Harry N. Vafias-led C3is Inc. announced its financial results showing an increase in revenues and net income. The top management of the company confirms that during the fourth quarter of 2023 C3is Inc. generated revenues of $13.8m and a net income of $5.6m.
The company which owns three vessels, two handysize drybulk carriers with a total capacity of 64,000 dwt and an aframax oil tanker, reported a net income of $9.3m for the twelve months ended December 31, 2023, and a net income of $5.6m for the three months ended December 31, 2023.
The shipowner saw an increase in net income to $5.6m for the three months, from $3.3m for the three months ended September 30, 2023.
C3is Inc. also saw an increase in Ebitda to $7.7m for the three months ended December 31, 2023, from $5.3m for the three months ended September 30, 2023.
Following the acquisition of the aframax tanker, Afrapearl II (ex. Stealth Berana), in July 2023 the total fleet capacity increased to 179,800 dwt.
The company’s two handysize dry bulk carriers are currently on short term fixed rate time charters with steady cash flows, while the Aframax tanker operates in the spot market where voyage charter rates for Aframax tankers are in excess of $40,000 per day.
Both its handysize dry bulk carriers, and Aframax tanker are unencumbered.
“Fleet operational utilization of 91.6% for the twelve months ended December 31, 2023, as our vessels were mainly under time charter employment,” said the owner.
Dr. Diamantis Andriotis, chief executive, said: “Since our company’s listing in late June 2023 and following the acquisition of our Aframax, the first step of our growth strategy, our expanded and diversified fleet has enabled our company to enjoy solid financial performance.
“Indicatively, during the fourth quarter of 2023, we achieved a fleetwide time charter equivalent rate of $34,060 per day.
“The revenue generation of $23.9 million, achieved during the second half of 2023, since our company’s spin-off from its parent company, represents approximately 83% of the full year’s revenue. We believe that this is indicative of our ability to efficiently operate our fleet and capitalize on the sustainable freight rate environment.
“Specifically, our two handysize bulk carriers which are mainly employed under short-term time charter contracts, are currently earning charter rates ranging from $13,000 to $14,000 per day. The earnings raised from our two handysize dry bulk carriers are enhanced through the operation of our Aframax tanker in the spot market.
“The vessel is currently capturing the prevailing robust Aframax spot rates which stand in excess of $40,000 per day, a level that is in line with the time charter equivalent rate achieved by our tanker during the last quarter.
“Our diversified fleet and deployment in the spot market enables our company to take advantage of the promising charter rate environment and is expected to generate strong cash flow going forward.
“We believe that our capital structure comprising of no bank debt and a strong cash balance, currently standing at $35.6 million, will further enhance our company’s ability to fund selective vessel acquisitions following payment of the remaining purchase price for our Aframax tanker.”