C3is Inc. Posts Strong Q1 Results with Fleet Expansion

C3is Inc. (CISS) has released an update.

C3is Inc. reports a robust first quarter in 2024, with voyage revenues soaring to $12.8 million, a significant rise from the previous year’s $3.2 million, largely due to the addition of an Aframax tanker to their fleet. Operating and voyage expenses also increased, reflecting the expanded fleet operations. Notably, the company acquired a handysize drybulk carrier, boosting their total fleet capacity to 213,468 dwt, with a reported net income of $3.8 million and an EBITDA of $5.7 million for the quarter.

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