Greek shipowner C3is reported a net income of $10.5 million for the twelve months ended December 31, 2025. This figure represents an increase of 481 per cent compared to the previous year.
The company also posted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $17 million for the period. It noted this was a 244 per cent rise from 2024.
In the fourth quarter of 2025, net income reached $5.2 million on revenues of $10.6 million. These revenues increased from $9.4 million in the same quarter of the prior year.
The company stated that its fleet operational utilisation was 93.5 per cent for the three months ended December 31, 2025. This was an improvement from 90.2 per cent in the final quarter of 2024.
C3is said it ended the year with $14.9 million in cash and cash equivalents. It added that this liquidity remained despite the repayment of a $15.1 million balance for the bulk carrier Eco Spitfire.
Chief Executive Officer Dr Diamantis Andriotis noted the results were, "a result of our fleet expansion strategy and operational efficiency". He stated the company's Aframax tanker, Afrapearl II, completed its dry-docking in August 2025.
The company entered into agreements in December 2025 and January 2026 to acquire two product tankers from Brave Maritime Corporation. Deliveries of these vessels are expected by C3is to take place during 2026.
C3is reported the acquisitions involve a total of $39.8 million. It added that the purchases are being financed by a one-year interest-free loan.
Voyage expenses for the final quarter of 2025 were $3.4 million, while vessel operating expenses totalled $2.1 million. The company attributed the decrease in voyage costs to lower bunker prices.
The shipowner stated that its Handysize dry bulk carriers are currently on short-term time charters. Its Aframax tanker operates in the spot market and is achieving voyage charter rates of approximately $60,000 per day.
Looking at the market, C3is said it expects global seaborne trade to grow further, attributing this to factors such as population growth, geopolitics, and sanctions.
