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Share Name | Share Symbol | Market | Type |
---|---|---|---|
C3is Inc | NASDAQ:CISS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.03 | -2.16% | 1.36 | 1.36 | 1.37 | 1.42 | 1.34 | 1.40 | 221,708 | 22:40:46 |
OPERATIONAL AND FINANCIAL HIGHLIGHTS
Fourth Quarter 2023 Results:
Twelve months 2023 Results:
CEO Dr. Diamantis Andriotis commented:
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. As a result, during the fourth quarter of 2023, we generated revenues of $13.8 million and a net income of $5.6 million, representing increases of 36% and 67% respectively from the previous quarter.
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.
Conference Call details:
On March 26, 2024, at 11:00 am ET, the company’s management will host a conference call to present the results and the company’s operations and outlook.
Slides and audio webcast:
There will also be a live and then archived webcast of the conference call, through C3is Inc. website (www.c3is.pro). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
ABOUT C3IS INC.C3is Inc. is a ship-owning company providing drybulk and crude oil seaborne transportation services. The Company owns three vessels, two Handysize drybulk carriers with a total capacity of 64,000 deadweight tons (dwt) and an Aframax oil tanker with a cargo carrying capacity of approximately 115,800 dwt, resulting with a fleet total capacity of 179,800. C3is Inc.’s shares of common stock are listed on the Nasdaq Capital Market and trade under the symbols “CISS”.
Forward-Looking StatementsMatters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, including our intention to effect a reverse stock split, the exact ratio and timing of such reverse stock split and our ability to regain compliance with Nasdaq continued listing requirements, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although C3IS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, C3IS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include risks discussed in our filings with the SEC and the following: , the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in C3IS INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflict in Israel and Gaza, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists.
Company Contact:
Nina PyndiahChief Financial Officer
C3is INC.00-30-210-6250-001E-mail: info@c3is.pro
Fleet Data: The following key indicators highlight the Company’s operating performance during the periods ended December 31, 2022 and December 31, 2023.
FLEET DATA | Q4 2022 | Q4 2023 | July 25, 2022-December 31, 2022 | 12M 2023 |
Average number of vessels (1) | 1.79 | 3.00 | 1.09 | 2.47 |
Period end number of owned vessels in fleet | 2 | 3 | 2 | 3 |
Total calendar days for fleet (2) | 165 | 276 | 174 | 901 |
Total voyage days for fleet (3) | 127 | 276 | 136 | 900 |
Fleet utilization (4) | 77.0% | 100.0% | 78.2% | 99.9% |
Total charter days for fleet (5) | 122 | 174 | 131 | 680 |
Total spot market days for fleet (6) | 5 | 102 | 5 | 220 |
Fleet operational utilization (7) | 73.9% | 87.0% | 75.3% | 91.6% |
1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with repairs, drydockings or special or intermediate surveys.3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with repairs, drydockings or special or intermediate surveys.4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period.
Reconciliation of EBITDA:
EBITDA represents net income before interest and finance costs, interest income and depreciation. EBITDA is not a recognized measurement under U.S. GAAP. Our calculation of EBITDA may not be comparable to that reported by other companies in the shipping or other industries.
EBITDA is included herein because it is a basis, upon which we and our investors assess our financial performance. It allows us to present our performance from period to period on a comparable basis and provides investors with a means of better evaluating and understanding our operating performance.
(Expressed in United States Dollars, except number of shares) | ||||
Q4 2022 | Q4 2023 | July 25, 2022-December 31, 2022 | 12M 2023 | |
Net income - EBITDA | ||||
Net income | 523,091 | 5,572,743 | 551,586 | 9,291,912 |
Plus interest and finance costs | 116 | 746,820 | 116 | 1,367,831 |
Less interest income | -- | (36,107) | -- | (36,107) |
Plus depreciation | 524,595 | 1,382,295 | 557,974 | 4,104,720 |
EBITDA | 1,047,802 | 7,665,751 | 1,109,676 | 14,728,356 |
Reconciliation of TCE:Time Charter Equivalent rate or “TCE” rate is determined by dividing voyage revenue net of voyage expenses by voyage days for the relevant time period. TCE is a non-GAAP measure which provides additional meaningful information in conjunction with voyage revenues, the most directly comparable GAAP measure to Time charter equivalent revenues assisting the Company’s management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. TCE is also a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance despite changes in the mix of charter types (i.e., spot charters or time charters, but not bareboat charters) under which the vessels may be employed between the periods.
(Expressed in thousands of U.S. Dollars except for available days and Time charter equivalent rate) | ||||
Q4 2022 | Q4 2023 | July 25, 2022-December 31, 2022 | 12M 2023 | |
Voyage Revenues | 3,075,935 | 13,776,777 | 3,287,101 | 28,738,982 |
Voyage expenses | 434,262 | 4,376,135 | 497,672 | 7,631,395 |
Time charter equivalent revenues | 2,641,673 | 9,400,642 | 2,789,429 | 21,107,587 |
Total voyage days for fleet | 127 | 276 | 136 | 900 |
Time charter equivalent rate | 20,801 | 34,060 | 20,511 | 23,453 |
C3is Inc.Unaudited Consolidated Statements of Income(Expressed in United States Dollars, except for number of shares)
July 25, 2022 - December 31, | |||||
Q4 2022 | Q4 2023 | 2022 | 12M 2023 | ||
Revenues | |||||
Revenues | 3,075,935 | 13,776,777 | 3,287,101 | 28,738,982 | |
Total revenues | 3,075,935 | 13,776,777 | 3,287,101 | 28,738,982 | |
Expenses | |||||
Voyage expenses | 396,069 | 4,205,883 | 456,839 | 7,291,129 | |
Voyage expenses – related party | 38,193 | 170,252 | 40,833 | 340,266 | |
Vessels’ operating expenses | 812,368 | 1,435,276 | 889,272 | 4,716,536 | |
Vessels’ operating expenses – related party | 7,000 | 27,500 | 7,000 | 79,250 | |
Drydocking costs | 584,355 | (1,297) | 584,355 | 183,090 | |
Management fees | 73,040 | 121,440 | 77,440 | 396,000 | |
General and administrative expenses | -- | 232,438 | -- | 679,156 | |
General and administrative expenses – related parties | 116,749 | 111,572 | 121,327 | 520,874 | |
Depreciation | 524,595 | 1,382,295 | 557,974 | 4,104,720 | |
Total expenses | 2,552,369 | 7,685,359 | 2,735,040 | 18,311,021 | |
Income from operations | 523,566 | 6,091,418 | 552,061 | 10,427,961 | |
Other (expenses)/income | |||||
Interest and finance costs | (116) | (3,180) | (116) | (4,471) | |
Interest and finance costs – related party | -- | (743,640) | -- | (1,363,360) | |
Interest income | -- | 36,107 | -- | 36,107 | |
Foreign exchange (loss)/gain | (359) | 192,038 | (359) | 195,675 | |
Other expenses, net | (475) | (518,675) | (475) | (1,136,049) | |
Net Income | 523,091 | 5,572,743 | 551,586 | 9,291,912 | |
Earnings per share4* | |||||
- Basic | 0.16 | 0.64 | 0.17 | 1.57 | |
- Diluted | 0.07 | 0.25 | 0.07 | 0.63 | |
Weighted average number of shares | |||||
- Basic | 3,182,681 | 7,947,681 | 3,182,681 | 5,421,821 | |
- Diluted | 7,468,395 | 22,233,395 | 7,468,395 | 14,611,645 |
C3is Inc.Unaudited Consolidated Balance Sheets(Expressed in United States Dollars)
December 31, | December 31, | ||||||
2022 | 2023 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | -- | 695,288 | |||||
Time deposits | -- | 8,368,417 | |||||
Due from related parties | 146,708 | -- | |||||
Trade and other receivables | 674,827 | 10,443,497 | |||||
Other current assets | -- | 33,846 | |||||
Inventories | 165,645 | 689,269 | |||||
Advances and prepayments | 36,340 | 80,267 | |||||
Total current assets | 1,023,520 | 20,310,584 | |||||
Non current assets | |||||||
Vessels, net | 38,836,151 | 75,161,431 | |||||
Total non current assets | 38,836,151 | 75,161,431 | |||||
Total assets | 39,859,671 | 95,472,015 | |||||
Liabilities and Stockholders' Equity | |||||||
Current liabilities | |||||||
Trade accounts payable | 792,142 | 547,017 | |||||
Payable to related parties | -- | 38,531,016 | |||||
Accrued and other liabilities | 173,324 | 634,297 | |||||
Deferred income | -- | 215,836 | |||||
Total current liabilities | 965,466 | 39,928,166 | |||||
Total liabilities | 965,466 | 39,928,166 | |||||
Commitments and contingencies | |||||||
Stockholders' equity | |||||||
Former Parent Company investment | 38,894,205 | -- | |||||
Capital stock | -- | 87,424 | |||||
Preferred stock, Series A | -- | 6,000 | |||||
Additional paid-in capital | -- | 47,104,506 | |||||
Retained earnings | -- | 8,345,919 | |||||
Total stockholders' equity | 38,894,205 | 55,543,849 | |||||
Total liabilities and stockholders' equity | 39,859,671 | 95,472,015 |
C3is Inc.Unaudited Consolidated Statements of Cash Flows(Expressed in United States Dollars)
July 25, 2022 - December 31, 2022 | 12M 2023 | ||||||||
Cash flows from operating activities | |||||||||
Net income for the period/year | 551,586 | 9,291,912 | |||||||
Adjustments to reconcile net income to net cash | |||||||||
provided by operating activities: | |||||||||
Depreciation | 557,974 | 4,104,720 | |||||||
Share based compensation | -- | 37,638 | |||||||
Unrealized foreign exchange gain on time deposits | -- | (241,967) | |||||||
Changes in operating assets and liabilities: | |||||||||
(Increase)/decrease in | |||||||||
Trade and other receivables | (674,827) | (9,768,670) | |||||||
Due from related party | (146,708) | 146,708 | |||||||
Other current assets | -- | (33,846) | |||||||
Inventories | (165,645) | (523,624) | |||||||
Advances and prepayments | (36,340) | (43,927) | |||||||
Increase/(decrease) in | |||||||||
Trade accounts payable | 792,142 | (245,125) | |||||||
Payable to related parties | -- | 2,238,516 | |||||||
Accrued liabilities | 173,324 | 460,973 | |||||||
Deferred income | -- | 215,836 | |||||||
Net cash provided by operating activities | 1,051,506 | 5,639,144 | |||||||
Cash flows from investing activities | |||||||||
Acquisition and improvement of vessels | (39,394,125) | (4,300,000) | |||||||
Purchase of bank time deposits | -- | (8,126,450) | |||||||
Net cash used in investing activities | (39,394,125) | (12,426,450) | |||||||
Cash flows from financing activities | |||||||||
Net transfers from former Parent Company | 38,342,619 | 3,305,083 | |||||||
Proceeds from follow-on offering | -- | 5,003,250 | |||||||
Stock issuance costs | -- | (584,072) | |||||||
Dividends paid on preferred shares | -- | (241,667) | |||||||
Net cash provided by financing activities | 38,342,619 | 7,482,594 | |||||||
Net increase in cash and cash equivalents | -- | 695,288 | |||||||
Cash and cash equivalents at beginning of period/year | -- | -- | |||||||
Cash and cash equivalents at end of period/year | -- | 695,288 | |||||||
Supplemental Cash Flow InformationNon-cash Investing and Financing Activities
Vessel acquisition included in payable to related parties | -- | 36,130,000 | ||||
Dividends on preferred shares Series A included in payable to related parties | -- | 162,500 |
1 TCE is a non-GAAP measure. Refer to the reconciliation of this measure to the most directly comparable financial measure in accordance with GAAP set forth later in this release.2 EBITDA is a non-GAAP measure. Refer to the reconciliation of this measure to the most directly comparable financial measure in accordance with GAAP set forth later in this release.3 Net asset value (or NAV) is based on estimates of the market value of the vessels in the fleet of $68.5 million, total cash of $35.6 million, less the liquidation preference of the Series A Convertible Preferred Shares of $15 million and the financial liability of $38.7 million payable to Imperial Petroleum Inc and due in July 2024 The estimated NAV represents a snapshot in time, will likely change, and does not represent the amount a stockholder would receive now or in the future for his or her shares of the Company’s common stock and is based on assumptions and estimates that are susceptible to uncertainty and subject to circumstances and market conditions. Net Asset Value is a non-GAAP measure and calculation methodologies may vary across industries and companies.4 The computation of earnings per share gives retroactive effect to the shares issued in connection with the spin-off of our company from Imperial Petroleum Inc. in June 2023.
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