C3is Inc.

For Q1 2026, C3IS reported voyage revenues of $11.6 million, up 34% year over year from $8.7 million. Adjusted EBITDA was $6.9 million versus $3 million in Q1 2025, adjusted net income was $5.5 million versus $1 million, and reported net income was $3.2 million. The company said fleet TCE rates increased 98.6% year over year to $32,000, while the Aframax tanker’s TCE rate rose 106% to $77,500. Cash was $27 million versus $14.9 million at year-end 2025, vessel net book value was $76 million versus market value of $75.5 million, and shareholders’ equity was $102 million. Management also said upcoming capex obligations are $39.7 million due on the two product tankers in January 2027. Looking ahead, the company highlighted that the first new product tanker was delivered in Q2 2026 and the second is expected in Q3 2026, with no formal revenue or earnings guidance given.

CEO Diamantis Andriotis framed the quarter as evidence that C3IS is becoming more flexible and better diversified as it expands into the tanker market. He emphasized the benefits of a high-quality, non-Chinese-built fleet, saying this reduces tariff exposure and supports safety, charter quality, and operating efficiency. His tone was constructive and optimistic, with a focus on the company being “fully delivered” and positioned to benefit from strong charter markets.

CFO Nina Pyndiah focused on the financial drivers behind the quarter: voyage revenues of $11.6 million, debt revenues of $10.4 million, adjusted EBITDA of $6.9 million, and adjusted net income of $5.5 million. She said voyage costs fell 67% year over year, mainly due to lower bunker and port expenses, and noted bunker costs were only $500 thousand and port expenses $300 thousand in the quarter. She also pointed to a stronger balance sheet with $27 million in cash, $76 million in vessel net value, $75.5 million in vessel market value, $1.7 million of warrant liability, and no bank debt; she said the company’s next major capex is $39.7 million due in January 2027.

There was no analyst Q&A segment in the transcript, so no specific investor questions were raised or answered. Management instead spent the call explaining operating results, market conditions, and fleet expansion. The main concerns discussed were geopolitical disruption, especially the Middle East conflict, higher bunker costs, and the $39.7 million capex due for the newly acquired product tankers.