Business
C3is Inc. reports second quarter and six months 2023 financial and operating results
ATHENS, Greece, Sept. 01, 2023 (GLOBE NEWSWIRE) -- C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing drybulk and tanker seaborne
About this update from C3is Inc.
[{"type":"text","content":"ATHENS, Greece, Sept. 01, 2023 (GLOBE NEWSWIRE) -- C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing drybulk and tanker seaborne transportation services, announced today its unaudited financial and operating results for the second quarter and six months ended June 30, 2023. These financial results were based on the accounts of C3is Inc. and its wholly owned subsidiaries, which were prepared using the historical carrying costs of the assets and the liabilities of the subsidiaries from their dates of incorporation. OPERATIONAL AND FINANCIAL HIGHLIGHTS Our two handysize dry bulk carriers are currently on time charters of short term durations, producing steady cash flows.Both handysize dry vessels are unencumbered.Fleet operational utilization of 90.1% for the six months period ended June 30, 2023, as our vessels were mainly under time charter employment.Voyage revenues of $4.9 million for the six months period ended June 30, 2023 corresponding to daily TCE1 of $12,145.Our Company generated net income of $0.4 million for the six months period ended June 30, 2023, and net loss of $0.4 million for the three months ended June 30, 2023.Acquisition of the Stealth Berana in July 2023, an Aframax oil tanker, with a capacity of 115,800 dwt, bringing the total fleet capacity to 179,800 dwt.On July 5th, 2023 we concluded with the offering of 4,765,000 common shares, generating gross proceeds of approximately $5.0 million. Second Quarter 2023 Results: Voyage revenues for the three months ended June 30, 2023 amounted to $1.7 million as market rates for our vessels prevailed at low levels. Total calendar days for our fleet were 182 days for the three months ended June 30, 2023. Of the total calendar days in the second quarter of 2023, 163, or 89.6%, were time charter days. Our fleet operational utilization was 89.6% for this period.Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2023 were $0.2 million and $0.8 million, respectively. Voyage expenses included commissions to third parties of $0.1 million, corresponding to 50% of total voyage expenses. Operating expenses mainly included crew expenses of $0.5 million, corresponding to 63% of total operating expenses, spares and consumables costs of $0.2 million, corresponding to 25%, and maintenance expenses of $0.07 million, representing wo...