Q4 2025 C3is Inc Earnings Call

February 19, 2026

Operator: Good day, and thank you for standing by. Welcome to the C3is Q4 2025 financial and operating results webcast and conference call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Dr. Diamantis Andriotis. Please go ahead.

Operator: Good day, and thank you for standing by. Welcome to the C3is Q4 2025 Financial and Operating Results Webcast and Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Dr. Diamantis Andriotis. Please go ahead.

Speaker #1: Good day, and thank you for standing by. Welcome to the C3is Q4 2025 financial and operating results webcast and conference call. At this time, all participants are in a listen-only mode.

Speaker #1: Please be advised that today's conference is being recorded. I would now like to turn the conference over to your first speaker today, Dr. Diamantis Andriotis, please go ahead.

Speaker #2: Good morning, everyone, and welcome to the C3is fourth quarter 2025 earnings conference call and webcast. This is Dr. Diamantis Andriotis, CEO of the company.

Dr. Diamantis Andriotis: Good morning, everyone, and welcome to the C3is Q4 2025 Earnings Conference Call and Webcast. This is Dr. Diamantis Andriotis, CEO of the company. Joining me today... Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements, which reflect current views with respect to future events and financial performance, and are based on current expectations and assumptions, which by nature are inherently uncertain and outside of the company's control. At this stage, if you could all take a moment to read our disclaimer on slide 2 of this presentation. I would like to point out that all amounts quoted, unless otherwise clarified, are implicitly stated in US dollars. We have today released our earnings results for the Q4 2025.

Diamantis Andriotis: Good morning, everyone, and welcome to the C3is Q4 2025 Earnings Conference Call and Webcast. This is Dr. Diamantis Andriotis, CEO of the company. Joining me today... Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements, which reflect current views with respect to future events and financial performance, and are based on current expectations and assumptions, which by nature are inherently uncertain and outside of the company's control. At this stage, if you could all take a moment to read our disclaimer on slide 2 of this presentation. I would like to point out that all amounts quoted, unless otherwise clarified, are implicitly stated in US dollars. We have today released our earnings results for the Q4 2025.

Speaker #2: Joining. Year. Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements which reflect current views with respect to future events and financial performance, and are based on current expectations and assumptions which by nature are inherently uncertain and outside of the company's control.

Speaker #2: At this stage, if you could all take a moment to read our disclaimer on slide 2 of this presentation. I would like to point out that all amounts quoted unless otherwise clarified are implicitly stated in US dollars.

Speaker #2: We have today released our earnings results for the 4th quarter of 2025, so let's proceed to discuss these results and update you on the company's strategy and the market in general.

Dr. Diamantis Andriotis: So let's proceed to discuss these results and update you on the company's strategy and the market in general. Please turn to slide 3, where we summarize and highlight the company's performances, starting with our financial highlights. For the first 12 months of 2025, we achieved a net income of $10.5 million, compared to a net loss of $3 million for the same period in 2024, an increase of 481%. Our voyage revenues decreased by 18% compared to the same period in 2024, mainly due to the dry docking of our Aframax tanker, which resulted in a loss in revenue from our highest earning vessel over a period of 28 days for the dry docking, combined with 46 idle days, a total of 74 days. Our TC rates was also impacted, with a drop of 28% for the year.

Diamantis Andriotis: So let's proceed to discuss these results and update you on the company's strategy and the market in general. Please turn to slide 3, where we summarize and highlight the company's performances, starting with our financial highlights. For the first 12 months of 2025, we achieved a net income of $10.5 million, compared to a net loss of $3 million for the same period in 2024, an increase of 481%. Our voyage revenues decreased by 18% compared to the same period in 2024, mainly due to the dry docking of our Aframax tanker, which resulted in a loss in revenue from our highest earning vessel over a period of 28 days for the dry docking, combined with 46 idle days, a total of 74 days. Our TC rates was also impacted, with a drop of 28% for the year.

Speaker #2: Please turn to slide 3, where we summarize and highlight the company's performances starting with our financial highlights. For the first 12 months of 2025, we achieved a net income of 10.5 million, compared to a net loss of 3 million for the same period in 2024, an increase of 481%.

Speaker #2: Our values revenues decreased by 18% compared to the same period in 2024, mainly due to the dry docking of our Aframax tanker, which resulted in a loss in revenue from our highest earning vessel over a period of 28 days for the dry docking, combined with 46 idle days, a total of 74 days.

Speaker #2: Our TC rates were also impacted, with a drop of 28% for the year. In April 2025, we settled the final outstanding balance of $15 million that was due on the EcoSpeed fire.

Dr. Diamantis Andriotis: In April 2025, we settled the final outstanding balance of $15 million that was due on the Eco Spitfire. We reported an EBITDA of $17 million, compared to $7 million for 2024, an increase of 244%. On slide 4, we look at the dry bulk market for the year 2025. We entered 2025 in a very different phase of the cycle from the sharp post-pandemic rebound. After three years of strong shrinks in volumes, seaborne growth downshifted to a slower but still positive pace. Despite global economic fluctuations, the market demonstrated the resilience, particularly in the second half of the year. Iron ore and coal trade continued to have the lion's share in dry bulk trade, but iron ore remains the anchor of the dry bulk complex.

Diamantis Andriotis: In April 2025, we settled the final outstanding balance of $15 million that was due on the Eco Spitfire. We reported an EBITDA of $17 million, compared to $7 million for 2024, an increase of 244%. On slide 4, we look at the dry bulk market for the year 2025. We entered 2025 in a very different phase of the cycle from the sharp post-pandemic rebound. After three years of strong shrinks in volumes, seaborne growth downshifted to a slower but still positive pace. Despite global economic fluctuations, the market demonstrated the resilience, particularly in the second half of the year. Iron ore and coal trade continued to have the lion's share in dry bulk trade, but iron ore remains the anchor of the dry bulk complex.

Speaker #2: We reported an EBITDA of $17 million, compared to $7 million for 2024, an increase of 244%. On slide 4, we look at the dry bulk market for the year 2025.

Speaker #2: We enter 2025 in a very different phase of the cycle from the sharp post-pandemic rebound. After three years of strong shrinks in volumes, seaborne growth downshifted to a slower but still positive pace.

Speaker #2: Despite global economic fluctuations, the market demonstrated resilience, particularly in the second half of the year. Iron ore and coal trade continue to have the lion's share in dry bulk trade, but iron ore remains the anchor of the dry bulk complex.

Speaker #2: The iron ore market is currently navigating transitional phase, with shifting dynamics influenced by economic trends, structural changes, and environmental pressures. Despite subdued demand, iron ore production remains robust, with major miners maintaining or increasing output levels.

Dr. Diamantis Andriotis: The iron ore market is currently navigating transitional phase, with shifting dynamics influenced by economic trends, structural changes, and environmental pressures. Despite subdued demand, iron ore production remains robust, with major miners maintaining or increasing output levels. Australia and Brazil continue to dominate export supply, yet Brazil is regaining share as weather disruptions ease and incremental capacity is brought back. In addition, the Simandou project in Guinea, which is the world's largest higher-grade greenfield integrated mine and infrastructure development, introduces significantly new long-haul leg from West Africa to China. The project commenced operations in late 2025 and is set to substantially restructure global shipping, driving up freight rates due to increased ton mile demand. With reserves exceeding 2 billion tons, Simandou represents one of the world's richest undeveloped iron ore deposits. This project is forecasted to mark a structural turning point in both commodity markets and seaborne logistics.

Diamantis Andriotis: The iron ore market is currently navigating transitional phase, with shifting dynamics influenced by economic trends, structural changes, and environmental pressures. Despite subdued demand, iron ore production remains robust, with major miners maintaining or increasing output levels. Australia and Brazil continue to dominate export supply, yet Brazil is regaining share as weather disruptions ease and incremental capacity is brought back. In addition, the Simandou project in Guinea, which is the world's largest higher-grade greenfield integrated mine and infrastructure development, introduces significantly new long-haul leg from West Africa to China. The project commenced operations in late 2025 and is set to substantially restructure global shipping, driving up freight rates due to increased ton mile demand. With reserves exceeding 2 billion tons, Simandou represents one of the world's richest undeveloped iron ore deposits. This project is forecasted to mark a structural turning point in both commodity markets and seaborne logistics.

Speaker #2: Australia and Brazil continue to dominate export supply, yet Brazil is regaining share as weather disruptions ease and incremental capacity is brought back. In addition, the Simandou project in Guinea, which is the world’s largest higher-grade greenfield integrated mine and infrastructure development, introduces a significantly new long-haul leg from West Africa to China.

Speaker #2: The project commenced operations in late 2025 and is set to substantially restructure global shipping, driving up freight rates due to increased on-mile demand. With reserves exceeding 2 billion tons, semandu represents one of the world's richest undeveloped iron ore deposits.

Speaker #2: This project is forecasted to mark a structural turning point in both commodity markets and seaborn logistics. Coal is on a different trajectory compared to iron ore.

Dr. Diamantis Andriotis: Coal is on a different trajectory compared to iron ore. Aggregate coal shipments were slightly lower in 2025 and forecast to edge down further in 2026. Structural decarbonization policies, expanding renewable generation, and improving domestic coal supply in key consumer regions are gradually capping import requirements. From a shipping perspective, coal is no longer a reliable engine of growth. Grain and oil seed trades provide a more positive narrative. Food demand is relatively inelastic, but the way it is supplied, it's highly sensitive to weather and policy. Crop yields and export availability in the Americas, the Black Sea, and Australia, together with import demand in North Africa, and Middle East, and Asia, continue to reshape routes and lift ton miles.

Diamantis Andriotis: Coal is on a different trajectory compared to iron ore. Aggregate coal shipments were slightly lower in 2025 and forecast to edge down further in 2026. Structural decarbonization policies, expanding renewable generation, and improving domestic coal supply in key consumer regions are gradually capping import requirements. From a shipping perspective, coal is no longer a reliable engine of growth. Grain and oil seed trades provide a more positive narrative. Food demand is relatively inelastic, but the way it is supplied, it's highly sensitive to weather and policy. Crop yields and export availability in the Americas, the Black Sea, and Australia, together with import demand in North Africa, and Middle East, and Asia, continue to reshape routes and lift ton miles.

Speaker #2: Aggregate coal shipments were slightly lower in 2025 and forecast to head down further in 2026. Structural decarbonization policies expanding renewable regeneration and improving domestic coal supply in key consumer regions are gradually capping import requirements.

Speaker #2: From a shipping perspective, coal is no longer a reliable engine of growth. Grain and oil seed trades provide a more positive narrative, food demand is relatively inelastic, but the weight is applied highly it's highly sensitive to weathering policy.

Speaker #2: Crop yields and export availability in the Americas, the Black Sea, and Australia, together with import demand in North Africa, the Middle East, and Asia, continue to reshape routes and lift ton-miles.

Speaker #2: The parcel normalization of Black Sea exports has added flexibility back into the system. Yet, frequent weather-related disruptions and policy interventions on export corridors keep trade patterns fluid and support longer-haul substitutions when specific origin underperform.

Dr. Diamantis Andriotis: The partial normalization of Black Sea exports has added flexibility back into the system, yet frequent weather-related disruptions and policy interventions on export corridors keep trade patterns fluid and support longer haul substitutions when specific origins underperform. Minor bulks stand out as the main growth engine. Taken together, this heterogeneous basket, including bauxite, nickel, and manganese ore, cement, steel products, fertilizers, and a range of industrial minerals, grew by around 4% in 2025, and a further 3% increase is expected in 2026.

Diamantis Andriotis: The partial normalization of Black Sea exports has added flexibility back into the system, yet frequent weather-related disruptions and policy interventions on export corridors keep trade patterns fluid and support longer haul substitutions when specific origins underperform. Minor bulks stand out as the main growth engine. Taken together, this heterogeneous basket, including bauxite, nickel, and manganese ore, cement, steel products, fertilizers, and a range of industrial minerals, grew by around 4% in 2025, and a further 3% increase is expected in 2026.

Speaker #2: Minor bulk stand out as the main growth engine. Taken together, this heterogeneous basket, including bauxite, nickel, and manganese, cement, steel, products, fertilizers, and a range of industrial minerals, grew by around 4% in 2025, and the further 3% increase is expected in 2026.

Speaker #2: The net result is a dry bulk market where although growth in tons is modest and gradually slowing, but growth in ton-miles remains more robust thanks to the lengthening of trade routes and the rising weight of minor bulks.

Dr. Diamantis Andriotis: The net result is a dry bulk market, where, although growth in tons is modest and gradually slowing, but growth in ton miles remains more robust, thanks to the lengthening of trade routes and the rising weight of minor bulks. Total dry bulk cargo volumes are expected to increase by less than 1% in 2026, yet seaborne demand measured in transport works should expand by around 2% annually. This asymmetry is crucial for freight. It means that even in a world of subdued headline trade growth, the underlying demand for ship days can still outpace the increase in fleet capacity. On Slide 5, we move to the specific market of part of our fleet, the Handysize category, and the fleet age and growth.

Diamantis Andriotis: The net result is a dry bulk market, where, although growth in tons is modest and gradually slowing, but growth in ton miles remains more robust, thanks to the lengthening of trade routes and the rising weight of minor bulks. Total dry bulk cargo volumes are expected to increase by less than 1% in 2026, yet seaborne demand measured in transport works should expand by around 2% annually. This asymmetry is crucial for freight. It means that even in a world of subdued headline trade growth, the underlying demand for ship days can still outpace the increase in fleet capacity. On Slide 5, we move to the specific market of part of our fleet, the Handysize category, and the fleet age and growth.

Speaker #2: Total dry bulk cargo volumes are expected to increase by less than 1% in 2026, yet seaborn demand measured in transport works should expand by around 2% annually.

Speaker #2: This asymmetry is crucial for freight. It means that even in a world of subdued headline trade growth, the underlying demand for ship days can still outpace the increase in fleet capacity.

Speaker #2: On slide 5, we move to the specific market of part of our fleet, the handy size category, and the fleet age and growth. The market outlook shows that for the period January-December 2025, global exports of all dry bulk commodities loaded on handy super tonnage reached 1,798 million tons, according to the AXS Marine Vessel Tracking Data.

Dr. Diamantis Andriotis: The market outlook shows that for the period January to December 2025, global exports of all dry bulk commodities loaded on Handysize, Supramax tonnage reached 1,798 million tons, according to the AXS Marine vessel tracking data. This is an increase of 2% year-on-year. 15% of exports loaded were coal, with grains following at 13% and steel at 9%. On the Handysize fleet age, the small Handysize fleet is pretty old, with plenty of demolition potential. The global Handysize fleet now stands at 3,202 vessels, of which 38% is over 15 years of age. The average age of the C3is Handysize fleet was 14.9 years at the end of December 2025. At year-end 2025, the global Handysize fleet has increased by 3% in vessels numbers compared to year-end 2024.

Diamantis Andriotis: The market outlook shows that for the period January to December 2025, global exports of all dry bulk commodities loaded on Handysize, Supramax tonnage reached 1,798 million tons, according to the AXS Marine vessel tracking data. This is an increase of 2% year-on-year. 15% of exports loaded were coal, with grains following at 13% and steel at 9%. On the Handysize fleet age, the small Handysize fleet is pretty old, with plenty of demolition potential. The global Handysize fleet now stands at 3,202 vessels, of which 38% is over 15 years of age. The average age of the C3is Handysize fleet was 14.9 years at the end of December 2025. At year-end 2025, the global Handysize fleet has increased by 3% in vessels numbers compared to year-end 2024.

Speaker #2: This is an increase of 2% year on year. 15% of exports loaded were coal, with grains following a 13% and still at 9%. On the handy size fleet age, the small handy fleet is pretty old, with plenty of demolition potential.

Speaker #2: The global handy size fleet now stands at 3,202 vessels, of which 38% is over 15 years of age. The average age of the C3is handy fleet was 14.9 years, at the end of December 2025.

Speaker #2: At year-end 2025, the global handy fleet has increased by 3% in vessels numbers, compared to year-end 2024. The order book stands at 189 vessels, from the start of 2026, with deliveries expected to be 111 for the year.

Dr. Diamantis Andriotis: The order book stands at 189 vessels from the start of 2026, with deliveries expected to be 111 for the year. Slide 6 shows the Aframax LR2 spot rates and aids. As of the end year, the Aframax sector has exhibited significant improvements across major trading routes. Notably, the Caribbean-US Gulf route experienced the highest percentage increase in spot rates, soaring by 88.7% to reach day rates of $66,426, followed by the Med-Med route with an 85.3% increase to $65,808, and the North Sea cont route showing a 55.8% rise to $71,022.

Diamantis Andriotis: The order book stands at 189 vessels from the start of 2026, with deliveries expected to be 111 for the year. Slide 6 shows the Aframax LR2 spot rates and aids. As of the end year, the Aframax sector has exhibited significant improvements across major trading routes. Notably, the Caribbean-US Gulf route experienced the highest percentage increase in spot rates, soaring by 88.7% to reach day rates of $66,426, followed by the Med-Med route with an 85.3% increase to $65,808, and the North Sea cont route showing a 55.8% rise to $71,022.

Speaker #2: Slide 6 shows the Aframax LR2 spot rates and ages. As of end year, the Aframax sector was has exhibited significant improvements across major trading routes.

Speaker #2: Notably, the Caribbean and US Gulf route experienced the highest percentage increase in spot rates, soaring by 88.7% to reach day rates of 66,426 dollars.

Speaker #2: Followed by the MedMed route, with an 85.3% increase to $65,808, and the North Sea con route showing a 55.8% rise to $71,022.

Dr. Diamantis Andriotis: Conversely, the Med, Singapore route displayed a more moderate growth of 15.8%, with rates at $47,167. Comparing these figures against the year-to-date and five-year averages, current rates generally surpass the 2025 averages, indicating a robust year for 2026. Aframax markets showed regional differences at year-end 2025. In the Atlantic, short-haul routes strengthened and tighter availability supported sentiment, particularly in the US Gulf, while European benchmarks were steadier. Pacific routes remained under pressure amid ongoing weakness in export activity. On the fleet age, the global Aframax fleet now stands at 1,198 ships. Of these, 293 vessels are over 20 years of age, accounting for 25% of the total number of vessels.

Speaker #2: Conversely, the MEG Singapore route displayed a more moderate growth of 15.8%, with rates at $47,167. Comparing these figures against the year-to-date and five-year averages, current rates generally surpass the 2025 averages, indicating a robust year for 2026.

Diamantis Andriotis: Conversely, the Med, Singapore route displayed a more moderate growth of 15.8%, with rates at $47,167. Comparing these figures against the year-to-date and five-year averages, current rates generally surpass the 2025 averages, indicating a robust year for 2026. Aframax markets showed regional differences at year-end 2025. In the Atlantic, short-haul routes strengthened and tighter availability supported sentiment, particularly in the US Gulf, while European benchmarks were steadier. Pacific routes remained under pressure amid ongoing weakness in export activity. On the fleet age, the global Aframax fleet now stands at 1,198 ships. Of these, 293 vessels are over 20 years of age, accounting for 25% of the total number of vessels.

Speaker #2: Aframax markets showed regional differences at year-end 2025, with the Atlantic short-haul routes strengthened and tighter availability supported sentiment, particularly the US Gulf, while European benchmarks were steadier.

Speaker #2: Pacific routes remained under pressure amid ongoing weakness in export activity. On the fleet age, the global Aframax fleet now stands at 1,198 ships. Of these, 293 vessels are over 20 years of age, accounting for 25% of the total number of vessels.

Speaker #2: The highest number of vessels is in the 15-20 years category, in which our Aframax tanker falls, with an age of 15.4 years at December 31, 2025.

Dr. Diamantis Andriotis: The highest number of vessels is in the 15-20 years category, in which our Aframax tanker falls, with an age of 15.4 years at 31 December 2025. Slide 7 summarizes how the tanker market goes into 2026 on strong footing against a complex geopolitical backdrop, rise in production, and fleet growth. Iran: stricter sanctions enforcement, potentially triggered by Washington imposing tariffs on Iran's trading patterns, would shift volumes from shadow fleet to mainstream vessels. Chinese refiners, which purchase all of Iran's 1.6 to 1.8 million barrels per day of crude exports, could be forced to seek alternatives from other Middle Eastern producers. Alternatively, a regime change could eventually see production rise towards above 4 million barrels per day, given the upstream investments the National Iranian Oil Company are understood to have made over the past few years.

Diamantis Andriotis: The highest number of vessels is in the 15-20 years category, in which our Aframax tanker falls, with an age of 15.4 years at 31 December 2025. Slide 7 summarizes how the tanker market goes into 2026 on strong footing against a complex geopolitical backdrop, rise in production, and fleet growth. Iran: stricter sanctions enforcement, potentially triggered by Washington imposing tariffs on Iran's trading patterns, would shift volumes from shadow fleet to mainstream vessels. Chinese refiners, which purchase all of Iran's 1.6 to 1.8 million barrels per day of crude exports, could be forced to seek alternatives from other Middle Eastern producers. Alternatively, a regime change could eventually see production rise towards above 4 million barrels per day, given the upstream investments the National Iranian Oil Company are understood to have made over the past few years.

Speaker #2: Slide 7 summarizes how the tanker market goes into 2026. On strong footing against the complex geopolitical backdrop, rising production, and fleet growth. Stricter sanctions enforcement, potentially triggered by Washington imposing tariffs on Iran's trading patterns, would shift volumes from shadow fleet to mainstream vessels.

Speaker #2: Chinese refiners who purchase all of Iran's 1.6 to 1.8 million barrels per day of crude exports could be forced to seek alternatives from other Middle Eastern producers.

Speaker #2: Alternatively, a regime change could eventually see production rise towards above 4 million barrels per day, given the absent investments that national Iranian company are understood to have made over the past few years.

Speaker #2: Sanctions on Russian crude and refined products have redirected flows away from traditional short-haul routes, creating longer voyages and tightening oil and vessel supply.

Dr. Diamantis Andriotis: Russia: sanctions on Russian crude and refined products have redirected flows away from traditional short-haul routes, creating longer voyages and tightening oil and vessel supply. Changing trading patterns, most notably increased imports to China and India from the Middle East and the Atlantic Basin instead of Russia, have resulted in vessels covering much longer distances, pushing ton-mile demand to record highs. Venezuela: the US military intervention in Venezuela thrusted the heavy crude sector into a period of enforced transparency. The immediate fallout was characterized by a significant departure bottleneck rather than a collapse in demand. China's appetite for Venezuelan grades remains intact, and the ability to physically move barrels has hit a logistical wall. As the US government moves to market between 30 and 50 million barrels of seized Venezuelan oil through authorized channels, the trade is poised for a massive structural reconfiguration.

Diamantis Andriotis: Russia: sanctions on Russian crude and refined products have redirected flows away from traditional short-haul routes, creating longer voyages and tightening oil and vessel supply. Changing trading patterns, most notably increased imports to China and India from the Middle East and the Atlantic Basin instead of Russia, have resulted in vessels covering much longer distances, pushing ton-mile demand to record highs. Venezuela: the US military intervention in Venezuela thrusted the heavy crude sector into a period of enforced transparency. The immediate fallout was characterized by a significant departure bottleneck rather than a collapse in demand. China's appetite for Venezuelan grades remains intact, and the ability to physically move barrels has hit a logistical wall. As the US government moves to market between 30 and 50 million barrels of seized Venezuelan oil through authorized channels, the trade is poised for a massive structural reconfiguration.

Speaker #2: Changing trading patterns most notably increased imports to China and India from the Middle East and the Atlantic Basin instead of Russia, have resulted in vessels covering much longer distances, pushing ton-mile demand to record highs.

Speaker #2: Venezuela. The US military intervention in Venezuela thrusted the heavy crude sector into a period of enforced transparency. The immediate fallout was characterized by significant departure bottleneck rather than a collapse in demand.

Speaker #2: China's appetite for Venezuelan grains remains intact, and the ability to physically move barrels has hit a logistical wall. As the US government moves to market between 30 and 50 million barrels of seized Venezuelan oil through authorized channels, the trade is poised for a massive structural reconfiguration.

Speaker #2: For Aframaxis, this transition from dark to transparent trade creates a premium on compliant tonnage that can bridge the heavy crude car that can bridge the heavy crude gap.

Dr. Diamantis Andriotis: For Aframax, this transition from dark to transparent trade creates a premium on compliant tonnage that can bridge the heavy crude, the gap. Most Venezuelan crude delivered to the US has historically been transported on Aframax LR2 vessels. The potential incremental demand depends on export volume from Venezuela, but at 1 million barrels per day of Venezuelan crude going to US, demand has been estimated for approximately 23 additional Aframax LR2 vessels. Currently, the Aframax LR2 flows from the US to Europe has almost doubled. India, the 2026 EU-India Free Trade Agreement will significantly boost oil and refined product shipping by removing tariffs, lowering trade barriers, and fostering infrastructure investments. Key impacts include increased tanker demand for EU-India routes, enhanced logistical cooperation in maritime services, promoting shipping partnerships, and reducing logistical hurdles.

Diamantis Andriotis: For Aframax, this transition from dark to transparent trade creates a premium on compliant tonnage that can bridge the heavy crude, the gap. Most Venezuelan crude delivered to the US has historically been transported on Aframax LR2 vessels. The potential incremental demand depends on export volume from Venezuela, but at 1 million barrels per day of Venezuelan crude going to US, demand has been estimated for approximately 23 additional Aframax LR2 vessels. Currently, the Aframax LR2 flows from the US to Europe has almost doubled. India, the 2026 EU-India Free Trade Agreement will significantly boost oil and refined product shipping by removing tariffs, lowering trade barriers, and fostering infrastructure investments. Key impacts include increased tanker demand for EU-India routes, enhanced logistical cooperation in maritime services, promoting shipping partnerships, and reducing logistical hurdles.

Speaker #2: Most Venezuelan crude delivered to the US has historically been transported on Aframax LR2 vessels. The potential incremental demand depends on export volume from Venezuela, but at 1 million barrels per day of Venezuelan crude going to US, demand has been estimated for approximately 23 additional Aframax LR2 vessels.

Speaker #2: Currently, the Aframax LR2 flows from the US to Europe have almost doubled. India. The 2026 EU-India free trade agreement will significantly boost oil and refined products shipping by removing tariffs, lowering trade barriers, and fostering infrastructure investments.

Speaker #2: Key impacts include increased tanker demand for EU-India routes, enhanced logistical cooperation in maritime services, promoting shipping partnerships, and reducing logistical hurdles. India is also expanding its import footprint, further strengthening ton-mile demand and sustaining high utilization rates across the fleet.

Dr. Diamantis Andriotis: India is also expanding its import footprint, further strengthening ton mile demand and sustaining high utilization rates across the fleet. China. Most of China's imports arrive via seaborne trade, reinforcing the critical role of tankers in global energy logistics. China stands out as a major driving force, with over 1 million barrels per day of new refinery capacity added since 2020, and a further of 1.3 to 1.5 million barrels per day set to come online before the end of the decade. Canada. The Canadian government's push to diversify the country's crude oil customer base in response to belligerent overtures from US President Donald Trump, led to a surge in the country's seaborne oil exports in 2025.

Diamantis Andriotis: India is also expanding its import footprint, further strengthening ton mile demand and sustaining high utilization rates across the fleet. China. Most of China's imports arrive via seaborne trade, reinforcing the critical role of tankers in global energy logistics. China stands out as a major driving force, with over 1 million barrels per day of new refinery capacity added since 2020, and a further of 1.3 to 1.5 million barrels per day set to come online before the end of the decade. Canada. The Canadian government's push to diversify the country's crude oil customer base in response to belligerent overtures from US President Donald Trump, led to a surge in the country's seaborne oil exports in 2025.

Speaker #2: China. Most of China's imports arrive via seaborne trade, reinforcing the critical role of tankers in global energy logistics. China stands out as a major driving force with over 1 million barrels per day of new refinery capacity added since 2020, and the further of 1.3 to 1.5 million barrels per day set to come online before the end of the decade.

Speaker #2: Canada. The Canadian government's push to diversify the country's crude oil customer base in response to belligerent overtures from U.S. President Donald Trump led to a surge in the country's seaborne oil exports in 2025.

Speaker #2: As Canada decoupled from the US economy, Aframaxis were the main beneficiary as exports to China alone have grown from 0 to 12.3 million tons in just two years.

Dr. Diamantis Andriotis: As Canada decoupled from the US economy, Aframaxes were the main beneficiary, as exports to China alone have grown from zero to 12.3 million tons in just two years. Saudi Arabia. Saudi Arabia, Iraq, Kuwait have increased supplies to India in December 2025. Middle Eastern producers, Saudi Arabia, Iraq, and Kuwait, will raise crude oil supplies to India from December as Indian refiners seek alternatives to Russian barrels. The rise in Middle Eastern crude demand comes as many Indian refiners pause purchases from Russia due to tightening of Western sanctions, enabling OPEC producers to regain the market share in the world's third largest oil consumer and importer. Slide 8 shows the product tanker market, in which two acquisitions due to be delivered in 2026 belong to.

Diamantis Andriotis: As Canada decoupled from the US economy, Aframaxes were the main beneficiary, as exports to China alone have grown from zero to 12.3 million tons in just two years. Saudi Arabia. Saudi Arabia, Iraq, Kuwait have increased supplies to India in December 2025. Middle Eastern producers, Saudi Arabia, Iraq, and Kuwait, will raise crude oil supplies to India from December as Indian refiners seek alternatives to Russian barrels. The rise in Middle Eastern crude demand comes as many Indian refiners pause purchases from Russia due to tightening of Western sanctions, enabling OPEC producers to regain the market share in the world's third largest oil consumer and importer. Slide 8 shows the product tanker market, in which two acquisitions due to be delivered in 2026 belong to.

Speaker #2: Saudi Arabia. Saudi Arabia, Iraq, Kuwait, have increased supplies to India in December 2025. Middle Eastern producers Saudi Arabia, Iraq, and Kuwait will raise crude oil supplies to India, from December, as India refiners seek alternatives to Russian barrels.

Speaker #2: The rise in Middle Eastern crude demand comes as many Indian refiners pause purchases from Russia due to tightening of Western sanctions enabling OPEC producers to regain the market share in the world's third-largest oil consumer and importer.

Speaker #2: Slide 8 shows the product tanker market in which two acquisitions due to be delivered in 2026 belong to. Refined product tanker ton-mile demand has experienced significant growth, driven by shifts in global trade patterns, particularly following the restriction of European energy imports away from Russia.

Dr. Diamantis Andriotis: Refined product tanker ton mile demand has experienced significant growth, driven by shifts in global trade patterns, particularly following the restriction of European energy imports away from Russia. The surge is largely attributed to longer average voyage distances, with European imports of refined products reaching to more distant suppliers like Middle East and US. Changing sanctions regimes and new refining capacities in Asia and Middle East have also boosted ton mile demand as oil and product shipments travel longer distances. Cash flows for product tankers remain quite healthy, and this trend is expected to continue well in 2026. The product tanker fleet order book has rebounded sharply from the historic lows witnessed over 2020, 2021.

Diamantis Andriotis: Refined product tanker ton mile demand has experienced significant growth, driven by shifts in global trade patterns, particularly following the restriction of European energy imports away from Russia. The surge is largely attributed to longer average voyage distances, with European imports of refined products reaching to more distant suppliers like Middle East and US. Changing sanctions regimes and new refining capacities in Asia and Middle East have also boosted ton mile demand as oil and product shipments travel longer distances. Cash flows for product tankers remain quite healthy, and this trend is expected to continue well in 2026. The product tanker fleet order book has rebounded sharply from the historic lows witnessed over 2020, 2021.

Speaker #2: The surge is largely attributed to longer average voyage distances, with European imports of refined products reaching more distant suppliers, like the Middle East and US.

Speaker #2: Changing sanctions regimes and new refining capacities in Asia and the Middle East have also boosted ton-mile demand, as oil and product shipments travel longer distances.

Speaker #2: Cash flows for product tankers remain quite healthy, and this trend is expected to continue well in 2026. The product tanker fleet order book has rebounded sharply from the historic lows witnessed over 2020-2021.

Speaker #2: The overall tanker order book to existing fleet above 20 years ratio has climbed from under 5% to roughly 18% in 2025 and set to climb to 30% by 2028.

Dr. Diamantis Andriotis: The overall tanker order book to existing fleet above 20 years ratio has climbed from under 5% to roughly 18% in 2025, and set to climb to 30% by 2028. This indicates renewed confidence from owners. Several factors drive the trend, including major shifts in trade flows, an aging global fleet, and the strong appeal of modern tonnage equipped for future regulatory compliance. Slide nine shows the fleet of C3is. C3is currently owns and operates a fleet of Handysize dry bulk carriers and one Aframax oil tanker. As previously announced, the company has acquired two product tankers due to be delivered between Q1 and Q3 2026. With these additions, the fleet will increase its capacity to 311,000 deadweight, an increase of 387% from inception.

Diamantis Andriotis: The overall tanker order book to existing fleet above 20 years ratio has climbed from under 5% to roughly 18% in 2025, and set to climb to 30% by 2028. This indicates renewed confidence from owners. Several factors drive the trend, including major shifts in trade flows, an aging global fleet, and the strong appeal of modern tonnage equipped for future regulatory compliance. Slide nine shows the fleet of C3is. C3is currently owns and operates a fleet of Handysize dry bulk carriers and one Aframax oil tanker. As previously announced, the company has acquired two product tankers due to be delivered between Q1 and Q3 2026. With these additions, the fleet will increase its capacity to 311,000 deadweight, an increase of 387% from inception.

Speaker #2: This indicates renewed confidence from owners. Several factors drive this trend, including major shifts in trade flows, an aging global fleet, and the strong appeal of modern tonnage equipped for future regulatory compliance.

Speaker #2: Slide 9 shows the fleet of C3is. C3is currently owns and operates a fleet of 300-sized dry bulk carriers and one Aframax oil tanker. As previously announced, the company has acquired two product tankers due to be delivered between Q1 and Q3 2026.

Speaker #2: With these additions, the fleet will increase its capacity to 311,000 deadweight and increase from 387% from inception. All vessels have had their ballast weight management systems already installed.

Dr. Diamantis Andriotis: All vessels have had their ballast water management systems already installed. All the vessels are unencumbered and currently employed on short to medium-term period charters and spot voyages. None of the vessels were Chinese-built, hence not affected by the ongoing threat of tariffs. Slide 10 shows a sample of the international charters with whom the management company has developed strategic relationships and had experienced repeat business. Repeat business highlights the confidence our customers have for our operations and the satisfaction of the services we provide. The key to maintaining our relationships with these companies are high standards of safety and reliability of service. I will now turn over the call to Nina Pyndiah for our financial performance.

Diamantis Andriotis: All vessels have had their ballast water management systems already installed. All the vessels are unencumbered and currently employed on short to medium-term period charters and spot voyages. None of the vessels were Chinese-built, hence not affected by the ongoing threat of tariffs. Slide 10 shows a sample of the international charters with whom the management company has developed strategic relationships and had experienced repeat business. Repeat business highlights the confidence our customers have for our operations and the satisfaction of the services we provide. The key to maintaining our relationships with these companies are high standards of safety and reliability of service. I will now turn over the call to Nina Pyndiah for our financial performance.

Speaker #2: All the vessels are unencumbered and currently employed onshore to medium-term period charters and spot voyages. None of the vessels were Chinese-built, hence not affected by the ongoing threat of tariffs.

Speaker #2: Slide 10 shows a sample of the international charters with whom the management company has developed strategic relationships and has experienced repeat business. Repeat business highlights the confidence our customers have in our operations and the satisfaction with the services we provide.

Speaker #2: The key to maintaining our relationships with these companies are high standards of safety and reliability of service. I will now turn over the call to Nina Pyndiah for our financial performance.

Speaker #1: Thank you, Diamantis, and good morning to everyone. Please turn to slide 11, and I will go through our financial performance for the 12 months of 2025.

Nina Pyndiah: Thank you, Diamantis, and good morning to everyone. Please turn to slide 11, and I will go through our financial performance for the 12 months of 2025. We reported voyage revenues of $34.8 million for the year 2025, compared to $42 million in 2024, a reduction of 18%, primarily due to the dry docking of our Aframax tanker, which resulted in 28 non-revenue days, combined with 46 idle days, a total of 74 days. The time charter equivalent rates of our vessels were also impacted, with a decrease of 28% compared to year 2024. Voyage costs for 2025 were $12.8 million, compared to $14.1 million in 2024. This decrease was attributed to the decrease in voyage days due to the dry docking of the Aframax tanker.

Speaker #1: We reported voyage revenues of $34.8 million for the year '25, compared to $42 million in '24, a reduction of 18%, primarily due to the dry docking of our Aframax tanker, which resulted in 28 non-revenue days combined with 46 idle days—a total of 74 days.

Speaker #1: The time charter equivalent rates of our vessels were also impacted, with a decrease of 28% compared to year '24. Voyage costs for '25 were $12.8 million, compared to $14.1 million in '24.

Speaker #1: This decrease was attributed to the decrease in voyage days due to the dry docking of the Aframax tanker. Voyage costs for '25 of 12.8 million mainly included bunker costs of 6.4 million, corresponding to 50% of total voyage expenses, and port expenses of 4.9 million, corresponding to 38% of total voyage expenses.

Nina Pyndiah: Voyage costs for 2025 of $12.8 million mainly included bunker costs of $6.4 million, corresponding to 50% of total voyage expenses, and port expenses of $4.9 million, corresponding to 38% of total voyage expenses. Operating expenses for the 12 months of 2025 were $9.2 million, and mainly included crew expenses of $4.7 million, corresponding to 50% of total operating expenses, spares and consumable cost of $2 million, and maintenance expenses of $1.2 million, representing works and repairs on the vessels. Dry docking costs for the Afra Pearl II were $1.9 million. General and admin costs for the 12 months ended December 31, 2025 and 2024, were $2.4 million and $3 million, respectively.

Speaker #1: Operating expenses for the 12 months of 2025 were $9.2 million and mainly included crew expenses of $4.7 million, corresponding to 50% of total operating expenses, spares and consumable costs of $2 million, and maintenance expenses of $1.2 million, representing works and repairs on the vessels.

Speaker #1: Dry docking costs for the Afrapoto were 1.9 million. General and admin costs for the 12 months ended December 31st, '25, and '24 were 2.4 million and 3 million respectively.

Speaker #1: The 600,000 decrease was due to additional expenses incurred in '24 relating to the two public offerings. Depreciation for the 12 months ended 31st of December '25 was 6.5 million, a 300,000 increase from 6.2 million for the same period of last year, due to the increase in the average number of our vessels.

Nina Pyndiah: The $600,000 decrease was due to additional expenses incurred in 2024, relating to the two public offerings. Depreciation for the 12 months ended 31 December 2025 was $6.5 million, a $300,000 increase from $6.2 million for the same period of last year, due to the increase in the average number of our vessels. Interest and finance cost for the years 2025 and 2024 were $400,000 and $2.5 million, respectively. The $2.1 million decrease is related to the accrued interest expense related party, in connection with the $53.3 million, part of the acquisition prices of our Aframax tanker, the Afra Pearl II, which was completely repaid in July 2024, and our bulk carrier, the Eco Spitfire, which was completely repaid in 2025.

Speaker #1: Interest and finance costs for the years '25 and '24 were $400,000 and $2.5 million, respectively. The $2.1 million decrease is related to the accrued interest expense—related party—in connection with the $53.3 million part of the acquisition prices of our Aframax tanker, the Afrapoto, which was completely repaid in July '24, and our bulk carrier, the Echo Spitfire, which was completely repaid in '25.

Speaker #1: Although no interest was charged on these acquisitions, for accounting purposes, this balances should be shown as accrued interest. The total paid did not change.

Nina Pyndiah: Although no interest was charged on these acquisitions, for accounting purposes, these balances should be shown as accrued interest. The total paid did not change. Gain on warrants for the twelve months ended December 31, 2025, was $9.2 million, as compared with the loss on warrants of $11.1 million for the twelve months ended December 31, 2024, and mainly related to the net fair value changes on our warrants. For the twelve months of 2025, the company reported a net income of $10.5 million and an EBITDA of $17 million, increases of 481% and 244%, respectively.

Speaker #1: Gain on warrants for the 12 months ended December 31, 2025, was $9.2 million, as compared with the loss on warrants of $11.1 million for the 12 months ended December 31, 2024, and mainly related to the net fair value changes on our warrants.

Speaker #1: For the 12 months of '25, the company reported a net income of 10.5 million and an EBITDA of 17 million, increases of 481% and 244% respectively.

Speaker #1: Turning to slide 12 for the balance sheet, we had a cash balance of 14.9 million compared to 12.6 million at the end of '24, an increase of 19% in spite of the full payment of the 90% purchase price of the Echo Spitfire in Q2 '25 that amounted to 15.1 million.

Nina Pyndiah: Turning to slide 12 for the balance sheet, we had a cash balance of $14.9 million, compared to $12.6 million at the end of 2024, an increase of 19%, in spite of the full payment of the 90% purchase price of the Eco Spitfire in Q2 2025, that amounted to $15.1 million. Other current assets mainly include charterers' receivables of $4.3 million, compared to $2.8 million at December 2024, as well as inventories of $1.3 million, compared to $900,000 at December 2024. The vessel's net value of $78 million is for the four vessels, less depreciation. The vessel's market values were $75 million in January 2026. Trade accounts payables of $1.8 million are balances due to suppliers and brokers.

Speaker #1: Other current assets mainly include charters receivables of 4.3 million, compared to 2.8 million at December '24, as well as inventories of 1.3 million, compared to 900,000 at December '24.

Speaker #1: The vessel's net value of 78 million for the four vessels less depreciation. The vessel's market values were 75 million in January '26. Trade accounts payables of 1.8 million are balances due to suppliers and brokers.

Speaker #1: Payable to related party of $382,000 represents the balance due to the management company Brave Maritime. Our related party financial liability was $16.3 million at year-end '24 and consisted mainly of the balance that was due on the Echo Spitfire and that was eventually paid in Q2 '25.

Nina Pyndiah: Payable to related party of $382,000 represents the balance due to the management company, Brave Maritime. Our related party financial liability was $16.3 million at year-end 2024, and consisted mainly of the balance that was due on the Eco Spitfire, and that was eventually paid in Q2 2025. Concluding the presentation on Slide 13, we outline the key variables that will assist us progress with our company's growth. Owning a high-quality fleet reduces operating costs, improves safety, and provides a competitive advantage in securing favorable charters. We maintain the quality of the vessels by carrying out regular inspections, both while in port and at sea, and adopting a comprehensive maintenance program for each vessel. None of our vessels were built from Chinese shipyards, hence, the ongoing tariff threats by the US to China will be of no consequence to our fleet.

Speaker #1: Concluding the presentation on slide 13, we outlined the key variables that will assist us progress with our company's growth. Earning a high-quality fleet reduces operating costs, improves safety, and provides a competitive advantage in securing favorable charters.

Speaker #1: We maintain the quality of the vessels by carrying out regular inspections, both while in port and at sea, and adopting a comprehensive maintenance program for each vessel.

Speaker #1: None of our vessels were built from Chinese shipyards, hence the ongoing tariff threats by be of no consequence to our fleet. The company's tragedy is to follow a disciplined growth with in-depth technical and condition assessment review.

Nina Pyndiah: The company's strategy is to follow a disciplined growth with in-depth technical and condition assessment review. Equity financings will continue, as management is continuously seeking a timely and selective acquisitions of quality, non-Chinese-built vessels, with current focus on short to medium-term charters and spot voyages. Following on with this strategy, the company has added two product tankers to the fleet, and these will be delivered by Q3 2026. We always charter to high-quality charterers, such as commodity traders, industrial companies, and oil producers and refineries. Despite having increased our fleet by 387% since inception, the company has no bank debt. No interest was charged by the affiliated sellers on the purchase prices of the Afra Pearl II, the Eco Spitfire, and the two product tankers due to be delivered in 2026. From July 2023 to date, we have repaid all of our CapEx obligations.

Speaker #1: Equity insurances will continue, as management is continuously seeking a timely and selective acquisitions of quality non-Chinese-built vessels with current focus on short-to-medium-term charters and spot voyages.

Speaker #1: Following on with this strategy, the company has added two product anchors to the fleet and these will be delivered by Q3 '26. We always charter to high-quality charters such as commodity traders, industrial companies, and oil producers and refineries.

Speaker #1: Despite having increased our fleet by 387% since inception, the company has no bank debt. No interest was charged by the affiliated sellers on the purchase prices of the Afrapoto, the Echo Spitfire, and the two product anchors due to be delivered in '26.

Speaker #1: From July 23 to date, we have repaid all of our CapEx obligations totaling $59.2 million without resorting to any bank loans. At this stage, our CEO, Dr. Diamantis Andriotis, will summarize the concluding remarks for the period examined.

Nina Pyndiah: totaling $59.2 million without resorting to any bank loans. At this stage, our CEO, Dr. Diamantis Andriotis, will summarize the concluding remarks for the period examined.

Speaker #2: For the 12 months of 2025, we reported net income of $10.5 million, an increase of 481% from 2024, EBITDA of $17 million, an increase of 244%, and a cash balance of $14.9 million despite paying off the remaining balance of $15.1 million that was due on Echo Spitfire.

Dr. Diamantis Andriotis: For the 12 months of 2025, we reported a net income of $10.5 million, an increase of 481% from 2024, an EBITDA of $17 million, an increase of 244%, and a cash balance of $14.9 million, despite paying off the remaining balance of $15.1 million that was due on Eco Spitfire. In August 2025, we successfully completed the dry docking of our Aframax tanker, the Afrapearl II. We are fully deleveraged, thus significantly enhancing our financial flexibility. Politics and climate changes are continued sources of volatility, but elevated trade rates, resilient oil demand, and shifting trade patterns continue to underpin the bullish outlook. Global seaborne trades are projected to edge higher again, driven by population growth, geopolitics, sanctions, and steady biofuel demand, all signs denoting another firm year for 2026.

Diamantis Andriotis: For the 12 months of 2025, we reported a net income of $10.5 million, an increase of 481% from 2024, an EBITDA of $17 million, an increase of 244%, and a cash balance of $14.9 million, despite paying off the remaining balance of $15.1 million that was due on Eco Spitfire. In August 2025, we successfully completed the dry docking of our Aframax tanker, the Afrapearl II. We are fully deleveraged, thus significantly enhancing our financial flexibility. Politics and climate changes are continued sources of volatility, but elevated trade rates, resilient oil demand, and shifting trade patterns continue to underpin the bullish outlook. Global seaborne trades are projected to edge higher again, driven by population growth, geopolitics, sanctions, and steady biofuel demand, all signs denoting another firm year for 2026.

Speaker #2: In August 2025, we successfully completed the dry docking of our Aframax tanker, the Afrapoto. We are fully delivered, thus significantly enhancing our financial flexibility.

Speaker #2: Politics and climate changes are continued sources of volatility, but elevated trade rates, resilient to demand and shifting trade patterns, continue to underpin the bullish outlook.

Speaker #2: Global seaborne trades are projected to edge higher again driven by population growth, geopolitics, sanctions, and steady biofuel demand. All signs denoting another firm year for 2026.

Speaker #2: We have announced the acquisition of two product tankers that will join our fleet in 2026. These will increase our fleet capacity by 387% from inception, thus allowing us to fully harvest the strong and positive fundamentals expected in 2026.

Dr. Diamantis Andriotis: We have announced the acquisition of two product tankers that will join our fleet in 2026. This will increase our fleet capacity by 387% from inception, thus allowing us to fully harvest on the strong and positive fundamentals expected in 2026. We would like to thank you for joining us today and look forward to having you with us again at our next call for the results of Q1 2026.

Diamantis Andriotis: We have announced the acquisition of two product tankers that will join our fleet in 2026. This will increase our fleet capacity by 387% from inception, thus allowing us to fully harvest on the strong and positive fundamentals expected in 2026. We would like to thank you for joining us today and look forward to having you with us again at our next call for the results of Q1 2026.

Speaker #2: We would like to thank you for joining us today and look forward to having you with us again at our next call for the results of the first quarter of 2026.

Nina Pyndiah: Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

Operator: Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

Speaker #3: disconnect.

Speaker #4: Good morning, everyone. Welcome to the C3is fourth quarter of 2025 earnings conference call and webcast. This is Dr. Diamantis Andriotis, CEO of the company.

Dr. Diamantis Andriotis: Good morning, everyone, and welcome to the C3is Q4 2025 Earnings Conference Call and Webcast. This is Dr. Diamantis Andriotis, CEO of the company. Joining me on the call today is our CFO, Nina Pyndiah. Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements which reflect current views with respect to future events and financial performance, and are based on current expectations and assumptions, which by nature are inherently uncertain and outside of the company's control. At this stage, if you could all take a moment to read our disclaimer on slide 2 of this presentation. I would like to point out that all amounts quoted, unless otherwise clarified, are implicitly stated in U.S. dollars. We have today released our earnings results for the Q4 2025.

Diamantis Andriotis: Good morning, everyone, and welcome to the C3is Q4 2025 Earnings Conference Call and Webcast. This is Dr. Diamantis Andriotis, CEO of the company. Joining me on the call today is our CFO, Nina Pyndiah. Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements which reflect current views with respect to future events and financial performance, and are based on current expectations and assumptions, which by nature are inherently uncertain and outside of the company's control. At this stage, if you could all take a moment to read our disclaimer on slide 2 of this presentation. I would like to point out that all amounts quoted, unless otherwise clarified, are implicitly stated in U.S. dollars. We have today released our earnings results for the Q4 2025.

Speaker #4: Joining me on the call today is our CFO, Nina Pyndiah. Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements, which reflect current views with respect to future events and financial performance, and that are based on current expectations and assumptions, which by nature are inherently uncertain and outside of the company's control.

Speaker #4: At this stage, if you could all take a moment to read our disclaimer on slide two of this presentation. I would like to point out that all amounts quoted unless otherwise clarified are implicitly stated in US dollars.

Speaker #4: We have today released our earnings results for the fourth quarter of 2025, so let's proceed to discuss these results and update you on the company's strategy and the market in general.

Speaker #4: Please turn to slide three, where we summarize and highlight the company's performances starting with our financial highlights. For the first 12 months of 2025, we achieved a net income of $10.5 million, compared to a net loss of $3 million for the same period in 2024, an increase of $481%.

Speaker #4: Our valued revenues decreased by 18% compared to the same period in 2024, mainly due to the dry docking of our Upfront tanker, which resulted in a loss in revenue from our highest earning vessel over a period of 28 days for the dry docking, combined with 46 idle days—a total of 74 days.

Speaker #4: Our TC rates were also impacted, with a drop of 28% for the year. In April 2025, we settled the final outstanding balance of $15 million that was due on the EcoSpeed fire.

Dr. Diamantis Andriotis: In April 2025, we settled the final outstanding balance of $15 million that was due on the Eco Spitfire. We reported an EBITDA of $17 million compared to $7 million for 2024, an increase of 244%. On slide 4, we look at the dry bulk market for the year 2025. We entered 2025 in a very different phase of the cycle from the sharp post-pandemic rebound. After three years of strong shrinks in volumes, seaborne growth downshifted to a slower but still positive pace. Despite global economic fluctuations, the market demonstrated the resilience, particularly in the second half of the year. Iron ore and coal trade continue to have the lion's share in dry bulk trade, but iron ore remains the anchor of the dry bulk complex.

Diamantis Andriotis: In April 2025, we settled the final outstanding balance of $15 million that was due on the Eco Spitfire. We reported an EBITDA of $17 million compared to $7 million for 2024, an increase of 244%. On slide 4, we look at the dry bulk market for the year 2025. We entered 2025 in a very different phase of the cycle from the sharp post-pandemic rebound. After three years of strong shrinks in volumes, seaborne growth downshifted to a slower but still positive pace. Despite global economic fluctuations, the market demonstrated the resilience, particularly in the second half of the year. Iron ore and coal trade continue to have the lion's share in dry bulk trade, but iron ore remains the anchor of the dry bulk complex.

Speaker #4: We reported an EBITDA of $17 million compared to $7 million for 2024, an increase of 244%. On slide four, we look at the dry bulk market for the year 2025.

Speaker #4: We enter 2025 in a very different phase of the cycle from the sharp post-pandemic rebound. After three years of strong shrinks in volumes, seaborne growth downshifted to a slower but still positive pace.

Speaker #4: Despite global economic fluctuations, the market demonstrated resilience, particularly in the second half of the year. Iron ore and coal trade continue to have the lion's share in dry bulk trade, but iron ore remains the anchor of the dry bulk complex.

Speaker #4: The iron ore market is currently navigating a transitional phase, with shifting dynamics influenced by economic trends, structural changes, and environmental pressures. Despite subdued demand, iron ore production remains robust, with major miners maintaining or increasing output levels.

Dr. Diamantis Andriotis: The iron ore market is currently navigating a transitional phase, with shifting dynamics influenced by economic trends, structural changes, and environmental pressures. Despite subdued demand, iron ore production remains robust, with major miners maintaining or increasing output levels. Australia and Brazil continue to dominate export supply, yet Brazil is regaining share as weather disruptions ease and incremental capacity is brought back. In addition, the Simandou project in Guinea, which is the world's largest higher-grade greenfield integrated mine and infrastructure development, introduces a significantly new long-haul leg from West Africa to China. The project commenced operations in late 2025 and is set to substantially restructure global shipping, driving up freight rate due to increased ton-mile demand. With reserves exceeding 2 billion tons, Simandou represents one of the world's richest undeveloped iron ore deposits. This project is forecasted to mark a structural turning point in both commodity markets and seaborne logistics.

Diamantis Andriotis: The iron ore market is currently navigating a transitional phase, with shifting dynamics influenced by economic trends, structural changes, and environmental pressures. Despite subdued demand, iron ore production remains robust, with major miners maintaining or increasing output levels. Australia and Brazil continue to dominate export supply, yet Brazil is regaining share as weather disruptions ease and incremental capacity is brought back. In addition, the Simandou project in Guinea, which is the world's largest higher-grade greenfield integrated mine and infrastructure development, introduces a significantly new long-haul leg from West Africa to China. The project commenced operations in late 2025 and is set to substantially restructure global shipping, driving up freight rate due to increased ton-mile demand. With reserves exceeding 2 billion tons, Simandou represents one of the world's richest undeveloped iron ore deposits. This project is forecasted to mark a structural turning point in both commodity markets and seaborne logistics.

Speaker #4: Australia and Brazil continue to dominate export supply, yet Brazil is regaining share as weather disruptions ease and incremental capacity is brought back. In addition, the Simandou project in Guinea, which is the world's largest higher-grade greenfield integrated mine and infrastructure development, introduces a significantly new long-haul leg from West Africa to China.

Speaker #4: The project commenced operations in late 2025 and is set to substantially structure global shipping, driving up freight rates due to increased on-mile demand. With reserves exceeding 2 billion tons, Semandu represents one of the world's richest undeveloped iron ore deposits.

Speaker #4: This project is forecasted to mark a structural turning point in both commodity markets and seaborne logistics. Coal is on a different trajectory compared to iron ore.

Dr. Diamantis Andriotis: Coal is on a different trajectory compared to iron ore. Aggregate coal shipments were slightly lower in 2025 and forecast to edge down further in 2026. Structural decarbonization policies, expanding renewable generation, and improving domestic coal supply in key consumer regions are gradually capping import requirements. From a shipping perspective, coal is no longer a reliable engine of growth. Grain and oil seed trades provide a more positive narrative. Food demand is relatively inelastic, but the way it is supplied, it's highly sensitive to weather and policy. Crop yields and export availability in the Americas, the Black Sea, and Australia, together with import demand in North Africa, the Middle East, and Asia, continue to reshape routes and lift ton miles.

Diamantis Andriotis: Coal is on a different trajectory compared to iron ore. Aggregate coal shipments were slightly lower in 2025 and forecast to edge down further in 2026. Structural decarbonization policies, expanding renewable generation, and improving domestic coal supply in key consumer regions are gradually capping import requirements. From a shipping perspective, coal is no longer a reliable engine of growth. Grain and oil seed trades provide a more positive narrative. Food demand is relatively inelastic, but the way it is supplied, it's highly sensitive to weather and policy. Crop yields and export availability in the Americas, the Black Sea, and Australia, together with import demand in North Africa, the Middle East, and Asia, continue to reshape routes and lift ton miles.

Speaker #4: Aggregate coal shipments were slightly lower in 2025 and are forecast to edge down further in 2026. Structural decarbonization policies, expanding renewable generation and improving domestic coal supply in key consumer regions, are gradually capping import requirements.

Speaker #4: From a shipping perspective, coal is no longer a reliable engine of growth. Grain and oil sea trades provide a more positive narrative; food demand is relatively inelastic, but the weight is applied highly—it's highly sensitive to weather and policy.

Speaker #4: Crop yields and export availability in the Americas the Black Sea and Australia together with import demand in North Africa and Middle East and Asia continue to reshape routes and lift on-miles.

Speaker #4: The parcel normalization of Black Sea exports has added flexibility back into the system. Yet, frequent weather-related disruptions and policy interventions on export corridors keep trade patterns fluid and support longer-haul substitutions when specific origins underperform.

Dr. Diamantis Andriotis: The partial normalization of Black Sea exports has added flexibility back into the system, yet frequent weather-related disruptions and policy interventions on export corridors keep trade pattern fluid and support longer-haul substitutions when specific origin underperform. Minor bulks stand out as the main growth engine. Taken together, this heterogeneous basket, including bauxite, nickel, and manganese ore, cement, steel products, fertilizers, and a range of industrial minerals, grew by around 4% in 2025, and a further 3% increase is expected in 2026. The net result is a dry bulk market, where although growth in tons is modest and gradually slowing, but growth in ton miles remains more robust, thanks to the lengthening of trade routes and the rising weight of minor bulks.

Diamantis Andriotis: The partial normalization of Black Sea exports has added flexibility back into the system, yet frequent weather-related disruptions and policy interventions on export corridors keep trade pattern fluid and support longer-haul substitutions when specific origin underperform. Minor bulks stand out as the main growth engine. Taken together, this heterogeneous basket, including bauxite, nickel, and manganese ore, cement, steel products, fertilizers, and a range of industrial minerals, grew by around 4% in 2025, and a further 3% increase is expected in 2026. The net result is a dry bulk market, where although growth in tons is modest and gradually slowing, but growth in ton miles remains more robust, thanks to the lengthening of trade routes and the rising weight of minor bulks.

Speaker #4: Minor bulks stand out as the main growth engine. Taken together, these heterogeneous baskets—including bauxite, nickel, and manganese ore, cement, steel products, fertilizers, and a range of industrial minerals—grew by around 4% in 2025, and a further 3% increase is expected in 2026.

Speaker #4: The net result is a dry bulk market where, although growth in tons is modest and gradually slowing, growth in ton-miles remains more robust thanks to the lengthening of trade routes and the rising weight of minor bulks.

Speaker #4: Total dry bulk cargo volumes are expected to increase by less than 1% in 2026, yet seaborne demand measured in transport works should expand by around 2% annually.

Dr. Diamantis Andriotis: Total dry bulk cargo volumes are expected to increase by less than 1% in 2026, yet seaborne demand, measured in transport works, should expand by around 2% annually. This asymmetry is crucial for freight. It means that even in a world of subdued headline trade growth, the underlying demand for ship days can still outpace the increase in fleet capacity. On slide 5, we move to the specific market of part of our fleet, the Handysize category, and the fleet age and growth. The market outlook shows that for the period January to December 2025, global exports of all dry bulk commodities loaded on handy super tonnage reached 1,798 million tons, according to the AXS Marine vessel tracking data. This is an increase of 2% year-on-year.

Diamantis Andriotis: Total dry bulk cargo volumes are expected to increase by less than 1% in 2026, yet seaborne demand, measured in transport works, should expand by around 2% annually. This asymmetry is crucial for freight. It means that even in a world of subdued headline trade growth, the underlying demand for ship days can still outpace the increase in fleet capacity. On slide 5, we move to the specific market of part of our fleet, the Handysize category, and the fleet age and growth. The market outlook shows that for the period January to December 2025, global exports of all dry bulk commodities loaded on handy super tonnage reached 1,798 million tons, according to the AXS Marine vessel tracking data. This is an increase of 2% year-on-year.

Speaker #4: This asymmetry is crucial for freight. It means that even in a world of subdued headline trade growth, the underlying demand for shipped days can still outpace the increase in fleet capacity.

Speaker #4: On slide five, we move to the specific market of part of our fleet, the handy size category, and the fleet age and growth. The market outlook shows that for the period January-December 2025, global exports of all dry bulk commodities loaded on handy super tonnage reached 1,798 million tons, according to the AXS Marine Vessel Tracking Data.

Speaker #4: This is an increase of 2% year on year. 15% of exports loaded were coal, with grains following a 13% and still at 9%. On the handy size fleet age, the small handy fleet is pretty old, with plenty of demolition potential.

Dr. Diamantis Andriotis: 15% of exports loaded were coal, with grains following at 13% and steel at 9%. On the Handysize fleet age, the small handy fleet is pretty old, with plenty of demolition potential. The global Handysize fleet now stands at 3,202 vessels, of which 38% is over 15 years of age. The average age of the C3is handy fleet was 14.9 years at the end of December 2025. At year-end 2025, the global handy fleet has increased by 3% in vessel numbers compared to year-end 2024. The order book stands at 189 vessels from the start of 2026, with deliveries expected to be 111 for the year. Slide 6 shows the Aframax LR2 spot rates and age.

Diamantis Andriotis: 15% of exports loaded were coal, with grains following at 13% and steel at 9%. On the Handysize fleet age, the small handy fleet is pretty old, with plenty of demolition potential. The global Handysize fleet now stands at 3,202 vessels, of which 38% is over 15 years of age. The average age of the C3is handy fleet was 14.9 years at the end of December 2025. At year-end 2025, the global handy fleet has increased by 3% in vessel numbers compared to year-end 2024. The order book stands at 189 vessels from the start of 2026, with deliveries expected to be 111 for the year. Slide 6 shows the Aframax LR2 spot rates and age.

Speaker #4: The global handy size fleet now stands at 3,202 vessels, of which 38% is over 15 years of age. The average age of the C3is handy fleet was 14.9 years.

Speaker #4: At the end of December 2025, at year-end 2025, the global handy fleet has increased by 3% in vessels numbers, compared to year-end 2024. The order book stands at 189 vessels from the start of 2026, with deliveries expected to be 111 for the year.

Speaker #4: Slide six shows the Aframax LR2 spot rates and age. As of year-end, the Aframax sector has exhibited significant improvements across major trading routes.

Dr. Diamantis Andriotis: As of the end year, the Aframax sector has exhibited significant improvements across major trading routes. Notably, the Caribbean-US Gulf route experienced the highest percentage increase in spot rates, soaring by 88.7% to reach day rates of $66,426, followed by the Med-Med route with an 85.3% increase to $65,808, and the North Sea cont route showing a 55.8% rise to $71,022. Conversely, the Med Singapore route displayed a more moderate growth of 15.8%, with rates at $47,167. Comparing these figures against the year to date and five-year averages, current rates generally surpass the 2025 averages, indicating a robust year for 2026.

Diamantis Andriotis: As of the end year, the Aframax sector has exhibited significant improvements across major trading routes. Notably, the Caribbean-US Gulf route experienced the highest percentage increase in spot rates, soaring by 88.7% to reach day rates of $66,426, followed by the Med-Med route with an 85.3% increase to $65,808, and the North Sea cont route showing a 55.8% rise to $71,022. Conversely, the Med Singapore route displayed a more moderate growth of 15.8%, with rates at $47,167. Comparing these figures against the year to date and five-year averages, current rates generally surpass the 2025 averages, indicating a robust year for 2026.

Speaker #4: Notably, the Caribbean US Gulf Route experienced the highest percentage increase in spot rates, soaring by 88.7% to reach day rates of 66,426 dollars. Followed by the Med Med Route, with an 85.3% increase to 65,808 dollars, and the North Sea Control Route showing a 55.8% rise to 71,022 dollars.

Speaker #4: Conversely, the Meg Singapore Route displayed a more moderate growth of 15.8%, with rates at 47,167. Comparing these figures against the year-to-date and five-year averages, current rates generally surpass the 2025 averages, indicating a robust year for 2026.

Speaker #4: Aframax markets showed regional differences at year-end 2025. The Atlantic short-haul routes strengthened, and tighter availability supported sentiment, particularly in the US Gulf, while European benchmarks were steadier.

Dr. Diamantis Andriotis: Aframax markets showed regional differences at year end 2025. In the Atlantic, short-haul routes strengthened, and tighter availability supported sentiment, particularly in the US Gulf, while European benchmarks were steadier. Pacific routes remained under pressure amid ongoing weakness in export activity. On the fleet age, the global Aframax fleet now stands at 1,198 ships. Of these, 293 vessels are over 20 years of age, accounting for 25% of the total number of vessels. The highest number of vessels is in the 15-20 years category, in which our Aframax tanker falls, with an age of 15.4 years at 31 December 2025. Slide 7 summarizes how the tanker market goes into 2026 on strong footing against a complex geopolitical backdrop, rise in production, and fleet growth.

Diamantis Andriotis: Aframax markets showed regional differences at year end 2025. In the Atlantic, short-haul routes strengthened, and tighter availability supported sentiment, particularly in the US Gulf, while European benchmarks were steadier. Pacific routes remained under pressure amid ongoing weakness in export activity. On the fleet age, the global Aframax fleet now stands at 1,198 ships. Of these, 293 vessels are over 20 years of age, accounting for 25% of the total number of vessels. The highest number of vessels is in the 15-20 years category, in which our Aframax tanker falls, with an age of 15.4 years at 31 December 2025. Slide 7 summarizes how the tanker market goes into 2026 on strong footing against a complex geopolitical backdrop, rise in production, and fleet growth.

Speaker #4: Pacific routes remained under pressure amid ongoing weakness in export activity. On the fleet age, the global Aframax fleet now stands at 1,198 ships. Of these, 293 vessels are over 20 years of age, accounting for 25% of the total number of vessels.

Speaker #4: The highest number of vessels is in the 15–20 years category, in which our Aframax tanker falls, with an age of 15.4 years at December 31, 2025.

Speaker #4: Slide seven summarizes how the tanker market goes into 2026. On strong footing against the complex geopolitical backdrop, rising production and fleet growth. Iron, stricter sanctions enforcement potentially triggered by Washington imposing tariffs on Iran's trade in patterns would shift volumes from shadow fleet to mainstream vessels.

Dr. Diamantis Andriotis: Iran: stricter sanctions enforcement, potentially triggered by Washington imposing tariffs on Iran's trading patterns, would shift volumes from Shadow Fleet to mainstream vessels. Chinese refiners, which purchase all of Iran's 1.6 to 1.8 million barrels per day of ex- of crude exports, could be forced to seek alternatives from other Middle Eastern producers. Alternatively, a regime change could eventually see production rise towards above 4 million barrels per day, given the upstream investments the National Iranian Oil Company are understood to have made over the past few years. Russia: sanctions on Russian crude and refined products have redirected flows away from traditional short-haul routes, creating longer voyages and tightening oil and vessel supply.

Diamantis Andriotis: Iran: stricter sanctions enforcement, potentially triggered by Washington imposing tariffs on Iran's trading patterns, would shift volumes from Shadow Fleet to mainstream vessels. Chinese refiners, which purchase all of Iran's 1.6 to 1.8 million barrels per day of ex- of crude exports, could be forced to seek alternatives from other Middle Eastern producers. Alternatively, a regime change could eventually see production rise towards above 4 million barrels per day, given the upstream investments the National Iranian Oil Company are understood to have made over the past few years. Russia: sanctions on Russian crude and refined products have redirected flows away from traditional short-haul routes, creating longer voyages and tightening oil and vessel supply.

Speaker #4: Chinese refiners, who purchase all of Iran's 1.6 to 1.8 million barrels per day of crude exports, could be forced to seek alternatives from other Middle Eastern producers.

Speaker #4: Alternatively, a regime change could eventually see production rise to above 4 million barrels per day, given the absent investments that the national Iranian company is understood to have made over the past few years.

Speaker #4: Sanctions on Russian crude and refined products have redirected flows away from traditional short-haul routes, creating longer voyages and tightening oil and vessel supply.

Speaker #4: Changing trading patterns, most notably increased imports to China and India from the Middle East and the Atlantic Basin instead of Russia, have resulted in vessels covering much longer distances, pushing ton-mile demand to record highs.

Dr. Diamantis Andriotis: Changing trading patterns, most notably increased imports to China and India from the Middle East and the Atlantic Basin, instead of Russia, have resulted in vessels covering much longer distances, pushing ton mile demand to record highs. Venezuela: the US military intervention in Venezuela thrusted the heavy crude sector into a period of enforced transparency. The immediate fallout was characterized by a significant departure bottleneck rather than a collapse in demand. China's appetite for Venezuelan grades remains intact, and the ability to physically move barrels has hit a logistical wall. As the US government moves to market between 30 and 50 million barrels of seized Venezuelan oil through authorized channels, the trade is poised for a massive structural reconfiguration.

Diamantis Andriotis: Changing trading patterns, most notably increased imports to China and India from the Middle East and the Atlantic Basin, instead of Russia, have resulted in vessels covering much longer distances, pushing ton mile demand to record highs. Venezuela: the US military intervention in Venezuela thrusted the heavy crude sector into a period of enforced transparency. The immediate fallout was characterized by a significant departure bottleneck rather than a collapse in demand. China's appetite for Venezuelan grades remains intact, and the ability to physically move barrels has hit a logistical wall. As the US government moves to market between 30 and 50 million barrels of seized Venezuelan oil through authorized channels, the trade is poised for a massive structural reconfiguration.

Speaker #4: Venezuela, the US military intervention in Venezuela thrusted the heavy crude sector into a period of enforced transparency. The immediate fallout was characterized by significant departure bottleneck rather than a collapse in demand.

Speaker #4: China's appetite for Venezuelan grades remains intact, and the ability to physically move barrels has hit a logistical wall. As the US government moves to market between 30 and 50 million barrels of seized Venezuelan oil through authorized channels, the trade is poised for a massive structural reconfiguration.

Speaker #4: For Aframaxis, this transition from dark to transparent trade creates a premium on compliant tonnage that can bridge the heavy crude car that can bridge the heavy crude gap.

Dr. Diamantis Andriotis: For Aframaxes, this transition from dark to transparent trade creates a premium of compliant tonnage that can bridge the heavy crude, the gap. Most Venezuelan crude delivered to the US has historically been transported on Aframax LR2 vessels. The potential incremental demand depends on export volume from Venezuela, but at 1 million barrels per day of Venezuelan crude going to US, demand has been estimated for approximately 23 additional Aframax LR2 vessels. Currently, the Aframax LR2 flows from the US to Europe has almost doubled. India: The 2026 EU-India Free Trade Agreement will significantly boost oil and refined product shipping by removing tariffs, lowering trade barriers, and fostering infrastructure investments. Key impacts include increased tanker demand for EU-India routes, enhanced logistical cooperation in maritime services, promoting shipping partnerships, and reducing logistical hurdles.

Diamantis Andriotis: For Aframaxes, this transition from dark to transparent trade creates a premium of compliant tonnage that can bridge the heavy crude, the gap. Most Venezuelan crude delivered to the US has historically been transported on Aframax LR2 vessels. The potential incremental demand depends on export volume from Venezuela, but at 1 million barrels per day of Venezuelan crude going to US, demand has been estimated for approximately 23 additional Aframax LR2 vessels. Currently, the Aframax LR2 flows from the US to Europe has almost doubled. India: The 2026 EU-India Free Trade Agreement will significantly boost oil and refined product shipping by removing tariffs, lowering trade barriers, and fostering infrastructure investments. Key impacts include increased tanker demand for EU-India routes, enhanced logistical cooperation in maritime services, promoting shipping partnerships, and reducing logistical hurdles.

Speaker #4: Most Venezuelan crude delivered to the US has historically been transported on Aframax LR2 vessels. The potential incremental demand depends on export volume from Venezuela, but at 1 million barrels per day of Venezuelan crude going to the US, demand has been estimated for approximately 23 additional Aframax LR2 vessels.

Speaker #4: Currently, the Aframax LR2 flows from the US to Europe have almost doubled. India, the 2026 EU-India free trade agreement will significantly boost oil and refined product shipping by removing tariffs, lowering trade barriers, and fostering infrastructure investments.

Speaker #4: Key impacts include increased tanker demand for EU-India routes, enhanced logistical cooperation in maritime services, promoting shipping partnerships, and reducing logistical hurdles. India is also expanding its import footprint, further strengthening ton-mile demand, and sustaining high utilization rates across the fleet.

Dr. Diamantis Andriotis: India is also expanding its import footprint, further strengthening ton-mile demand and sustaining high utilization rates across the fleet. China: Most of China's imports arrive via seaborne trade, reinforcing the critical role of tankers in global energy logistics. China stands out as a major driving force, with over 1 million barrels per day of new refinery capacity added since 2020, and a further of 1.3 to 1.5 million barrels per day set to come online before the end of the decade. Canada: The Canadian government's push to diversify the country's crude oil customer base in response to belligerent overtures from US President Donald Trump led to a surge in the country's seaborne oil exports in 2025.

Diamantis Andriotis: India is also expanding its import footprint, further strengthening ton-mile demand and sustaining high utilization rates across the fleet. China: Most of China's imports arrive via seaborne trade, reinforcing the critical role of tankers in global energy logistics. China stands out as a major driving force, with over 1 million barrels per day of new refinery capacity added since 2020, and a further of 1.3 to 1.5 million barrels per day set to come online before the end of the decade. Canada: The Canadian government's push to diversify the country's crude oil customer base in response to belligerent overtures from US President Donald Trump led to a surge in the country's seaborne oil exports in 2025.

Speaker #4: China, most of China's imports arrive via seaborne trade, reinforcing the critical role of tankers in global energy logistics. China stands out as a major driving force with over 1 million barrels per day of new refinery capacity added since 2020, and the further of 1.3 to 1.5 million barrels per day set to come online before the end of the decade.

Speaker #4: Canada, the Canadian government's push to diversify the country's crude oil customer base in response to belligerent overtures from US President Donald Trump led to a surge in the country's seaborne oil exports in 2025.

Speaker #4: As Canada decoupled from the US economy, Aframaxes were the main beneficiary, as exports to China alone have grown from 0 to 12.3 million tons in just two years.

Dr. Diamantis Andriotis: As Canada decoupled from the US economy, Aframaxes were the main beneficiary, as exports to China alone have grown from zero to 12.3 million tons in just two years. Saudi Arabia: Saudi Arabia, Iraq, Kuwait have increased supplies to India in December 2025. Middle Eastern producers, Saudi Arabia, Iraq, and Kuwait, will raise crude oil supplies to India from December as Indian refiners seek alternatives to Russian barrels. The rise in Middle Eastern crude demand comes as many Indian refiners pause purchases from Russia due to tightening of Western sanctions, enabling OPEC producers to regain the market share in the world's third largest oil consumer and importer. Slide 8 shows the product tanker market, in which two acquisitions due to be delivered in 2026 belong to.

Diamantis Andriotis: As Canada decoupled from the US economy, Aframaxes were the main beneficiary, as exports to China alone have grown from zero to 12.3 million tons in just two years. Saudi Arabia: Saudi Arabia, Iraq, Kuwait have increased supplies to India in December 2025. Middle Eastern producers, Saudi Arabia, Iraq, and Kuwait, will raise crude oil supplies to India from December as Indian refiners seek alternatives to Russian barrels. The rise in Middle Eastern crude demand comes as many Indian refiners pause purchases from Russia due to tightening of Western sanctions, enabling OPEC producers to regain the market share in the world's third largest oil consumer and importer. Slide 8 shows the product tanker market, in which two acquisitions due to be delivered in 2026 belong to.

Speaker #4: Saudi Arabia, Iraq, and Kuwait have increased supplies to India in December 2025. Middle Eastern producers—Saudi Arabia, Iraq, and Kuwait—will raise crude oil supplies to India from December as Indian refiners seek alternatives to Russian barrels.

Speaker #4: The rise in Middle Eastern crude demand comes as many Indian refiners pause purchases from Russia due to tightening of Western sanctions, enabling OPEC producers to regain the market share in the world's third-largest oil consumer and importer.

Speaker #4: Slide eight shows the product tanker market in which two acquisitions due to be delivered in 2026 belong to. Refined product tanker ton-mile demand has experienced significant growth, driven by shifts in global trade patterns, particularly following the restriction of European energy imports away from Russia.

Dr. Diamantis Andriotis: Refined product tanker ton-mile demand has experienced significant growth, driven by shifts in global trade patterns, particularly following the restriction of European energy imports away from Russia. The surge is largely attributed to longer average voyage distances, with European imports of refined products reaching to more distant suppliers like Middle East and US. Changes in sanctions regimes and new refining capacities in Asia and Middle East have also boosted ton-mile demand, as oil and product shipments travel longer distances. Cash flows for product tankers remain quite healthy, and this trend is expected to continue well into 2026. The product tanker fleet order book has rebounded sharply from the historic lows witnessed over 2020, 2021.

Diamantis Andriotis: Refined product tanker ton-mile demand has experienced significant growth, driven by shifts in global trade patterns, particularly following the restriction of European energy imports away from Russia. The surge is largely attributed to longer average voyage distances, with European imports of refined products reaching to more distant suppliers like Middle East and US. Changes in sanctions regimes and new refining capacities in Asia and Middle East have also boosted ton-mile demand, as oil and product shipments travel longer distances. Cash flows for product tankers remain quite healthy, and this trend is expected to continue well into 2026. The product tanker fleet order book has rebounded sharply from the historic lows witnessed over 2020, 2021.

Speaker #4: The surge is largely attributed to longer overage voyage distances with European imports of refined products reaching to more distant suppliers like Middle East and US.

Speaker #4: Changing sanctions regimes and new refining capacities in Asia and the Middle East have also boosted ton-mile demand, as oil and product shipments travel longer distances.

Speaker #4: Cash flows for product tankers remain quite healthy, and this trend is expected to continue well in 2026. The product tanker fleet order book has rebounded sharply from the historic lows witnessed over 2020-2021.

Speaker #4: The overall tanker order book to existing fleet above 20 years ratio has climbed from under 5% to roughly 18% in 2025 and set to climb to 30% by 2028.

Dr. Diamantis Andriotis: The overall tanker order book to existing fleet above 20 years ratio has climbed from under 5% to roughly 18% in 2025, and set to climb to 30% by 2028. This indicates renewed confidence from owners. Several factors drive this trend, including major shifts in trade flows, an aging global fleet, and the strong appeal of modern tonnage equipped for future regulatory compliance. Slide nine shows the fleet of C3is. C3is currently owns and operates a fleet of one Handysize dry bulk carrier and one Aframax oil tanker. As previously announced, the company has acquired two product tankers due to be delivered between Q1 and Q3 2026. With these additions, the fleet will increase its capacity to 311,000 deadweight, an increase of 387% from inception.

Diamantis Andriotis: The overall tanker order book to existing fleet above 20 years ratio has climbed from under 5% to roughly 18% in 2025, and set to climb to 30% by 2028. This indicates renewed confidence from owners. Several factors drive this trend, including major shifts in trade flows, an aging global fleet, and the strong appeal of modern tonnage equipped for future regulatory compliance. Slide nine shows the fleet of C3is. C3is currently owns and operates a fleet of one Handysize dry bulk carrier and one Aframax oil tanker. As previously announced, the company has acquired two product tankers due to be delivered between Q1 and Q3 2026. With these additions, the fleet will increase its capacity to 311,000 deadweight, an increase of 387% from inception.

Speaker #4: This indicates a renewed confidence from owners. Several factors drive this trend, including major shifts in trade flows, an aging global fleet, and the strong appeal of modern tonnage equipped for future regulatory compliance.

Speaker #4: Slide nine shows the fleet of C3is. C3is currently owns and operates a fleet of 300 size dry bulk carriers and one Aframax oil tanker.

Speaker #4: As previously announced, the company has acquired two product tankers, due to be delivered between Q1 and Q3 2026. With these additions, the fleet will increase its capacity to 311,000 deadweight and increase by 387% from inception.

Speaker #4: All vessels have had their ballast water management systems already installed. All the vessels are unencumbered and currently employed on short- to medium-term period charters and spot voyages.

Speaker #4: None of the vessels were Chinese built, hence not affected by the ongoing threat of tariffs. Slide 10 shows a sample of the international charters with whom the management company has developed strategic relationships and had experienced repeat business.

Speaker #4: Repeat business highlights the confidence our customers have for our operations and the satisfaction of the services we provide. The key to maintaining our relationships with these companies are high standards of safety and reliability of service.

Speaker #4: I will now turn over the call to Nina Pyndiah for our financial performance.

Speaker #1: Thank you, Diamantis, and good morning to everyone. Please turn to slide 11, and I will go through our financial performance for the 12 months of 2025.

Nina Pyndiah: Thank you, Diamantis, and good morning to everyone. Please turn to slide 11, and I will go through our financial performance for the 12 months of 2025. We reported voyage revenues of $34.8 million for the year 2025, compared to $42 million in 2024, a reduction of 18%, primarily due to the Dry Docking of our Aframax tanker, which resulted in 28 non-revenue days, combined with 46 idle days, a total of 74 days. The time charter equivalent rates of our vessels were also impacted, with a decrease of 28% compared to year 2024. Voyage costs for 2025 were $12.8 million, compared to $14.1 million in 2024. This decrease was attributed to the decrease in voyage days due to the Dry Docking of the Aframax tanker.

Speaker #1: We reported voyage revenues of 34.8 million for the year 25 compared to 42 million in 24, a reduction of 18% primarily due to the dry docking of our Aframax tanker which resulted in 28 non-revenue days combined with 46 idle days a total of 74 days.

Speaker #1: The time charter equivalent rates of our vessels were also impacted with a decrease of 28% compared to year 24. Voyage costs for 25 were 12.8 million compared to 14.1 million in 24, this decrease was attributed to the decrease in voyage days due to the dry docking of the Aframax tanker.

Speaker #1: Voyage costs for 25 of 12.8 million mainly included bunker costs of 6.4 million corresponding to 50% of total voyage expenses and port expenses of 4.9 million corresponding to 38% of total voyage expenses.

Nina Pyndiah: Voyage costs for 2025 were $12.8 million, mainly included bunker cost of $6.4 million, corresponding to 50% of total voyage expenses, and port expenses of $4.9 million, corresponding to 38% of total voyage expenses. Operating expenses for the 12 months of 2025 were $9.2 million, and mainly included crew expenses of $4.7 million, corresponding to 50% of total operating expenses, spares and consumable costs of $2 million, and maintenance expenses of $1.2 million, representing works and repairs on the vessels. Dry docking costs for the Afra Pearl II were $1.9 million. General and admin costs for the 12 months ended December 31, 2025 and 2024, were $2.4 million and $3 million, respectively.

Speaker #1: Operating expenses for the 12 months of 2025 were 9.2 million and mainly included crew expenses of 4.7 million corresponding to 50% of total operating expenses spares and consumable cost of 2 million and maintenance expenses of 1.2 million representing works and repairs on the vessels.

Speaker #1: Dry docking costs for the Afrapultu were $1.9 million. General and admin costs for the 12 months ended December 31, 2025 and 2024 were $2.4 million and $3 million, respectively.

Speaker #1: The $600,000 decrease was due to additional expenses incurred in '24 relating to the two public offerings. Depreciation for the 12 months ended 31st of December '25 was $6.5 million, a $300,000 increase from $6.2 million for the same period last year, due to the increase in the average number of our vessels.

Nina Pyndiah: The $600,000 decrease was due to additional expenses incurred in 2024 relating to the two public offerings. Depreciation for the 12 months ended 31 December 2025 was $6.5 million, a $300,000 increase from $6.2 million for the same period of last year, due to the increase in the average number of our vessels. Interest and finance costs for the years 2025 and 2024 were $400,000 and $2.5 million, respectively. The $2.1 million decrease is related to the accrued interest expense related party in connection with the $53.3 million, part of the acquisition prices of our Aframax tanker, the Afra Pearl II, which was completely repaid in July 2024, and our bulk carrier, the Eco Spitfire, which was completely repaid in 2025.

Speaker #1: Interest and finance costs for the years 25 and 24 were 400,000 and 2.5 million respectively. The 2.1 million decrease is related to the accrued interest expense related party in connection with the 53.3 million part of the acquisition prices of our Aframax tanker the Afrapultu which was completely repaid in July 24 and our bulk carrier the Echo Spitfire which was completely repaid in 25.

Speaker #1: Although no interest was charged on these acquisitions, for accounting purposes these balances should be shown as accrued interest. The total paid did not change.

Nina Pyndiah: Although no interest was charged on these acquisitions, for accounting purposes, these balances should be shown as accrued interest. The total paid did not change. Gain on warrants for the twelve months ended 31 December 2025 was $9.2 million, as compared with the loss on warrants of $11.1 million for the twelve months ended 31 December 2024, and mainly related to the net fair value changes on our warrants. For the twelve months of 2025, the company reported a net income of $10.5 million and an EBITDA of $17 million, increases of 481% and 244%, respectively.

Speaker #1: For the 12 months of '25, the company reported a net income of $10.5 million and an EBITDA of $17 million. Increases of 481% and 244%, respectively.

Speaker #1: Turning to slide 12 for the balance sheet, we had a cash balance of $14.9 million compared to $12.6 million at the end of '24, an increase of 19%, in spite of the full payment of the 90% purchase price of the Echo Spitfire in Q2 '25 that amounted to $15.1 million.

Speaker #1: Other current assets mainly include charters receivables of 4.3 million compared to 2.8 million at December 24 as well as inventories of 1.3 million compared to 900,000 at December 24.

Speaker #1: The vessels’ net value of $78 million for the four vessels is less depreciation. The vessels’ market values were $75 million as of January 26. Trade accounts payables of $1.8 million are balances due to suppliers and brokers.

Speaker #1: Payable to related party of 382,000 represents the balance due to the management company Brave Maritime. Our related party financial liability was 16.3 million at year-end 24 and consisted mainly of the balance that was due on the Echo Spitfire and that was eventually paid in Q2 25.

Nina Pyndiah: Payable to related party of $382,000 represents the balance due to the management company, Brave Maritime. Our related party financial liability was $16.3 million at year-end 2024, and consisted mainly of the balance that was due on the Eco Spitfire, and that was eventually paid in Q2 2025. Concluding the presentation on slide 13, we outline the key variables that will assist us progress with our company's growth. Owning a high-quality fleet reduces operating costs, improves safety, and provides a competitive advantage in securing favorable charters. We maintain the quality of the vessels by carrying out regular inspections, both while in port and at sea, and adopting a comprehensive maintenance program for each vessel. None of our vessels were built from Chinese shipyards; hence, the ongoing tariff threats by the US to China will be of no consequence to our fleet.

Speaker #1: Concluding the presentation on slide 13, we outlined the key variables that will assist us in progressing with our company's growth. Earning a high-quality fleet reduces operating costs, improves safety, and provides a competitive advantage in securing favorable charters.

Speaker #1: We maintain the quality of the vessels by carrying out regular inspections both while in port and at sea, and adopting a comprehensive maintenance program for each vessel.

Speaker #1: None of our vessels were built from Chinese shipyards; hence, the ongoing tariff threats by the US to China will be of no consequence to our fleet.

Speaker #1: The company's strategy is to follow a disciplined growth with in-depth technical and condition assessment review. Equity insurances will continue as management is continuously seeking timely and selective acquisitions of quality non-Chinese-built vessels, with current focus on short- to medium-term charters and spot voyages.

Nina Pyndiah: The company's strategy is to follow a disciplined growth with in-depth technical and condition assessment review. Equity insurances will continue, as management is continuously seeking a timely and selective acquisitions of quality, non-Chinese-built vessels, with current focus on short to medium-term charters and spot voyages. Following on with this strategy, the company has added two product tankers to the fleet, and these will be delivered by Q3 2026. We always charter to high-quality charterers, such as commodity traders, industrial companies, and oil producers and refineries. Despite having increased our fleet by 387% since inception, the company has no bank debt. No interest was charged by the affiliated sellers on the purchase prices of the Afra Pearl II, the Eco Spitfire, and the two product tankers due to be delivered in 2026.

Speaker #1: Following on with this strategy, the company has added two product tankers to the fleet, and these will be delivered by Q3 '26. We always charter to high-quality charters such as commodity traders, industrial companies, and oil producers and refineries.

Speaker #1: Despite having increased our fleet by 387% since inception, the company has no bank debt. No interest was charged by the affiliated sellers on the purchase prices of the Afrapultu, the Echo Spitfire, and the two product tankers due to be delivered in 2026.

Speaker #1: From July 23 to date, we have repaid all of our CapEx obligations totaling $59.2 million, without resorting to any bank loans. At this stage, our CEO, Dr. Diamantis Andriotis, will summarize the concluding remarks for the period examined.

Nina Pyndiah: From July 2023 to date, we have repaid all of our CapEx obligations, totaling $59.2 million, without resorting to any bank loans. At this stage, our CEO, Dr. Diamantis Andriotis, will summarize the concluding remarks for the period examined.

Speaker #2: For the 12 months of 2025, we reported net income of $10.5 million, an increase of 481% from 2024, and EBITDA of $17 million, an increase of 244%. We also reported a cash balance of $14.9 million, despite paying off the remaining balance of $15.1 million that was due on Echo Spitfire.

Dr. Diamantis Andriotis: For the 12 months of 2025, we reported a net income of $10.5 million, an increase of 481% from 2024, an EBITDA of $17 million, an increase of 244%, and a cash balance of $14.9 million, despite paying off the remaining balance of $15.1 million that was due on Eco Spitfire. In August 2025, we successfully completed the dry dock of our Aframax tanker, the Afra Pearl II. We are fully deleveraged, thus significantly enhancing our financial flexibility. Politics and climate changes are continued sources of volatility, but elevated trade rates, resilient oil demand, and shifting trade patterns continue to underpin a bullish outlook. Global seaborne trades are projected to edge higher again, driven by population growth, geopolitics, sanctions, and steady biofuel demand, all signs denoting another firm year for 2026.

Diamantis Andriotis: For the 12 months of 2025, we reported a net income of $10.5 million, an increase of 481% from 2024, an EBITDA of $17 million, an increase of 244%, and a cash balance of $14.9 million, despite paying off the remaining balance of $15.1 million that was due on Eco Spitfire. In August 2025, we successfully completed the dry dock of our Aframax tanker, the Afra Pearl II. We are fully deleveraged, thus significantly enhancing our financial flexibility. Politics and climate changes are continued sources of volatility, but elevated trade rates, resilient oil demand, and shifting trade patterns continue to underpin a bullish outlook. Global seaborne trades are projected to edge higher again, driven by population growth, geopolitics, sanctions, and steady biofuel demand, all signs denoting another firm year for 2026.

Speaker #2: In August 2025, we successfully completed the dry docking of our Aframax tanker, the Afrapultu. We are fully delivered, thus significantly enhancing our financial flexibility.

Speaker #2: Politics and climate changes are continued sources of volatility but elevated trade rates resilient to demand and shifting trade patterns continue to underpin a bullish outlook.

Speaker #2: We have announced the acquisition of two product tankers that will join our fleet in 2026. These will increase our fleet capacity by 387% from inception.

Dr. Diamantis Andriotis: We have announced the acquisition of two product tankers that will join our fleet in 2026. This will increase our fleet capacity by 387% from inception, thus allowing us to fully harvest on the strong and positive fundamentals expected in 2026. We would like to thank you for joining us today, and look forward to having you with us again at our next call for the results of Q1 2026.

Diamantis Andriotis: We have announced the acquisition of two product tankers that will join our fleet in 2026. This will increase our fleet capacity by 387% from inception, thus allowing us to fully harvest on the strong and positive fundamentals expected in 2026. We would like to thank you for joining us today, and look forward to having you with us again at our next call for the results of Q1 2026.

Speaker #2: Thus allowing us to fully harvest on the strong and positive fundamentals expected in 2026. We would like to thank you for joining us today and look forward to having you with us again at our next call for the results of the first quarter of 2026.

Q4 2025 C3is Inc Earnings Call

Request a DemoDemo

CISS

C3is

Earnings