C3is Inc., owned by Harry Vafias, has grown its fleet by 230% and it now seeks to capitalize on the stability offered by zero debt, despite the challenges of the shipping market.
The Nasdaq-listed company announced its financial results for the second quarter and first half of 2025, noting that it has covered all its capital obligations, amounting to 59.2 million dollars, relating to the acquisition of the aframax tanker Afrapearl II and the bulk carrier Eco Spitfire, without resorting to bank loans.
The repayment of the balance of 14.6 million for Eco Spitfire in April and the successful completion of the drydocking of Afrapearl II in August further enhanced the financial flexibility of the company.
At the quarterly level, revenues amounted to 10.7 million, with the average daily cost (TCE) reaching 16,466, down 31% compared to 2024.
The company recorded losses of 5.3 million, however, improved compared to the corresponding quarter last year, when they had amounted to 11.7 million.
In the first half, the picture is positive, with net profits of 2.6 million dollars and earnings per share of 0.52.
Charters
The company’s three Handysize cargo ships have short-term charter agreements, generating stable cash flows, while its Aframax tanker operates in the spot market, with voyage rates, currently, of approximately 25,000 dollars per day.
At the same time, cash on hand amounted to 2.3 million at the end of June.
