C3is, Inc. Q2 FY2024 earnings call

• Financial highlights: First half of 2024 saw adjusted EBITDA at $11.3 million and adjusted net income at $7.3 million, significant increases from the prior year. • Fleet details: The company took delivery of a bulk carrier in April 2024, increasing fleet capacity to 213,000 deadweight with an average age of 13.5 years. Net cash balance at end of June 2024 was $45.5 million, a substantial increase from December 2023. • Market insights: Dry bulk market benefits from factors like Red Sea diversions and geopolitical uncertainty. Crude tanker demand projected to grow 3.5% in 2024. • Fleet acquisitions: The company has added vessels, with fleet capacity up 234% since inception, including an Aframax tanker in Q3 2023 and a bulk carrier in Q2 2024.

For the first half of 2024, C3is reported an adjusted EBITDA of $11.3 million, which is a 555% increase compared to the first six months of 2023. The adjusted net income was $7.3 million, a 1,790% increase from the first half of 2023. The Aframax tanker, Afrapearl II, contributed around 80% of the total revenues. For Q2 2024, voyage revenues amounted to $10.8 million with a daily TCE of $23,938. Net revenues increased by 403% compared to Q2 2023, and TCE was up 185%. Adjusted net income for Q2 2024 was $2.9 million versus an adjusted net loss of $0.4 million in the same period of 2023. Adjusted EBITDA for Q2 2024 was $4.9 million compared to $0.3 million in Q2 2023.

• Earnings momentum is expected to remain generally favorable. • Continues to focus on fleet growth strategy to drive improved financial performance and shareholder returns.

• Declining global demand for major cargos such as iron ore and coal. • Increase in transportation of grain and minor bulk cargo. • Decarbonization of customer value chains. • Impact of market fluctuations and geopolitical risks.