C3is has entered into two memoranda of agreement for the acquisition of two medium range product tankers with an approximate capacity of 50,000 DWT per vessel. Built in South Korea in 2008 and 2011, respectively, the tankers were purchased for $16.88 million and $22.90 million.
C3is stated that the vessels are expected to be delivered between the first and third quarters of 2026. The acquisitions were approved by independent directors who based the purchase prices on the average of independent valuations.
The vessels are being acquired from an entity affiliated with Brave Maritime and are funded by a one-year interest-free loan. This financing arrangement allows C3is to pay the full purchase price at any time during the year following the agreement dates.
Following the completion of these acquisitions, C3is noted that its fleet will increase by 50 per cent to a total of six vessels. The fleet will then consist of three Handysize dry bulk carriers and three tankers, including one Aframax oil tanker and two medium range product tankers.
Chief Executive Officer Diamantis Andriotis said the investment positions the company to capitalise on market conditions and stated, "This acquisition represents an investment that materially increases the scale of our operations, while strengthening our commercial profile and earnings capacity."
In the current spot market, C3is stated that each vessel would be expected to generate gross revenues of approximately $25,000 per day, or approximately $9 million annually.
The company noted that after accounting for daily operating expenses, including management fees and administrative costs estimated at $8,300 per day, the revenue would be expected to translate into an annual EBITDA of approximately $6 million per vessel.
