C3is Inc
NASDAQ:CISS
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C3is Inc
C3is, Inc. is a holding company that engages in the provision of seaborne transportation services to dry bulk charterers through its subsidiaries. The company is headquartered in Athina, Attiki. The company went IPO on 2023-06-22. The firm acts as a holding company and operates through its two subsidiaries. The firm's fleet consists of two handysize drybulk carriers: Eco Bushfire and Eco Angelbay.
C3is, Inc. is a holding company that engages in the provision of seaborne transportation services to dry bulk charterers through its subsidiaries. The company is headquartered in Athina, Attiki. The company went IPO on 2023-06-22. The firm acts as a holding company and operates through its two subsidiaries. The firm's fleet consists of two handysize drybulk carriers: Eco Bushfire and Eco Angelbay.
Net Income Turnaround: C3is reported net income of $5.3 million for the first 9 months of 2025, up from a $3 million net loss in the same period of 2024, marking a major improvement.
Revenue Decline: Voyage revenues fell 26% year-over-year to $24.2 million, mainly due to the dry docking of the Aframax tanker, resulting in 74 days without revenue from its highest earning vessel.
Strong EBITDA Growth: EBITDA increased by 245% to $10.3 million compared to the previous year.
Debt-Free Status: The company is now fully delevered, having paid off all CapEx obligations totaling $59.2 million without bank loans.
Market Uncertainty: Management cited ongoing geopolitical and trade uncertainties but noted that trade volumes and major economies are still growing.
Fleet & Strategy: The company operates 4 vessels, focuses on short- to medium-term charters, and has no exposure to US tariffs on Chinese-built ships.
