C3is (CISS) Registration filing summary

Company overview and business model

• Provides international seaborne transportation services for drybulk charterers and oil/product tanker clients, operating a fleet of five vessels with plans to expand to six by Q3 2026.

• Fleet includes three Handysize drybulk carriers, one Aframax crude oil tanker, and one product tanker, with a total carrying capacity of 260,671 dwt, expanding to 311,431 dwt after new delivery.

• Employs a flexible chartering strategy, utilizing both time charters and spot market employment based on market conditions.

• Technical and commercial management is outsourced to Brave Maritime, a Greece-based ship management company.

Financial performance and metrics

• As of March 31, 2026, total capitalization was $102.2 million, increasing to $132.8 million post-offering.

• Net proceeds from the offering are estimated at $5.2 million (or $6.1 million with full over-allotment), based on an assumed public offering price of $1.67 per unit.

• No outstanding bank debt as of the offering; recent vessel acquisitions financed through cash, operations, and equity offerings.

Use of proceeds and capital allocation

• Proceeds will be used for capital expenditures, including payment for a contracted product tanker, potential vessel acquisitions, working capital, and general corporate purposes.

• Aggregate purchase price for two product tankers is $39.8 million, with payment due by January 2027.