C3is Inc. (CISS) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and welcome to our C3IS first quarter of 2025 earnings conference call and webcast. This is Dr. Yamadis Andriotis, CEO of the company. Joining me on the call today is our CFO, Nina Pindia. Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements which reflect current views with respect to future events and financial performance, and are based on current expectations and assumptions, which by nature are inherently uncertain and outside of the company's control. At this stage, if you could all take a moment to read our disclaimer on slide 2 of this presentation. I would also like to point out that all amounts quoted, unless otherwise clarified, are implicitly stated in US dollars. Today we released our earnings results for the first quarter of 2025, so let's proceed to discuss these results and update you on the company's strategy and the market in general. Please turn to slide 3, where we summarize and highlight the company's performances, starting with our financial highlights. For the first quarter of 2025, we achieved an end income of 8 million, which is an increase of 109% from Q1 2024. We reported net revenues of 5.8 million, which is a decrease of 41% compared to the first quarter of 2024. This was exclusively due to the decrease in charter rates. Our reference tanker, the AFRAPL2, which contributed around 72% to the total revenues, had TCE rates 55% lower than the rate of Q1 2024. The TCE rates for the whole fleet was 56% lower than the rate for the first quarter of 2024. Our cash balance was 15.7 million, an increase of 25% from the year end 2024. In Q2 2025, we paid off the remaining 90% balance that was due on the Eco Spitfire. So we have met all our CAPEX requirements, which ...