Greece's C3is Q2 revenue more than doubles on higher charter rates
Greece's C3is Q2 revenue more than doubles on higher charter rates
Overview
Greece-based shipping firm's Q2 revenue more than doubled yr/yr on higher charter rates
Q2 adjusted net income and adjusted EBITDA rose sharply from prior year
Company completed acquisition of two product tankers, increasing exposure to tanker market
Outlook
Company expects second half 2026 performance to mirror strong first half results
Company says recent tanker acquisitions expected to increase exposure to tanker market
Company notes charter rates for tankers remain at attractive levels
Result Drivers
HIGHER CHARTER RATES - Co said Q2 revenue increase was primarily due to higher average TCE rates for its vessels
FLEET EXPANSION - Acquisition of two product tankers increased average vessel count and exposure to tanker market
BUNKER COSTS - Increased voyage expenses in Q2 were mainly attributed to higher bunker prices
Company press release: ID:nGNX3852W4
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue |
| $24 mln |
|
Q2 Net Income |
| $10 mln |
|
Q2 EBITDA |
| $12 mln |
|
Reuters Recommended Reads
Aug 26 - Denmark's Torm Q2 profit hits record on higher freight rates; raises 2026 outlook
Aug 27 - Belgium's CMB.TECH beats Q2 revenue estimates on strength in tanker, dry bulk markets
Aug 26 - Norway's MPC Container Ships beats Q2 revenue estimates
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)