Greece's C3is reports loss in Q2, profit in H1 2025
Greek shipping company C3is reported mixed financial results for the three and six months ended June 30, 2025. While the company recorded a net loss for the second quarter, its performance for the first half of the year remained profitable, and it highlighted a key strategic achievement of operating without any bank debt.
Revenues for the second quarter were $10.7 million, a slight decrease from $10.8 million in the same period of 2024. This was primarily due to a 31 per cent decline in daily earnings from its vessels. For the quarter, the company reported a net loss of $5.3 million.
The quarterly loss was mainly due to a significant non-cash adjustment. C3is recorded a non-cash "loss on warrants" of $6.4 million, which largely contributed to the net loss. This non-cash adjustment relates to the change in the fair value of warrants.
The company’s financial report shows that its underlying business was profitable for the quarter on an adjusted basis, with an adjusted net income of $1.1 million, although this was a 62 per cent decrease from the $2.9 million adjusted net income in the second quarter of 2024. Voyage expenses were $4.7 million for the quarter, and vessels’ operating expenses were $2.4 million.
Despite the challenging quarter, the company's financial position for the first six months of 2025 appeared more favourable. C3is reported a net income of $2.6 million for the six months ended June 30, 2025, with revenues of $19.4 million.
While revenues were down from the $23.6 million in the first half of 2024, the company was able to achieve overall profitability. This was attributed to a significant change in the "loss on warrants," which was a $15.2 million loss in the first half of 2024 but a $0.5 million gain for the same period in 2025.
Operationally, the company stated that all of its vessels are unencumbered, with its Aframax tanker operating in the spot market and its handysize dry bulk carriers on time charters. A key achievement, according to C3is, is that it has met all of its capital expenditure commitments, totalling $59.2 million, without using any bank loans.
The company noted that these expenditures mainly related to the acquisitions of its Aframax tanker, the Afrapearl II, and its bulk carrier, the Eco Spitfire. Dr. Diamantis Andriotis, C3is’ Chief Executive Officer, said that the company is “fully deleveraged”, which significantly enhances its financial flexibility and provides a strong foundation for future growth.
