C3is (NASDAQ:CISS) management highlighted a return to profitability in 2025, alongside plans to expand the fleet with two product tankers scheduled for delivery in 2026, during the company’s fourth-quarter 2025 financial and operating results webcast.
2025 financial results
For the 12 months ended 2025, C3is reported net income of $10.5 million, compared with a net loss of $3.0 million in 2024. Management said results were supported by higher overall earnings power and fair value changes related to warrants.
C3is reported EBITDA of $17.0 million for 2025, up from $7.0 million in 2024.
Costs, interest expense, and warrant impacts
On the cost side, voyage costs were $12.8 million in 2025, down from $14.1 million in 2024, which management linked to fewer voyage days tied to the Aframax dry docking. The company broke out voyage cost components, noting bunker costs of $6.4 million (50% of voyage expenses) and port expenses of $4.9 million (38%).
Operating expenses were $9.2 million for 2025, with major components including crew expenses of $4.7 million, spares and consumables of $2.0 million, and maintenance expenses of $1.2 million. The company also recorded $1.9 million in dry docking costs for the Afra Pearl II.
General and administrative costs declined to $2.4 million from $3.0 million a year earlier, which Pyndiah said reflected additional expenses in 2024 related to two public offerings. Depreciation expense increased to $6.5 million from $6.2 million, due to an increase in the average number of vessels.
Interest and finance costs fell to $400,000 from $2.5 million. Pyndiah explained the change was tied to accounting for accrued interest on related-party balances associated with vessel acquisitions, including the Aframax tanker Afra Pearl II (repaid in July 2024) and the bulk carrier Eco Spitfire (fully repaid in 2025). She emphasized that although no interest was charged on these acquisitions, accounting treatment required accrued interest to be recorded, and “the total paid did not change.”
The company also recorded a gain on warrants of $9.2 million in 2025, compared with a loss on warrants of $11.1 million in 2024, which management said was mainly related to net fair value changes on warrants.
Balance sheet and vessel values
C3is ended 2025 with $14.9 million in cash, up from $12.6 million at the end of 2024. Management highlighted that the increase came despite paying the remaining balance on the Eco Spitfire, including a 90% purchase price payment in the second quarter of 2025 totaling $15.1 million. Andriotis said the company settled the final outstanding $15 million due on the Eco Spitfire in April 2025.
Other current assets included charterers’ receivables of $4.3 million (up from $2.8 million) and inventories of $1.3 million (up from $900,000). The net book value of vessels was $78.0 million for four vessels, and management said vessel market values were $75.0 million in January 2026.
Trade accounts payable were $1.8 million. Amounts payable to a related party totaled $382,000, described as a balance due to the management company Brave Maritime. Pyndiah noted that related-party financial liability was $16.3 million at year-end 2024, mainly tied to the remaining Eco Spitfire balance that was paid in the second quarter of 2025.
Market outlook: dry bulk, Aframax, and product tankers
Management provided broader commentary on shipping markets entering 2026. On the dry bulk side, the company discussed modest growth in cargo volumes but comparatively stronger growth in ton-miles, citing lengthening trade routes and the rising weight of minor bulks. C3is highlighted iron ore as the “anchor” of dry bulk trade and pointed to Guinea’s Simandou project commencing operations in late 2025 as a development expected to increase long-haul demand and ton-miles.
In the Handysize segment, C3is cited AXS Marine Vessel Tracking data showing global exports loaded on Handysize tonnage of 1,798 million tons in 2025, up 2% year over year, with coal at 15%, grains at 13%, and steel at 9%. The company also emphasized the age profile of the global Handysize fleet, stating that 38% of the 3,202-vessel fleet is over 15 years old, while the average age of C3is’ Handysize fleet was 14.9 years at the end of December 2025.
For the Aframax market, the company cited improvements across major routes at year-end 2025 and discussed geopolitical factors and sanctions-related trade shifts that could influence ton-mile demand. The company also noted the global Aframax fleet stood at 1,198 ships, with 25% over 20 years old; its own Aframax tanker was 15.4 years old as of December 31, 2025.
On product tankers, management said refined product tanker ton-mile demand has grown due to shifts in trade patterns following restrictions on European energy imports away from Russia, and stated that cash flows for product tankers “remain quite healthy,” with the trend expected to continue into 2026. The company also discussed a rebound in the tanker order book, citing an overall tanker order book-to-existing fleet (above 20 years) ratio rising to roughly 18% in 2025, and projected to climb to 30% by 2028.
Fleet growth plans and strategy
C3is said it currently owns and operates three Handysize dry bulk carriers and one Aframax oil tanker, and has acquired two product tankers scheduled to be delivered between Q1 and Q3 2026. With the additions, management said fleet capacity will rise to 308,000 to 311,000 deadweight, an increase of 387% from inception.
Management also emphasized operational and strategic points, including that all vessels have ballast water management systems installed, vessels are “unencumbered,” and the fleet is employed on short- to medium-term period charters and spot voyages. The company stated that none of its vessels were Chinese-built and therefore are not affected by the “ongoing threat of tariffs.”
In closing remarks, Andriotis said the company is “fully deleveraged,” adding that C3is has no bank debt and has repaid capex obligations totaling $59.2 million from July 2023 to date without using bank loans. Management said equity financings will continue as it pursues “timely and selective” acquisitions of quality, non-Chinese-built vessels, with a focus on short- to medium-term charters and spot voyages.
About C3is (NASDAQ:CISS)
C3is Inc offers international seaborne transportation services. It provides its services to dry bulk charterers, including national and private industrial users, commodity producers and traders, oil producers, refineries, and commodities traders and producers. The company owns and operates a fleet of two drybulk carriers, which transport major bulks, such as iron ore, coal and grains, as well as minor bulks comprising bauxite, phosphate, and fertilizers, and one Aframax crude oil tanker that transports crude oil.
