C3is Inc. Announces the Acquisition of Two Medium Range Product Tankers
C3is Inc. (NASDAQ: CISS) (the “Company”), a ship-owning company providing dry bulk and tanker seaborne transportation services, announced the expansion of its fleet by entering into two Memoranda of Agreement for the acquisition of two MR product tankers with an approximate capacity of 50,000 dwt per vessel, both built in South Korea in 2008 and 2011, respectively (the “Transaction” or the “Acquisitions”).
The purchase price is $16.88 million for the 2008-built tanker and $22.90 million for the 2011-built tanker. The vessels are expected to be delivered to the Company between the first and third quarters of 2026.
Following completion of these acquisitions, the Company’s fleet will increase by 50% to a total of six vessels and focus on the lucrative tanker sector. It will consist of three Handysize dry bulk carriers and three tankers, an Aframax oil tanker and two MR product tankers.
The vessels will be acquired from an entity affiliated with Brave Maritime Corp Inc. The Acquisitions were approved by the independent directors of the Company, who obtained independent valuations for the vessels and based the respective purchase prices on the average of those valuations.
The Acquisitions are funded with a one-year interest free loan, pursuant to which the Company may elect to pay the entire purchase price of the vessels at any time during the year following the date of the applicable Memoranda of Agreement thereby providing significant financial flexibility.
Commenting on the Transaction, Dr. Diamantis Andriotis, the Company’s Chief Executive Officer, said:
“We continue to pursue opportunistic acquisitions that position our Company to capitalize on favorable market conditions. This acquisition represents an investment that materially increases the scale of our operations, while strengthening our commercial profile and earnings capacity.
The newly acquired MR product tankers meaningfully increase our exposure to the tanker market, with very positive and sustainable fundamentals evidenced by high short- and medium-term charter rates. In the currently prevailing spot market, each vessel would be expected to generate revenues of approximately $25,000 per day, or approximately $9 million in annual gross revenue. After accounting for daily operating expenses, including management fees and general and administrative expenses, estimated at approximately $8,300 per day, this revenue would be expected to translate into annual EBITDA of approximately $6 million per vessel.
The robust cash flows expected to be generated by the newly acquired MR product tankers as well as our Aframax tanker with daily spot rates currently at around $55,000, will significantly enhance our Company’s profitability, strengthen our financial resilience and provide additional flexibility to pursue future growth opportunities.”
C3is Inc. Provides Fleet Expansion Update in the Tanker Sector and Announces Management’s Estimate of Net Asset Value
C3is Inc. (NASDAQ: CISS) (the “Company”), a ship-owning company providing dry bulk and tanker seaborne transportation services, provided an update on its fleet expansion, with the delivery of two MR product tankers expected between the first quarter and the third quarter of 2026, and announced management’s estimate of the Company’s Net Asset Value (“NAV”) as of September 30, 2025.
Fleet Expansion Update
Following the delivery of the two MR product tankers scheduled to be delivered between the first quarter and the third quarter of 2026, and assuming no further vessel acquisitions or dispositions, the Company’s fleet will consist of six vessels: one Aframax oil tanker with a capacity of approximately 115,800 deadweight tons (“dwt”), two MR product tankers with capacities of approximately 50,000 dwt each and three Handysize dry bulk carriers with an aggregate capacity of 97,664 dwt. The Company’s total fleet capacity is expected to be approximately 310,667 dwt.
Subsequent to these latest acquisitions, C3is Inc. will have increased its fleet DWT capacity by 385% from inception, without resorting to any bank loans.
The Company’s tanker fleet, consisting of one Aframax tanker and two MR product tankers, is expected to operate in the spot market, which is currently exhibiting strong fundamentals. Based on currently prevailing market conditions, average daily charter revenues are estimated at approximately $55,000 for Aframax tankers and $25,000 for MR product tankers. We believe the cash flow contribution from the Company’s tanker fleet will be substantial.
The Company’s Handysize dry bulk carriers are currently employed under short-term fixed time charter contracts, generating average daily charter rates of approximately $15,800, providing more stable revenues and contributing to cash flow generation.
Vessel Name
Vessel Type
Year built
Capacity (DWT)
Yard Built
Employment Status
Current Time Charter Rates
Dry bulk Carriers Fleet
Eco Angelbay
Handysize Dry bulk carrier
2009
32,000
Hakodate Shipyard, Japan
Time Charter
$19,000
Eco Bushfire
Handysize Dry bulk carrier
2011
32,000
Hakodate Shipyard, Japan
Time Charter
$12,500
Eco Spitfire
Handysize Dry bulk carrier
2012
33,664
Shin Kurushima Onishi Shipyard, Japan
Time Charter
$16,000
Total / Average
2011
97,664
$15,800
Current Market Rates
Tankers Fleet
Afrapearl II
Aframax Tanker
2010
115,800
Samsung Shipyard, Sth.Korea
Spot
$55,000
San Remo*
MR Product Tanker
2008
50,000
SPP Shipbuilding, Sth.Korea
Spot
$25,000
Clean Fury*
MR Product Tanker
2011
47,203
Hyundai Mipo, Sth.Korea
Spot
$25,000
Total / Average
2010
213,003
$35,000
*The San Remo is expected to be delivered to us between Q1 and Q3 2026. The Clean Fury is expected to be delivered to us between Q1 and Q2 2026.
Management’s Estimate of Net Asset Value
The Company also announced that, as of September 30, 2025, on a pro forma basis giving effect to the Company’s recently executed agreements to acquire two MR product tankers, management estimates the Company’s Net Asset Value (“NAV”) to be approximately $77.5 million.
Net Asset Value Methodology
The estimated NAV is based on management’s estimates of the current market value of the vessels in the Company’s fleet on a fully delivered basis, cash balances as reflected in the Company’s financial statements as of September 30, 2025, on a pro forma basis giving effect to equity offerings completed during the fourth quarter of 2025 , less remaining capital expenditures related to the two newly acquired MR product tankers and less the liquidation value of the Company’s outstanding preferred shares.
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 such holder’s shares of the Company’s common stock. This NAV is based on a number of assumptions, estimates and data that are inherently imprecise and susceptible to uncertainty and changes in circumstances. Net Asset Value calculation methodologies may vary across industries and companies.