Dry bulk and tanker shipowner C3is announced a net income of $2.7 million for the third quarter of 2025. This represents a basic earnings per share of $2.32.
For the nine months ended September 30, 2025, the company reported a net income of $5.3 million, with basic earnings per share of $3.34.
Revenues for the third quarter were $4.8 million, a decrease from $9.3 million in the same period of 2024, primarily due to commercial idle days and the dry-docking of the company's Aframax tanker, Afrapearl II. This resulted in a daily time charter equivalent (TCE) of $8,733, compared to $13,084 in Q3 2024.
Fleet operational utilisation dropped to 67.7 per cent in the third quarter from 90.2 per cent in the prior year, largely due to the tanker's downtime.
The company highlighted that it has met all capital expenditure commitments totalling $59.2 million without resorting to bank loans, and all its vessels remain unencumbered. The Afrapearl II completed its dry-docking in August 2025 at a cost of $1.7 million.
Dr. Diamantis Andriotis, CEO, commented: “We are fully deleveraged, thus significantly enhancing our financial flexibility.”