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C3is Inc. reports Q3 adjusted EPS 2c vs. $43.00 last year
The Fly

C3is Inc. reports Q3 adjusted EPS 2c vs. $43.00 last year

Reports Q3 revenue $9.3M vs. $10.1M last year. CEO Dr. Diamantis Andriotis commented: “Following the completion of the first 9 months of operations of 2024, C3is has reported Voyage Revenues of $32.9 million – an increase of 119% from 2023, an Adjusted Net Income of $7.7 million – 108% higher than 2023, and an adjusted EBITDA of $13.5 million – 92% higher than 2023. We have taken delivery of our fourth vessel this year, bringing our total fleet capacity to 213,464 DWT, an increase of 234% from the Company’s inception over a year ago. In April 2024 we paid off $1.62 million, representing the 10% balance due on the Eco Spitfire, and during the third quarter of 2024, we paid off the remaining balance of $39.5 million due on our Aframax tanker. We have more than trebled our fleet capacity without incurring any bank debt. Our strategy of expansion has continuously been bearing fruits, as proven by the results of every single quarter since the Company’s inception. We will continue to aim at achieving sustainable growth despite the current challenges of macro and micro conditions. The results of the US elections will have significant implications on the global shipping industry. The proposed policies of 10% tariff on all U.S. imports and 60% tariff on Chinese products are poised to re-shape trade dynamics, thus affecting shipping. The industry also faces added uncertainty around the current geopolitical situation, with two major conflicts having a significant impact on shipping markets, combined with the outcome of environmental regulations. We will closely monitor these evolving situations and maintain an agile and effective control of our business, focusing on maximizing our results. We will continue to address industry challenges, and will maintain our strategy to provide safe global transportation services in parallel with producing excellent financial performance, attractive returns and growth prospects for our shareholders.”

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