Shipping firm C3is Q2 revenue dips, net loss at $5.3 mln

C3is

02/09/2025 14:20

Overview

C3is Q2 revenue dips slightly to $10.7 mln, net loss of $5.3 mln

Adjusted net income for Q2 down 62% yr/yr, adjusted EBITDA down 43%

Co completed major capital expenditures without bank loans, enhancing financial flexibility

Outlook

Company highlights financial flexibility due to being fully deleveraged

Result Drivers

TCE RATE DECLINE - Daily TCE decreased by 31% compared to Q2 2024, impacting revenue

IDLE DAYS - Fleet operational utilization dropped to 78% due to idle days of Aframax tanker in spot market

EXPENSE INCREASE - Higher voyage and operating expenses due to increased number of vessels

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
$10.70 mln
Q2 Net Income
-$5.30 mln
Q2 Basic EPS
-$8.78
Q2 EBITDA
-$3.70 mln


Press Release: ID:nGNX8Y4hbJ

(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.)