C3is (CISS) Q2 2024 earnings summary

Executive summary

• Adjusted EBITDA for H1 2024 reached $11.3 million, up 555% year-over-year, and adjusted net income was $7.3 million, up 1,790% year-over-year.

• Voyage revenues rose to $10.8 million in Q2 2024, up $9.1 million year-over-year, driven by a larger fleet.

• Fleet capacity increased by 234% since inception, now at 213,464 deadweight with four vessels, including a new bulk carrier delivered in Q2 2024.

• No bank debt remains after paying off the Aframax tanker in July 2024; all vessels are unencumbered.

Financial highlights

• Q2 2024 voyage revenues were $10.8 million, a 403% increase from Q2 2023; daily TCE was $23,938, up 185% year-over-year.

• Adjusted net income for Q2 2024 was $2.9 million, compared to an adjusted net loss of $0.4 million in Q2 2023.

• Adjusted EBITDA for Q2 2024 was $4.9 million, up from $0.3 million in Q2 2023.

• Unrealized non-cash loss on warrants of $14.5 million in Q2 2024, related to public offerings.

• Net book value of vessels at June 2024 was $87.4 million, up from $75.2 million at December 2023.

Outlook and guidance

• Earnings momentum expected to remain favorable, supporting continued fleet growth strategy.

• Focus remains on disciplined, selective vessel acquisitions and maintaining high-quality charters.

• The company aims to further develop core businesses and explore new growth opportunities.