ATHENS, Greece, May 28, 2024 (GLOBE NEWSWIRE) -- C3is Inc. (NASDAQ:CISS) (the "Company"), a ship-owning company providing drybulk seaborne transportation services, and from the third quarter of 2023, tanker transportation services, announced today its unaudited financial and operating results for the first quarter ended March 31, 2024. OPERATIONAL AND FINANCIAL HIGHLIGHTS Our handysize dry bulk carriers are on time charters of short term durations, producing steady cash flows, while our Aframax tanker operates in the spot market where voyage charter rates for Aframax tankers are in excess of $40,000 per day. All our handysize dry bulk carriers, and our Aframax tanker are unencumbered. Fleet operational utilization of 93.4% for the three months ended March 31, 2024, as our vessels that operated under time charter employment had few commercial idle days. Revenues of $12.8 million for the three months ended March 31, 2024, corresponding to a daily TCE1  of $36,480. 129% increase in daily TCE for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023. Our Company generated a Net Income of $3.8 million for the three months ended March 31, 2024. 404% increase in Net Income for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023. Our Company generated an EBITDA2 of $5.7 million for the three months ended March 31, 2024. 302% increase in EBITDA for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023. 19% increase in Total Assets as of March 31, 2024 compared to December 31, 2023. Basic and Diluted EPS for the first quarter of 2024 was $1.11. Our Basic and Diluted EPS for the quarter annualized and compared to our current share price represent a price to earnings ratio of approximately 0.36. During the first quarter of 2024, we concluded two follow-on equity offerings, generating aggregate net proceeds of $11.4 million which increased our cash balance, including time deposits, to $34.9 million. In April 2024, our Company effected a reverse stock split of 1 for 100 of its common shares, aimed at meeting the minimum bid price requirement for maintaining listing on Nasdaq Capital Market, thus all share amounts have been retrospectively restated. In April 2024, our Company announced an agreement to acquire a 2012-built Japanese handysize drybulk carrier from an affiliated company. Following this vessel acquisition and the delivery of the 33,664 DWT handysize drybulk carrier to our Company in May 2024, the total fleet capacity increased to 213,468 dwt. 10% of the purchase price was paid on delivery, with the remaining 90% due in April 2025. First Quarter 2024 Results: Voyage revenues for the three months ended March 31, 2024 amounted to $12.8 million, an increase of $9.6 million compared to revenues of $3.2 million for the three months ended March 31, 2023, primarily due to the revenues generated by our Aframax tanker acquired in July 2023. Total calendar days for our fleet were 273 and 180 days for the three months ended March 31, 2024 and 2023 respectively. Of the total calendar days in the first quarters of 2024 and 2023, 164, or 60.1% and 163 or 90.6%, were time charter days. Our fleet operational utilization was 93.4% and 90.6% for the three months ended March 31, 2024 and 2023. Voyage expenses and vessels' operating expenses for the three months ended March 31, 2024 were $2.8 million and $1.8 million respectively, compared to $0.3 million and $1.0 million respectively, for the three months ended March 31, 2023. The increases in both voyage expenses and vessels' operating expenses are attributed to the increase in the average number of our vessels following the acquisition of our Aframax tanker in July 2023 which operates in the spot market. Voyage expenses for the three months ended March 31, 2024 and 2023 included bunkers cost of $1.8 million and $0.1 million, corresponding to 64.3% and 33.3% of total voyage expenses. Operating expenses for the three months ended March 31, 2024 and 2023 mainly included crew expenses of $0.9 million and $0.6 million, corresponding to 50.0% and 60.0% of total vessel operating expenses, spares and consumables costs of $0.4 million and $0.3 million, corresponding to 22.2% and 30.0% of total vessel operating expenses, and maintenance expenses of $0.2 million and $0.1 million, representing works and repairs on the vessels, corresponding to 11.1% and 10.0%, of total vessel operating expenses.               Depreciation for the three months ended March 31, 2024 was $1.4 million, a $0.7 million increase from $0.7 million for the same period of last year, due to the increase in the average number of our vessels. Management fees for the three months ended March 31, 2024 were $0.12 million, a $0.04 million increase from $0.08 million for the same period of last year, due to the increase in the average number of our vessels. General and Administrative costs for the three months ended March 31, 2024 were $1.5 million and mainly related to expenses incurred relating to the two public offerings and the reverse stock split and expenses incurred as a result of operating as a separate public company. General and Administrative costs for the three months ended March 31, 2023 were $0.2 million. Interest and finance costs for the three months ended March 31, 2024 were $0.8 million and mainly related to the accrued interest expense – related party as of March 31, 2024 in connection with the $38.7 million which is part of the acquisition price of our Aframax tanker Afrapearl II that is payable by July 2024. Unrealized loss on warrants for the three months ended March 31, 2024 was $0.6 million and related to net fair value losses of our Class B-1 and B-2 Warrants and Class C-1 and C-2 warrants which were issued during the first quarter of 2024 in connection with the two public offerings and have been classified as liabilities. As a result of the above, for the three months ended March 31, 2024, the Company reported a net income of $3.8 million. EBITDA for the three months ended March 31, 2024 amounted to $5.7 million. An average of 3.00 vessels were owned by the Company during the three months ended March 31, 2024. CEO Dr. Diamantis Andriotis commented: 2024 started with an affluence of vigorous activities for C3is Inc. that will enable us to take advantage of acquisition opportunities as they arise. Our remarkable financial results during the first quarter of 2024 highlight our ability to capitalize on the solid freight rate environment. Indicatively, we managed to achieve a fleetwide time charter equivalent rate of $36,480 per day. As a result, we reported an EBITDA of $5.7 million and a Net Income of $3.8 million, representing increases of 302% and 404% compared to the equivalent period of 2023. During the first quarter of the year, our cash balance increased by 286% since 2023-year end levels. Our strong cash flow generation from our profitable vessel operations as well as the completion of two follow-on equity offerings, generating aggregate net proceeds of $11.4 million, enabled our Company to further expand its fleet.Specifically, in May, we took delivery of our recently acquired 2012 Japanese built dry bulk carrier, the Eco Spitfire. Following our latest fleet addition, our total fleet capacity has increased by 234% since the Company's inception less than a year ago. Looking ahead, we believe that earnings momentum will remain generally favorable, prompting our continued focus on our fleet growth strategy. We believe that our capital structure comprising of no bank debt and a strong cash balance, currently at over $40 million, will further enhance our Company's ability to fund selective vessel acquisitions following payments of the remaining purchase prices for our Aframax tanker and our handysize dry bulk carrier.We also aim at diversifying our fleet so as to have more impact on long-term profits via re-weighting of exposure to different segments, thus allowing stronger segments to bolster weaker ones, and smoothing returns over time. Conference Call details: On May 28, 2024, at 11:00 am ET, the company's management will host a conference call to present the results and the company's operations and outlook. Slides and audio webcast: There will also be a live and then archived webcast of the conference call, through C3is Inc. website (www.c3is.pro). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. ABOUT C3is Inc.C3is Inc. is a ship-owning company providing drybulk and crude oil seaborne transportation services. At the end of Q1 2024, the Company owned three vessels, two Handysize drybulk carriers with a total capacity of 64,000 deadweight tons (dwt) and an Aframax oil tanker with a cargo carrying capacity of approximately 115,800 dwt, resulting with a fleet total capacity of 179,800 DWT. C3is Inc.'s shares of common stock are listed on the Nasdaq Capital Market and trade under the symbols "CISS". Forward-Looking StatementsMatters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performanceincluding our intentions relating to fleet growth and diversification and financing, outlook for our shipping sectors and vessel earnings, and our ability to maintain compliance with Nasdaq continued listing requirements, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although C3is Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, C3is Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include risks discussed in our filings with the SEC and the following: the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in C3is Inc.'s operating expenses, including bunker prices, drydocking and insurance costs, ability to fund the remaining purchase price for certain of our vessels, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflict in Israel and Gaza, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists.Certain shipping industry information, statistics and charts contained herein have been derived from industry sources. You are hereby advised that such information, statistics and charts have not been prepared specifically for inclusion in this presentation and the Company has not undertaken any independent investigation to confirm the accuracy or completeness of such information. Readers of this presentation should review our filings with the SEC for a discussion of factors and circumstances that could affect our future financial results and our ability to realize the expectations stated herein. EBITDA, Adjusted EBITDA, Time Charter Equivalent Revenues and Time Charter Equivalent $/per day may be included in our presentations, which are presented because they are used by management and certain investors to measure a company's financial performance and underlying trends as they exclude certain items impacting overall comparability. EBITDA, Adjusted EBITDA, Time Charter Equivalent Revenues and Time Charter Equivalent $/per day are "non-GAAP financial measures" and should not be considered a substitute for net income or revenues in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity. Company Contact: Nina PyndiahChief Financial Officer C3is Fleet Data: The following key indicators highlight the Company's operating performance during the periods ended March 31, 2023 and March 31, 2024. FLEET DATA  Q1 2023  Q1 2024 Average number of vessels (1) 2.00 3.00 Period end number of owned vessels in fleet 2 3 Total calendar days for fleet (2) 180 273 Total voyage days for fleet (3) 180 273 Fleet utilization (4) 100.0% 100.0% Total charter days for fleet (5) 163 164 Total spot market days for fleet (6) 17 109 Fleet operational utilization (7) 90.6% 93.4%       1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with repairs, drydockings or special or intermediate surveys.3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with repairs, drydockings or special or intermediate surveys.4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period. Reconciliation of EBITDA: EBITDA represents net income before interest and finance costs, interest income and depreciation. EBITDA is not a recognized measurement under U.S. GAAP. Our calculation of EBITDA may not be comparable to that reported by other companies in the shipping or other industries. EBITDA is included herein because it is a basis, upon which we and our investors assess our financial performance. It allows us to present our performance from period to period on a comparable basis and provides investors with a means of better evaluating and understanding our operating performance. (Expressed in United States Dollars)                      Q1 2023 Q1 2024 Net income - EBITDA     Net income 751,353 3,786,620 Plus interest and finance costs 305 752,546 Less interest income - (209,178) Plus depreciation 670,064