C3is, Inc. Q3 FY2024 earnings call

• Financial highlights: Revenues, EBITDA, and net income showed significant growth in the first nine months of 2024. - Fleet updates: Added the Eco Spitfire Handysize drybulk carrier in April 2024, paid off the remaining balance of the Aframax tanker Afrapearl II in July 2024, and total fleet capacity is 213,000 deadweight. - Market conditions: Discussed drybulk trade with iron ore and coal being the major commodities, crude oil as the single most seaborne traded bulk commodity, and geopolitical impacts on shipping such as Red Sea diversions and Russia-Ukraine war uncertainty.

For the first nine months of 2024, C3is reported revenues of $32.9 million, a 120% increase compared to the same period in 2023. The Aframax tanker Afrapearl II contributed around 77% to total revenues. Adjusted EBITDA was $13.5 million, a 92% increase from the first nine months of 2023. Adjusted net income was $7.7 million, a 106% increase from 2023. TCE for the nine months of 2024 was $23,000 per day, 24% higher than the rate in 2023 ($18,800 per day). Voyage expenses for the nine months of 2024 were $10.4 million and vessels operating expenses were $6 million. Management fees increased by 55% from Q3 2023 due to the increase in the average number of vessels.

• Monitor the implications of US elections on the global shipping industry, including proposed tariffs. - Keep an eye on evolving geopolitical situations and their impact on shipping markets. - Stay abreast of environmental regulations and their effects on the fleet and industry.

• Geopolitical conflicts and restrictions on Panama Canal transits impacting shipping demand. - Potential escalation in the US-China trade war. - OPEC's oil market games. - Vulnerability of Handysize demand to a slowdown in China's steel sector.