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.
TOP Ships Inc. Announces Purchase of 50% Interests in Two 2020-Built Scrubber-Fitted Eco MR Product Tankers and Joint Venture With Gunvor Group
TOP Ships Inc., an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced that it has acquired from a company affiliated with the Company’s Chief Executive Officer (the “Seller”) a 50% interest in two vessel owning companies (the “SPCs”) that own two ultra-high specification scrubber-fitted 50,000 dwt eco MR product tankers, M/T Eco Yosemite Park and M/T Eco Joshua Park for $27 million. Both vessels were delivered in March 2020 from Hyundai Mipo shipyard of South Korea.
The acquisitions were approved by a special committee composed of independent members of the Company’s board of directors, (the “Transaction Committee”). The Transaction Committee obtained a fairness opinion relating to the consideration paid in this transaction from an independent financial advisor.The Company also announced that the Seller had already entered into two joint venture agreements, for the two vessels, each with an equal ownership interest of 50%, with Just-C Limited, a wholly owned subsidiary of Gunvor Group Ltd (the other 50% owner), one of the world’s largest independent commodities trading houses by turnover.
Each of the two product tankers have time charters with Clearlake Shipping Pte Ltd, a subsidiary of Gunvor Group Ltd and one of the largest charterers of tanker vessels in the world, for a firm term of five years plus two additional optional years. The total potential gross revenue backlog from these contracts is about $91.7 million.
Finally the vessels have a five year non-amortizing senior financing agreement in place from a major Greek bank for approximately 45% of their charter-free value.
TOP Ships Inc. Announces Sale of Its Two MR1 Product Tankers
TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced that it has sold to unaffiliated third parties its two MR1 Product Tankers, the M/T Eco Fleet and the M/T Eco Revolution (each weighing 39,000 tons). The vessels are expected to be delivered to their new owners during January 2020.
Tankers: TEN Outperformed Spot Market by 38% As Company Reports Second Quarter Profits
TEN, Ltd Friday reported results (unaudited) for the quarter and half-year ended June 30, 2019.
SIX MONTHS 2019 SUMMARY RESULTS
TEN earned gross revenues of $291 million, 17% higher from the same period in 2018 and net income of $11.5 million compared to a loss of $21.5 million in the first six months of 2018, a $33 million positive swing.
Operating income totaled $46.8 million, a near five-fold increase over the equivalent period in 2018 while adjusted EBITDA (Earnings before interest, taxes, depreciation and amortization) climbed to $120 million, 43% higher than in the first six months of 2018.
The daily time charter equivalent rate per vessel was $20,418, a 17% increase over the equivalent 2018 period and substantially higher than the average spot market rates for the period.
Total operating costs decreased by over 3%. Depreciation and dry-docking amortization costs were also reduced by $2.9 million.
General and administrative expenses decreased by $0.4 million or 3% from the same period in 2018. Daily overhead cost per vessel remained again at competitive levels at $1,142.
Vessel operating expenses decreased by 2.5% from the 2018 six months period due to proactive and efficient management operations conducted by TCM, our technical managers, while daily operating expenses per vessel remained well under $7,800. Most other expense categories (management fees and G&A) remained relatively stable as a result of effective cost controls.
Finance costs increased by $6.1 million mainly due to bunker hedge losses, but interest rate increases were partially offset by the reduction in total outstanding debt by $142 million since the end of the 2018 second quarter.
During the first six months of 2019, TEN continued its stated policy of expanding its strategic alliances by adding four new vessels with long term employment to a major US end user and two vessels to its existing joint venture with a South American entity.
Q2 2019 SUMMARY RESULTS
TEN earned a net income of $0.3 million, a $10 million improvement from the $9.6 million loss in the second quarter of 2018, despite the market softness which followed a strong first quarter, due to continued refinery maintenance, high inventories, excess vessel capacity and oil production cuts.
Adjusted EBITDA increased to $55.8 million, 32% higher than in the 2018 second quarter, helping to boost our cash reserves, which stood at $193 million at the end of June 2019.
Operating income amounted to $19.0 million, a five-fold increase for the operating income of the second quarter of 2018.
TEN’s ability to smooth the market’s cyclicality was again demonstrated by strong fleet utilization of 96.6% generating gross revenues of $144 million during the second quarter, 16% higher than in the second quarter of 2018. $90 million of this revenue, was from time-charter hire, including profit shares, which covered the cash costs of TEN.
The two LNG carriers, which both enjoyed significant increases in rates since the prior second quarter provided an additional $4.3 million more than in the second quarter of 2018.
Revenues from vessels on spot were $21 million higher. Spot rates achieved by TEN’s vessels were on average 30% higher than those achieved by the same vessels in the equivalent period of 2018.
Finance costs increased by $6.5 million. Loan interest remained at about the same as in the 2018 second quarter with rate increases being offset by the reduction in outstanding debt by $142 million since June 30, 2018. Compared to last year’s second quarter, bunker hedge gains fell by $2.5 million and negative movements in the value of bunker hedges amounted to a non-cash of $4.8 million.
LNG EXPANSION
TEN proceeded with the order of one-option-one 174,000cbm LNG carrier from Hyundai Heavy Industries in South Korea with expected delivery in the second half of 2021. With this order, the Company’s LNG proforma fleet rises to four vessels, two of which are employed on time-chartered contracts with major international natural gas production and trading entities.
TEN continues its stated policy of maintaining a diversified energy fleet with a focus on LNG as an area of growth. Management expects more accretive investments in the sector as that develops.
CORPORATE STRATEGY & OUTLLOOK
As we exit the seasonally soft part of the cycle, a confluence of positive events including increased US crude oil exports that lead to increases in ton-mile demand and ultimately reductions in vessel supply, the impact of the IMO 2020 regulations which should facilitate an accelerated departure of older tonnage from the competitive fleet and the historically low orderbook as well as the impact of refineries returning from maintenance, create the springboard for a healthy market going forward. Management is positioning the fleet to take advantage of this upturn by having adequate appropriate vessels in the spot market, which together with those on profit sharing arrangements could provide additional revenue upside for TEN, whose primary model of having enough vessels on secured revenue contracts to cover the entire fleet’s expenses remains intact.
TEN’s chartering policy enabled the Company to outperform by 38% the spot market and maintain its profitability and therefore making it one of the few companies in its peer group with profits during such a challenging period.
On the growth front, the Company’s newbuilding program progresses as planned. The first of two aframaxes on long-term contracts to a major US end user is expected to be delivered in October 2019, with the second in January 2020. Expanding TEN’s presence in the developing natural gas sector, management signed a contract for the construction of an additional LNG carrier with an option for one more at competitive prices.
“With gross fleet revenues up $41 million higher than the end of the second quarter last year, with an equivalent number of vessels, we feel confident that the market is on its way to a healthy recovery and comfortable that our fleet has the capacity to capture market upturns as they develop,” Mr. George Saroglou, COO of TEN commented. “TEN is well prepared to take advantage of the positive fundamentals as they unfold and expects such momentum to be translated in increased profits and eventually in a higher share price,” Mr. Saroglou concluded.
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Okeanis Eco Tankers Secures Loan to Finance Scrubbers
Greek shipping company Okeanis Eco Tankers, owned by the Alafouzos family, has secured a financial package to fund its scrubber retrofit project.
The loan commitment was agreed with BNP Paribas in the amount of USD 11 million.
The funds are available immediately, and the company expects to draw on it shortly to partly finance the capital expenditure required to retrofit scrubbers on six of its vessels, including two Aframax/LR2 tankers, as well as four Suezmaxes.
Okeanis Eco Tankers informed that the facility carries an interest rate over Libor of 2.00%, a 5-year tenor, and a 4-year repayment profile beginning one year after drawdown.
Okeanis Eco Tankers started trading on the Oslo Stock Exchange in July 2018, raising USD 100 million in its initial public offering.
In May 2019, the company completed a private placement and raised around USD 15 million to be used for working capital and general corporate purposes. Glafki Marine Corp. (Glafki), the Okeanis Eco Tankers’ majority shareholder, underwrote the private placement in its entirety.
TEN, Ltd Announces New Contracts With Long-Term Charters for Two Suezmax Crude Tankers
TEN, Ltd announced the contract for the building of two suezmax crude tankers which upon delivery will enter into minimum five maximum 12-year contracts to a significant oil major. The time charter equivalent revenues from these two fixtures, over the duration of the respective contacts, is expected at a minimum $110 million and could reach $300 million should employment be extended to its maximum period.
“We are immensely proud to have further solidified our relationship with one of the world’s top oil majors which again highlights’ TEN’s position as an “owner of choice” to “blue-chip” charterers across the globe,” Mr. George Saroglou, COO of TEN commented. “This latest chapter in TEN’s growth policy, having already taken delivery of 15 fully employed vessels, underlines the Company’s strategy to grow responsibly while fortifying the fleet’s cash generating ability for the years to come,” Mr. Saroglou concluded.