C3is (CISS) Q3 2025 earnings summary

Executive summary

• Net income for the first nine months of 2025 reached $5.3 million (EUR 5.3 million), reversing a net loss of $3 million in 2024, a 281% increase.

• EBITDA rose to $10.3 million, up 245% year-over-year.

• Voyage revenues declined 24–26% year-over-year due to Aframax tanker dry docking and idle days.

• Fleet expanded to four unencumbered vessels, including three Handysize dry bulk carriers and one Aframax tanker.

• All vessels are unencumbered, with no bank debt and all CapEx obligations repaid.

Financial highlights

• Voyage revenues for the first nine months of 2025 were $24.2 million (EUR 24.2 million), down from $32.9 million in 2024.

• Operating expenses totaled EUR 7 million, with crew expenses accounting for 50%.

• Interest and finance costs dropped significantly due to full repayment of acquisition-related obligations.

• Warrant liability decreased to $3.9 million, down 63% from year-end 2024.

• Cash balance at period end was $6.6 million, down 48% from year-end 2024, mainly due to vessel acquisition payments.

Outlook and guidance

• Expectation of a moderate rebound in coal and grain trades in 2026, with Chinese demand anticipated to return strongly in Q4 2025 and into 2026.

• Market stability expected from US-China truce; demand for dry bulk and oil shipping to improve in H2 2025 and into 2026.

• Company strategy focuses on disciplined growth, selective acquisition of non-Chinese-built vessels, and maintaining a high-quality, debt-free fleet.