 115,804 dwt and a product tanker with a cargo carrying capacity of 47,203 dwt, resulting in a fleet total capacity of 260,671 dwt. On a pro forma basis following the delivery of one additional MR product tanker, the Company’s fleet will consist of six vessels: three Handysize dry bulk carriers, one Aframax tanker, and two MR product tankers, with a total carrying capacity of approximately 311,431 dwt. C3is Inc.’s shares of Common Stock are listed on the Nasdaq Capital Market and trade under the symbol “CISS.” Forward-Looking Statements Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance including our intentions relating to fleet growth and diversification and financing, outlook for our shipping sectors and vessel earnings, and our ability to maintain compliance with Nasdaq continued listing requirements, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although C3is Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, C3is Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include risks discussed in our filings with the SEC and the following: the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs, port fees or other protectionist measures imposed by the United States, China or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in C3is Inc.’s operating expenses, including bunker prices, drydocking and insurance costs, ability to fund the purchase price for our two product tankers, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflict in the Middle East, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden and the effective closure of the Persian Gulf, including the Strait of Hormuz, due to the conflict between Iran and the U.S. and Israel, accidents and political events or acts by terrorists. Risks and uncertainties are further described in reports filed by C3is INC. with the U.S. Securities and Exchange Commission. Company Contact: Nina PyndiahChief Financial Officer C3is INC.00-30-210-6250-001E-mail: [email protected] Fleet Data: The following key indicators highlight the Company’s operating performance during the three-month periods ended March 31, 2025 and March 31, 2026. Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS: Adjusted net income represents net income before gain/(loss) on warrants and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, gain/(loss) on warrants and share based compensation. Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as, or similar to, some of the adjustments in this presentation. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating our performance. Reconciliation of TCE:Time Charter Equivalent rate or “TCE” rate is determined by dividing voyage revenue net of voyage expenses by voyage days for the relevant time period. TCE is a non-GAAP measure which provides additional meaningful information in conjunction with voyage revenues, the most directly comparable GAAP measure to Time charter equivalent revenues assisting the Company’s management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. TCE is also a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance despite changes in the mix of charter types (i.e., spot charters or time charters) under which the vessels may be employed between the periods. TCE assists our investors to assess our financial performance from period to period on a comparable basis and provides investors with a means of better evaluating and understanding our operating performance. ii The computation of earnings/(loss) per share gives retroactive effect to the reverse stock splits effected in April 2024, December 2024, April 2025, January 2026 and April 2026.

This article first appeared on GuruFocus. Release Date: May 18, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. C3is Inc (NASDAQ:CISS) reported an adjusted net income of $5.5 million for Q1 2026, a 358% increase from the previous year. The company's revenues increased by 34% to $11.6 million compared to Q1 2025. C3is Inc (NASDAQ:CISS) achieved an adjusted EBITDA of $6.9 million, marking a 130% increase from the same period in 2025. The cash balance rose by 82% to $27 million by the end of Q1 2026. The fleet capacity has increased by 387% since inception, enhancing operational diversity and exposure to the growing tanker market. Geopolitical tensions in the Middle East are impacting trade flows and increasing input costs. The ongoing conflict has led to surging bunker costs and tightening prompt availability in the dry bulk market. The company experienced a loss on warrants amounting to $2.3 million in Q1 2026, compared to a gain in the previous year. The fleet's operational utilization was at 85%, indicating room for improvement. The order book for new vessels has declined, partly due to uncertainty around U.S. tariffs on Chinese-built ships. Warning! GuruFocus has detected 3 Warning Sign with CISS. Is CISS fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide an overview of C3is Inc's financial performance for Q1 2026? A: Dr. Giamadis Andriotti, CEO, reported an adjusted net income of $5.5 million, a 358% increase from 2025. Revenues were $11.6 million, up 34% from the previous year. The adjusted EBITDA was $6.9 million, marking a 130% increase. The company also saw a significant cash balance increase of 82% to $27 million. Q: How has the geopolitical situation in the Middle East affected C3is Inc's operations? A: Dr. Giamadis Andriotti, CEO, noted that the ongoing Middle East conflict has disrupted the Strait of Hormuz, impacting the dry bulk market. This has led to increased input costs and influenced trade flows and ton-mile demand. The company expects a seasonal boost in iron ore trade but anticipates rising input costs due to the conflict. Q: What are the strategic growth plans for C3is Inc moving forward? A: Dr. Giamadis Andriotti, CEO, stated that the company plans to continue disciplined growth by acquiring high-quality, non-Chinese built vessels. The focus will be on short to medium charters and spot voyages. The recent acquisition of two product tankers is part of this strategy, enhancing operational diversity and exposure to the growing tanker market. Q: Can you elaborate on the fleet expansion and its impact on C3is Inc's operations? A: Dr. Giamadis Andriotti, CEO, explained that the fleet capacity has increased by 387% since inception. The addition of two new product tankers, including the Clean Fury delivered in Q2 2026, will further enhance the fleet's capacity and operational diversity, allowing the company to capitalize on booming charter rates. Q: How has C3is Inc managed its financial flexibility and debt levels? A: Nina Pindia, CFO, highlighted that the company is fully deleveraged, significantly enhancing financial flexibility. Despite increasing the fleet size by 387% since inception, C3is Inc has no bank debt, which positions it well for future growth and resilience in the competitive market. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

This article first appeared on GuruFocus. Release Date: February 19, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. C3is Inc (NASDAQ:CISS) reported a net income of $10.5 million for 2025, a significant increase of 481% compared to a net loss in 2024. The company achieved an EBITDA of $17 million, marking a 244% increase from the previous year. C3is Inc (NASDAQ:CISS) has no bank debt, enhancing its financial flexibility and reducing financial risk. The company has successfully repaid all CapEx obligations totaling $59.2 million without resorting to bank loans. C3is Inc (NASDAQ:CISS) announced the acquisition of two product tankers, which will increase fleet capacity by 387% from inception, positioning the company for future growth. Voyage revenues decreased by 18% in 2025 compared to 2024, primarily due to dry docking and idle days of the Aframax tanker. Time charter equivalent rates dropped by 28% compared to the previous year, impacting overall revenue. Operating expenses for 2025 were $9.2 million, with significant costs attributed to crew expenses and maintenance. The dry bulk market is experiencing modest growth in tons, with a projected increase of less than 1% in 2026. The Aframax/LR2 spot rates showed regional differences, with some routes experiencing pressure due to ongoing weakness in export activity. Warning! GuruFocus has detected 2 Warning Signs with CISS. Is CISS fairly valued? Test your thesis with our free DCF calculator. Q: Can you elaborate on the significant increase in net income for 2025 compared to 2024? A: Diamantis Andriotis, CEO: For the first 12 months of 2025, we achieved a net income of $10.5 million compared to a net loss of $3 million for the same period in 2024, marking an increase of 481%. This was primarily due to improved operational efficiencies and strategic financial management, including the settlement of the final outstanding balance on the Eco Spitfire. Q: What were the main factors contributing to the decrease in voyage revenues? A: Nina Pyndiah, CFO: Voyage revenues decreased by 18% compared to 2024, mainly due to the dry docking of our Aframax tanker, which resulted in 28 non-revenue days combined with 46 idle days, totaling 74 days. This also impacted the time charter equivalent rates, which saw a 28% decrease. Q: How is the dry bulk market expected to perform in 2026? A: Diamantis Andriotis, CEO: The dry bulk market is expected to see modest growth in tonnage but more robust growth in ton miles due to the lengthening of trade routes and the rising weight of minor bulks. Total dry bulk cargo volumes are expected to increase by less than 1% in 2026, but seaborne demand measured in transport works should expand by around 2% annually. Q: What strategic steps is C3is taking to enhance its fleet and market position? A: Diamantis Andriotis, CEO: We have announced the acquisition of two product tankers to be delivered in 2026, which will increase our fleet capacity by 387% from inception. This aligns with our strategy of disciplined growth and focus on short to medium-term charters and spot voyages, without incurring bank debt. Q: How is C3is managing its financial obligations and growth without incurring bank debt? A: Nina Pyndiah, CFO: Since July 2023, we have repaid all of our CapEx obligations totaling $59.2 million without resorting to any bank loans. This was achieved through strategic financial management and maintaining a high-quality fleet, which reduces operating costs and improves safety. Q: What are the key market trends influencing C3is's operations in 2026? A: Diamantis Andriotis, CEO: Key trends include elevated freight rates, resilient oil demand, and shifting trade patterns. These are driven by factors such as population growth, geopolitics, sanctions, and steady biofuel demand, all of which support a bullish outlook for 2026. Q: Can you discuss the impact of geopolitical factors on the tanker market? A: Diamantis Andriotis, CEO: Geopolitical factors, such as sanctions on Russian crude and refined products, have redirected flows away from traditional short-haul routes, creating longer voyages and tightening oil and vessel supply. This has resulted in increased ton mile demand and higher freight rates. Q: What is the company's approach to maintaining fleet quality and competitiveness? A: Nina Pyndiah, CFO: We maintain fleet quality through regular inspections and a comprehensive maintenance program. None of our vessels were built in Chinese shipyards, so they are not affected by ongoing tariff threats. This provides a competitive advantage in securing favorable charters. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Net income surged 481% to $10.5 million despite an 18% decline in voyage revenues, primarily driven by the scheduled dry docking and 46 idle days of the Aframax tanker. The company achieved a fully deleveraged balance sheet by settling the final $15.1 million balance on the Eco Spitfire, enhancing financial flexibility for future acquisitions. Strategic focus remains on non-Chinese built vessels to mitigate risks associated with potential U.S. tariffs and ensure high-quality operational standards. Dry bulk performance was anchored by iron ore and minor bulks, with the latter growing 4% as a key engine for tonne-mile demand despite modest headline trade growth. Management attributes the robust tanker outlook to geopolitical shifts, including sanctions on Russian and Iranian crude, which have structurally lengthened trade routes. The company maintains a competitive advantage through repeat business with high-quality charterers, focusing on safety and reliability to secure favorable short-to-medium term contracts. Fleet capacity is set to increase by 387% from inception following the scheduled delivery of two newly acquired product tankers between Q1 and Q3 2026. Management anticipates a 'structural turning point' in seaborne logistics driven by the Simandou project in Guinea, which is expected to drive up freight rates via new long-haul iron ore routes. The 2026 EU-India free trade agreement is expected to significantly boost tanker demand by removing tariffs and fostering new infrastructure investments. Guidance assumes continued strength in the Aframax sector, particularly in the Caribbean-U.S. Gulf routes which saw spot rates soar by 88.7% at year-end. Future growth will be funded through disciplined equity issuances and selective acquisitions, maintaining a zero-bank-debt capital structure. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Reported a $9.2 million gain on warrants in 2025, a significant reversal from the $11.1 million loss recorded in 2024, reflecting net fair value changes. Interest and finance costs decreased by $2.1 million following the full repayment of acquisition liabilities for the Afrapearl II and Eco Spitfire. Management flagged structural decarbonization as a headwind for coal, noting it is no longer a reliable engine of growth for the dry bulk sector. The Aframax tanker underwent a 28-day dry docking in August 2025, which, combined with idle time, resulted in 74 total non-revenue days for the company's highest-earning vessel. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.