Greece's C3is Q1 revenue rises 34% on higher charter rates

C3is

18/05/2026 14:20

Overview

Greece ship-owning firm's Q1 revenue rose 34% yr/yr, driven by higher charter rates

Adjusted EBITDA for Q1 climbed 130% yr/yr, adjusted net income up 358%

Company acquired two product tankers, expanding fleet and exposure to tanker market

Outlook

Company expects delivery of second product tanker in Q3 2026 to expand tanker market exposure

C3is says current spot market rates for Aframax tanker are around $115,000 per day

Company notes MR product tanker market rates are about $36,000 per day

Result Drivers

HIGHER CHARTER RATES - Co said Q1 revenue growth was primarily due to higher charter rates across tanker and dry bulk fleets

LOWER VOYAGE EXPENSES - Co said voyage expenses fell mainly due to lower bunker and port costs, reflecting greater fleet employment under time charters

ENGINE REPAIRS IMPACT - Fleet operational utilization declined due to engine repairs on handysize carrier Eco Angelbay

Company press release: ID:nGNX5tWhh3

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
$11.60 mln
Q1 Net Income
$3.20 mln
Q1 EBITDA
$4.60 mln


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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.)