C3is Inc. (CISS) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and welcome to our C3IS second quarter of 2025 earnings conference call and webcast. This is Dr. Diamandis 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 finance 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 have released our earnings results for the second 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 second quarter of 2025, we had a net loss of 5.3 million, which was due to a non-cash item, the unrealized loss of the fair value of warrants of 6.4 million. Disregarding this accounting adjustment, we have an adjusted net income of 1.1 million for the quarter. Our net income for the first half of the year was 2.6 million. In April 2025, we settled the final outstanding balance of $14.6 million due on our latest addition, the EcoSpeedFire. We met all of our CAPEX obligations without resorting to any bank loans. In Q3 2025, our AfraMax tanker, the AfraPel2, successfully completed its special survey. The next special survey will be for the EcoBoostFire in 2026. Slide 4 shows the dry bark trade for the...