Business
C3is Inc. reports third quarter and nine months 2023 financial and operating results, with net revenues and net income representing increases of 378% and 1,018% respectively from the previous quarter
ATHENS, Greece, Nov. 03, 2023 (GLOBE NEWSWIRE) -- C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing dry bulk seaborne transportation
About this update from C3is Inc.
[{"type":"text","content":"ATHENS, Greece, Nov. 03, 2023 (GLOBE NEWSWIRE) -- C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing dry bulk seaborne transportation services, and from Q3 2023, tanker transportation services, announced today its unaudited financial and operating results for the third quarter and nine months ended September 30, 2023. These financial results were based on the accounts of C3is Inc. and its wholly owned subsidiaries, which were prepared as if the subsidiaries owning dry bulk vessels were consolidated subsidiaries of C3is for the entire periods presented, since the date the vessels were acquired by these subsidiaries, and using the historical carrying costs of the assets and the liabilities of these subsidiaries. OPERATIONAL AND FINANCIAL HIGHLIGHTS Our two handysize dry bulk carriers currently operate under short-term time charter contracts, earning gross charter rates ranging from $20,000 to $26,000 per day.Our Aframax oil tanker operates in the spot market, where voyage charter rates for Aframax tankers currently are in excess of $65,000 per day. Fleet operational utilization of 98.5% for the three months ended September 30, 2023, as our vessels were mainly under time charter employment.Voyage revenues of $10.1 million for the three months ended September 30, 2023, corresponding to a daily TCEi of $27,903.378% increase in Net Revenues and 1,637% increase in EBITDA from the second quarter of 2023.Net Income of $3.3 million for the three months ended September 30, 2023.1,018% increase in Net Income from the second quarter of 2023.Earnings per share, basic and diluted, for the third quarter of 2023 were $0.43 and $0.15, respectively.Cash & cash equivalents of $8.9 million as of the end of the third quarter of 2023, reflecting $5.4 million and $3.7 million of net cash provided by operating activities during the nine months and the three months ended September 30, 2023, respectively. Both handysize dry bulk carriers and our newly acquired Aframax oil tanker are currently unencumbered.Financial liability of $38.7 million related to the acquisition of our Aframax tanker and due in July 2024, expected to be financed with cash on hand, net cash from operations and proceeds from equity offerings. Third Quarter 2023 Results: Voyage revenues for the three months ended September 30, 2023 amounted to $10.1 million, an i...