C3is, Inc. Q3 FY2025 earnings call

• Financial highlights: Net income up 281%, EBITDA up 245%, but voyage revenues down 24% due to Aframax drydocking. - Dry bulk trade: U.S.-China trade truce supports Q4 rates, iron ore resilient, coal trade Q3 stronger than H1 2025, grain train boomed in Q3. - Handysize market: Global fleet at 3,202 vessels, 17.8% over 20 years old, order book at 226 vessels. - Aframax LR2 fleet: 1,191 vessels in service, 3.3% year-to-date growth, order book at 197 vessels. - Tanker market: Global oil consumption modest, Chinese crude imports down but up year-on-year, geopolitical uncertainty impacting markets. - Fleet management: High-quality fleet, regular inspections, no Chinese-built vessels, debt-free with $59.2 million CapEx repaid without bank loans.

For the first 9 months of 2025, C3is achieved a net income of $5.26 million compared to a net loss of $3 million in the same period of 2024, an increase of 281%. Voyage revenues decreased by 24% to $24.2 million for the first 9 months of 2025 compared to $32.9 million in 2024 due to the drydocking of the Aframax tanker. EBITDA was $10 million in 2025 compared to $3 million in 2024, an increase of 245%. Voyage costs for the first 9 months of 2025 were $9.4 million compared to $10.4 million in 2024, decreasing due to fewer voyage days from the Aframax drydocking. Cash balance was $6.6 million in 2025 compared to $12.6 million in 2024, a 48% decrease from the full settlement of the Echo Spitfire's purchase price.

• The company will continue its strategy with a debt-free balance sheet, enhancing fundamental ability to develop existing core businesses and explore potential new growth businesses.

• Geopolitical uncertainty, particularly U.S.-China trade tensions. - Israel-Hamas conflict affecting Red Sea routes, masking oversupply. - Delayed IMO net 0 measures vote due to U.S. lobbying, with implications for oil and tanker markets.