C3is, Inc. Q4 FY2024 earnings call

• Fleet updates: By end of 2024, owned and operated a fleet of 300-size drybulk carriers and one Aframax oil tanker. Took delivery of Eco Spitfire in May 2024, bringing total fleet capacity to 213,000 deadweight with average age 14 years.
• Financial performance: Voyage revenues up 47%, net revenues up 33%, adjusted EBITDA up 11%, but adjusted net income down 7% due to non-cash item. Cash balance $12.6 million at end of Q4 2024.
• Market analysis: Drybulk trade resilience in 2024, with minor bulk trade as key driver long term. Aframax tanker market affected by Houthi attacks in Red Sea in 2024.
• Maintenance and strategy: Maintain fleet quality via regular inspections and maintenance. Strategy is disciplined growth with focus on acquiring quality vessels for short to medium term charters and spot voyages.

For the year 2024, C3is reported voyage revenues of $42.3 million, a 47% increase from 2023. The Aframax tanker, Afrapearl II, contributed 76% to total revenues. Net revenues were $28 million, a 33% increase from 2023. Adjusted EBITDA was $16.4 million, a 11% increase from 2023. Adjusted net income was $8.7 million, a 7% increase from 2023. The fleet book value increased by 12% since year-end 2023 due to the addition of the Eco Spitfire Handysize drybulk carrier. Cash balance was $12.6 million by end of Q4 2024, a 39% increase from year-end 2023. TCE for 2024 was $21,000 per day, 10% lower than 2023's $23,400 per day.

• 2025 prospects: Shipping navigating transitional phase. Trump administration's agenda could positively impact profitability. Confident 2025 will have strong financial performance and growth prospects. Potential positive impacts from Trump's 'drill baby, drill' agenda and lack of Chinese-built vessels in fleet.
• Market outlook: Demand growth in developing countries to offset declines in China for coal. Grain trade expected steady but uneven growth driven by emerging markets in Asia and Africa.

• Geopolitical tensions: Houthi attacks in Red Sea affected Aframax tanker trading patterns in 2024. Continued geopolitical volatility expected to weigh on oil tanker demand in 2025 and beyond.
• Market fluctuations: TCE down 10% from 2023. Iron ore markets in transitional phase with shifting dynamics. Chinese thermal coal market with declining prices and volatility.