Harry N. Vafias-led C3is Inc. owning two Handysize drybulk carriers and an Aframax oil tanker, recorded net revenues, and net income representing increases of 378% and 1,018% respectively from the previous quarter.
The newly entity C3is Inc., a newcomer to the American financial market with a course of just four months, recorded significant increase in its net income and net revenues compared to the previous quarter.
Dr. Diamantis Andriotis, chief executive commented: “We are very pleased to announce that, even though we have been operating as a newly listed entity for a short period of approximately 4 months following our spin-off from Imperial Petroleum Inc. in late June 2023, we have managed to grow our fleet and achieved a remarkable financial performance.”
“Specifically, during the third quarter of 2023, we generated record revenues of $10.1 million and a record net income of $3.3 million, representing increases of 493% and 1,018% respectively, from the previous quarter.”
Greek shipowner Vafias, gave to the press C3is Inc, the unaudited financial and operating results for the third quarter, and nine months for this year.
Harry Vafias, the mastermind behind the globally recognized Nasdaq-listed StealthGas, reported that the ship-owning company C3is had 378% increase in its net revenues, and 1,637% increase in Ebitda from the second quarter of 2023.
The Nasdaq-listed company recorded net income of $3.3 million for the three months ended September 30, 2023, which means an 1,018% increase in net income from the second quarter of 2023.
The top management of the new entity C3is believes that the newly bought aframax oil tanker, which was delivered to the company in July 2023, will well position C3is to capture the firm prevailing tanker market conditions, and generate significant cash flow with the efficient operations of its expanded and diversified fleet.
“Our two handysize dry bulk carriers currently operate under short-term time charter contracts, earning gross charter rates ranging from $20,000 to $26,000 per day and resulting in a fixed revenue backlog of approximately $2.9 million until December 2023,” added chief executive Andriotis.
“Our already secured revenues are supplemented by the operation of our aframax oil tanker in the spot market, where voyage charter rates for aframax tankers currently stand at very high levels, in excess of $65,000 per day. This employment strategy will enhance our ability to finance our outstanding liability of $38.7 million, related to the acquisition of our tanker and due in July 2024, partially with cash on hand, cash from operating activities and proceeds from equity offerings.”
