C3is (CISS) Q3 2025 earnings summary

Executive summary

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

• EBITDA rose to EUR 10 million ($10.3M), up 245% year-over-year.

• Voyage revenues declined by 24–26% to EUR 24.2 million ($24M) due to Aframax tanker dry docking and idle days.

• All vessels are unencumbered, employed on short to medium-term charters and spot voyages, with a fleet of four vessels totaling 213,464 dwt.

• Aframax tanker completed drydocking in August 2025 at a cost of $1.7M.

Financial highlights

• Time charter equivalent rates dropped 40% year-over-year, with Q3 2025 daily TCE at $8,733 and nine-month TCE at $13,886.

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

• Interest and finance costs fell to EUR 400,000, reflecting full repayment of vessel acquisition obligations.

• Cash balance at September 2025 was EUR 6.6 million ($6.6M), down 48% from year-end 2024 due to vessel payments.

• Warrant liability reduced to EUR 3.9 million ($3.9M), down 63% from year-end 2024.

Outlook and guidance

• Market outlook for 2026 anticipates faster expansion in dry bulk, especially iron ore and bauxite, driven by South Atlantic volumes.

• Moderate rebound in coal and grain trades expected in 2026, with firmer EU production and strong ECSA volumes.

• Chinese demand expected to rebound in Q4 2025, supporting demand into 2026.

• Management highlights a debt-free balance sheet and plans to pursue growth in core and new businesses.

• Market outlook remains uncertain due to geopolitical and economic volatility, but trade volumes are rising.