C3is (CISS) Q2 2026 Earnings Call: Umsatz steigt um 124 %

Wichtigste Erkenntnisse

• C3is (NASDAQ: CISS) meldete für das zweite Quartal 2026 Reiseerlöse von 24,0 Mio. US-Dollar, ein Plus von 124 % gegenüber 10,7 Mio. US-Dollar im zweiten Quartal 2025. Der Nettoerlös stieg um 185 % auf 17,0 Mio. US-Dollar.
• Der Reingewinn erreichte 10,0 Mio. US-Dollar nach einem Verlust von 5,3 Mio. US-Dollar im Vorjahreszeitraum. Das bereinigte Nettoergebnis stieg um 755 % auf 9,8 Mio. US-Dollar.
• Das Zeitcharter-Äquivalent (TCE) der gesamten Flotte stieg im Jahresvergleich um 145 % auf 40.300 US-Dollar pro Tag. Der Aframax-Tanker erzielte eine TCE von 133.500 US-Dollar pro Tag, was einem Anstieg von 202 % entspricht.
• Die liquiden Mittel stiegen zum 30. Juni auf 33,2 Mio. US-Dollar und bis Ende Juli auf 48,0 Mio. US-Dollar. Laut Management deckt dies die im Januar 2027 fällige Zahlung von 39,78 Mio. US-Dollar für zwei Produkttanker ab.
• C3is verfügte zum Ende des zweiten Quartals über fünf Schiffe. Die Clean Reaper wurde in der Folge im dritten Quartal geliefert und erweitert sowie diversifiziert die Flotte neben der zuvor gelieferten Clean Fury.
• Das Management erklärte, es erwarte, dass die zweite Hälfte des Jahres 2026 gestützt auf die Flottenerweiterung die erste Hälfte „widerspiegeln“ werde, wenngleich keine spezifische Umsatz- oder Gewinnprognose abgegeben wurde.

Wichtige Finanzdaten

In der ersten Hälfte des Jahres 2026 stiegen die Reiseerlöse um 84 % auf 35,6 Mio. US-Dollar. Der Reingewinn kletterte von 2,6 Mio. US-Dollar auf 13,2 Mio. US-Dollar, während das bereinigte Nettoergebnis um 562 % auf 15,3 Mio. US-Dollar zulegte. Das bereinigte EBITDA verbesserte sich um 226 % auf 18,7 Mio. US-Dollar.

C3is verbuchte für das erste Halbjahr einen nicht realisierten Verlust aus Optionsscheinen in Höhe von 2,0 Mio. US-Dollar. Das Unternehmen bezeichnete dies als nicht zahlungswirksamen Posten, der die operative Leistung nicht widerspiegelt.

Das Eigenkapital belief sich zum Ende des zweiten Quartals auf 114,6 Mio. US-Dollar, verglichen mit 95,1 Mio. US-Dollar Ende 2025. Der Nettobuchwert der fünf Schiffe des Unternehmens lag bei 96 Mio. US-Dollar, während das Management einen Marktwert von 123 Mio. US-Dollar angab.

Geschäfts- und operative Entwicklung

C3is besaß zum Ende des zweiten Quartals 2026 drei Handysize-Massengutfrachter, einen Aframax-Öltanker und einen Produkttanker. Die Clean Fury wurde zu Beginn des Quartals geliefert, während der zweite erworbene Produkttanker, die Clean Reaper, im dritten Quartal eintraf.

Einschließlich der Neuzugänge erreichte die Flottenkapazität 311.431 Tragfähigkeitstonnen (DWT), was einer Steigerung von 387 % seit der Gründung entspricht. Alle Schiffe sind lastenfrei und über kurz- bis mittelfristige Charterverträge oder Spotfahrten beschäftigt. Das Unternehmen meldete keine Bankverbindlichkeiten.

Der Aframax-Tanker war im Quartal der Hauptratentreiber und erwirtschaftete eine TCE von 133.500 US-Dollar pro Tag. Das Management hob die starke Entwicklung am Aframax-Spotmarkt hervor, darunter ein Durchschnitt im Juni 2026 von 116.749 US-Dollar pro Tag auf der Route Nordsee-Kontinent.

Das Marktumfeld für Produkttanker blieb weiterhin unterstützt, entwickelte sich jedoch uneinheitlicher. Laut Management überstiegen die weltweiten MR2-Raten im April kurzzeitig 70.000 US-Dollar pro Tag, bevor sie bis Juli auf etwa 30.000 US-Dollar pro Tag fielen. Längere Handelsrouten, Sanktionen und sich verlagernde Raffineriestandorte stützen weiterhin die Tonnenmeilen-Nachfrage, während ein zusätzliches Schiffsangebot einen Gegenpol bildet.

Im Massengutbereich hob das Management längerfristige Eisenerztransporte aus Westafrika, einen widerstandsfähigen Handel mit Getreide und Ölsaaten sowie eine stärkere Kohlenachfrage in Teilen des Asien-Pazifik-Raums als unterstützend für die Tonnenmeilen-Nachfrage hervor.

Ausblick des Managements

Das Management zeigte sich zuversichtlich, dass das zweite Halbjahr 2026 dem ersten Halbjahr ähneln könnte, wobei die erweiterte Flotte voraussichtlich die Profitabilität und die finanzielle Flexibilität stützen wird. Dabei handelte es sich um einen qualitativen Ausblick und nicht um eine quantifizierte Finanzprognose.

C3is plant, nach technischen Prüfungen und Zustandsanalysen weiterhin gezielt hochwertige Schiffe zu erwerben, die nicht in China gebaut wurden. Zudem erklärte das Management, dass die Ausgabe von Eigenkapital weiterhin Teil der Wachstumsstrategie des Unternehmens bleiben wird.

Die Zahlung von 39,78 Mio. US-Dollar für die zwei neu erworbenen Produkttanker ist im Januar 2027 fällig. Das Management gab an, dass der Barbestand des Unternehmens von 48,0 Mio. US-Dollar Ende Juli ausreichte, um diese Verpflichtung zu decken.

Risiken und relevante Faktoren

• Die Dynamik bei Produkttankern schwächte sich nach April ab, wobei die MR2-Raten bis Juli auf etwa 30.000 US-Dollar pro Tag fielen. Das Management verwies zudem auf einen steigenden Angebotsdruck.
• Die Märkte für Aframax- und Produkttanker bleiben weiterhin geopolitischen Störungen im Roten Meer und in der Straße von Hormus ausgesetzt, was Routen, Volumina und die Schiffsauslastung verändern kann.
• C3is hat im Januar 2027 eine tankerbezogene Zahlung von 39,78 Mio. US-Dollar zu leisten, wobei das Management erklärte, dass die derzeitigen liquiden Mittel dies bereits abdecken.
• Die fortlaufende Ausgabe von Aktien ist Teil der Akquisitionsstrategie. Das Unternehmen erzielte einen Bruttoerlös von 2,7 Mio. US-Dollar über eine ATM-Vereinbarung im Februar 2026 sowie 6,0 Mio. US-Dollar durch eine Aktienplatzierung im Juli.
• Zum 30. Juni standen noch etwa 1,3 Mio. US-Dollar an Verbindlichkeiten aus Optionsscheinen aus, während die Ergebnisse des ersten Halbjahres einen nicht zahlungswirksamen, nicht realisierten Verlust aus Optionsscheinen von 2,0 Mio. US-Dollar enthielten.

Vollständiges Transkript der Telefonkonferenz

Vollständiges Transkript der Telefonkonferenz

Ausführungen des Managements

Operator

Good day, and thank you for standing by. Welcome to the C3is Q2 2026 Financial and Operating Results Webcast and Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Dr. Diamantis Andriotis. Please go ahead.

Diamantis Andriotis

Good morning, everyone, and welcome to the C3is Second Quarter of 2026 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 also like to point out that all amounts quoted, unless otherwise clarified, are implicitly stated in U.S. dollars.

We have today released our end results for the second quarter of 2026. 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 present the impressive results achieved by C3is for the first 6 months of the year. Our voyage revenues were $24 million for Q2 '26 compared to $10.7 million for Q2 2025, an increase of 124%. For the first 6 months of the year, our revenues were $35.6 million compared to $19 million in 2025, an increase of 84%.

Our net revenues were $17 million for the quarter, an increase of 185% compared to Q2 2025. For the first half of the year, our revenues were $27.4 million compared to $11.8 million in 2025, an increase of 132%.

Our net income was nearly $10 million for the quarter compared to a loss of $5 million in 2025, a 287% increase. For the 6 months, we had the net income of $13 million compared to $2.6 million last year, a whopping increase of 409%.

Our adjusted net income was $9.8 million for the quarter compared to $1.1 million in 2025, a massive increase of 755%. For the first 6 months of 2026, our adjusted net income increased by an impressive 562% to $15.3 million compared to $2.3 million in 2025.

By the end of June 2026, our cash balance went up 123% from year-end 2025 to $33.2 million.

By the end of July 2026, the balance went further up to $48 million, an increase of 222% from year-end 2025.

At $12 million, our EBITDA went up a remarkable 426% in Q2 2026 compared to minus $3.7 million for Q2 2025. For the 6 months period, our EBITDA jumped by 176% to $16.7 million compared to $6 million for the 6 months 2025.

On Slide 4, we summarize and highlight the company's performance. For the second quarter of 2026, the time charter equivalent rate of our fleet, which is the voyage revenues less voyage expenses divided by the voyage days, increased by 145% compared to Q2 2025, reaching $40,300. The TCE rate of our Aframax tanker for the same period was $133,500, an increase 202% compared to Q2 2025.

For the first 6 months of 2026, the TCE rate of our fleet increased by 125% compared to 6 months 2025, reaching $36,800. The TCE rate of our Aframax tanker for the same period was $105,700, an increase of 151% compared to 6 months 2025.

Following on the vessel strategy of growth and diversification, C3is has had 5 vessel acquisitions since inception, an Aframax oil tanker in 2023, a bulk carrier in 2024 and 2 product tankers in 2026. We have thus increased our fleet capacity by 387% compared to our fleet when we commenced operations.

Our capital expenditure for the 2 product tankers delivered this year is $39.78 million. This will become due in January 2027.

As of July 26, our cash balance was $48 million, amply meeting our future financial obligations.

As of June 30, 2026, the average age of the fleet was 16.8 years, including the new additions. None of our fleet are Chinese built, hence no risk of potential U.S. tariffs.

Our EPS for the second quarter of 2026 was $353.87 and $483.39 for the first 6 months of 2026.

Our net asset value per share for the first 6 months of 2026 was $12.83. Using the share price at closing on August 25 of $2.67, we were trading at a discount of 380%.

We had 2 public offerings this year. The first one was an ATM agreement in February 2026 with $2.7 million gross proceed so far. The second one was a share offer in July 2026, with gross proceeds of $6 million.

Slide 5 shows the Handysize demand and the time charter average rates. In January, June 2026, global exports of all dry bulk commodities on Handy super tonnage reached 910.7 million tons. The iron ore picture is bearish on price and bullish on distance. Chinese steel demand remains subdued and benchmark price has eased towards the low 90s per ton, and yet the freight read is positive. The ramp-up of Simandou and continued West African volumes lengthened average hauls showed ton-miles can grow even as the headline price softness. Guinea is expected to become one of the world's leading producers of iron ore. The high-grade Simandou iron ore is suitable for conversion into steel via less carbon-intensive methods.

Coal is regionally divided. Chinese seaborne thermal imports have softened on strong domestic output and hydro, while demand across the rest of Asia Pacific has firmed and Gulf-related energy prices have made Simandou coal more competitive for Russian buyers.

The Middle East conflict has opened the forward dimension that did not exist at the start of the year. With a liquefied natural gas shortfall of around 35 million tons this year after damages to the Gulf export infrastructure, gas exposed power systems in Japan, South Korea, Taiwan and Southeast Asia are running coal harder and dependent estimates point to an additional 70 to 90 million tons of Asia Pacific thermal coal demand in 2026, with China comparatively insulated by its low gas penetration.

Grain and oil seeds are resilient and soybean trade is forecasted at about 189 million tons in 2026, '27, a fresh high with Brazil alone exporting over 117 million tons and China importing around 114 million. Rice trade is at a record with India accounting for about 40% of exports. Minor bulks and bauxite remain quite structural support. The signal shift in tone from maximizing volume to preserving value marks a change after years of record growth. Indonesia pulled the other way over the long run. Its 2023 bauxite export ban took it out of the seaborne export market and domestic refinery built out is lifting its bauxite requirements from around 15 million tons in 2025 towards 25 million this year, with mine output lagging show a future seaborne import pull cannot be ruled out.

For the rates, several factors weigh beneficially on the dry bulk market. The stronger Far East demand for coal is a ton-mile support for the segments that carry the trade. Coking coal has been the firmer subsegment, with Chinese coking coal and coke prices reaching the highest since late 2024 and Indian metallurgical imports up about 32% in 2025. The adoption of China's 5-year plan in March 2026 covers 2026 to [ 2030 ] and rests on high-quality development, technological self reliance, stronger domestic demand and a deeper green transition. For dry bulk, it matters less as a stimulus signal than as confirmation of where Chinese commodity demand is heading and reinforces the distance-over-price thesis.

As steelmakers urgently seek to reduce the carbon emissions, demand is increasing for higher grade, lower impurity iron ore, the essential feedstock in the production of steel. The Simandou mine is a very large high-grade iron ore deposit in Guinea. The mine holds an estimated 2.4 billion tons of ore grading 65% iron, making it one of the largest and top iron ore resource in the world. At $23 billion, the project is the world's most capital-intensive mining project, with China and Singapore owning 80% of the mining rights.

El Nino impacted the Panama Canal, resulting in the lower level of water, thus forcing shipping through the roots of United States Gulf and East Coast grain and coal towards longer voyages, which is ton-mile positive. A notable threat for the next half is India, where weak monsoon concern has already pushed the country to import soybeans, a reminder that the El Nino transmission into agriculture is beginning to register.

The major Middle East conflict and disruption around the Strait of Hormuz have reshaped the shipping market, yet dry bulk has stayed relatively insulated and has in places benefited from longer routings.

Slide 6 shows Aframax LR2 rate and age. The spot rates for Aframax tankers are currently experiencing fluctuations based on current market conditions. North Sea to Continent June 2026 average rate recorded was $116,749 per day, the highest percentage increase compared to the average rate over the last 5 years. With an average daily spot rate of $34,727 over the last 5 years, this was an increase of 236% from the last 5 years average. Highest average spot rate from the last 5 years was on the MED-MED route at $37,316.

The conflicts in the Middle East has stranded tankers and [indiscernible] global trade, but China and Russia have been gearing up for what could be a record season along the North Sea Route. Disruptions to trade due to fighting around the Red Sea and the Strait of Hormuz may push the sifting dynamics along the Northern Sea route as the safest and most reliable and efficient route.

Due to the deepening economic and geopolitical ties between Russia and China, transits along the Northern Sea route hit a record high last year, hinting at the new transit milestone. On the Aframax fleet, by the end of the second quarter of the year, there was a 3.51% increase in the total fleet. The global Aframax fleet now stands at 1,239 vessels, of which 291 vessels are over 20 years of age, accounting for 24% of the total number of vessels. With the starting tally of 1,197 vessels, the current fleet represent a change of 3.51% in vessels number and around 3.65% in deadweight over the year so far.

Over the last quarter, the fleet has increased by 17 vessels. The age of our Aframax tanker was 15.94 years by the end of Q2 2026. The highest number of Aframax tankers are in this category of 15 to 20 years, which is around 28%.

Slide 7 shows the product tanker fleet structure and average rates. The quoted product tanker fleet in the size range 30,000 to 119,000 deadweight, currency numbers 3,685 trading units for a total of 216.5 million deadweight.

The MR2 segment is the largest numerically, 54% of the total fleet, with about 1,986 units. The general outlook for MR2 tankers is structurally firm, driven by strong ton-mile demand, aging global fleets and geopolitical trade disruptions.

Ton-mile demand, geopolitical sanctions and shifting refining hubs continue to alter trade routes, increasing voyage lengths and favoring flexible MR2 tonnage.

Fleet aging and replacement. Roughly 33% of the existing MR2 fleet is 16 years or older, which supports long-term recycling and new-build demand.

Product tanker rates had another strong quarter. April started spectacularly with MR2s briefly averaging over $70,000 per day globally, thanks to $100,000 per day rate in the Atlantic. There was, however, a significant slowdown after April with MR2s falling to $30,000 per day by July, still healthy, but unspectacular.

Rates on the routes out of the MEG were largely redundant given the lack of liquidity.

Product tanker rates remain well supported, although momentum has become more uneven across vessel classes and regions. MR2s are seeing the more balanced setup with rates lower, but still firm versus historical levels. The near-term outlook is still saved by Hormuz. Reopening of the Strait of Hormuz should support volumes and utilization, but this is more a recovery of lost activity than the new ton-mile impulse.

Overall, product tanker fundamentals remain supported with MRs face a more balanced market with rising supply pressure.

Slide 8 shows the fleet of C3is. At the end of Q2 2026, C3is owned that operated a fleet of 3 Handysize dry bulk carriers, 1 Aframax oil tanker and 1 product banker. As previously announced, the company has acquired 2 product tankers, 1 of which, the Clean Fury, was delivered at the beginning of Q2 2026. The second product tanker, the Clean Reaper, was delivered to the company in Q3 2026. With these additions, the fleet has increased its capacity to 311,431 deadweight, an increase of 387% from inception. All vessels have had their ballast water systems already installed and 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 on tariffs and are of superior quality.

Slide 9 shows an example 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 for our operations and the satisfaction of the services we provide. The key to maintaining our relationships with these companies are high signs of safety and reliability of service.

I will now turn over the call to Nina Pyndiah for our financial performance.

Nina Pyndiah

Thank you, Diamantis, and good morning to everyone. Please turn to Slide 10, and I will go through our financial performance for the second quarter and the first half of the year 2026.

We achieved revenues of $24 million in Q2 '26 compared with $10.7 million for Q2 '25. This was an increase of 124% quarter-on-quarter. For the first 6 months of '26, revenues was $35.6 million compared with $19.4 million for 6 months '25, representing an increase of 84%.

Net revenues was $17 million for Q2 '26 compared with $6 million for Q2 '25, up 185%. For the first 6 months of '25, net revenues were $27.4 million compared with $11.8 million for the 6 months of '25 million. This was an increase of 132%.

Our income from operations was $9.7 million for Q2 '26 compared with $1 million for Q2 '25, up 820%. For 6 months '26, our income from operations was $15 million compared with $2.3 million for the same period of '25, representing an increase of 554%.

Our net income was $10 million for Q2 '26 compared to a loss of $5.3 million for Q2 '25, an increase of 287%. For 6 months '26, our net income was $13.2 million compared with $2.6 million for 6 months '25, up 409%.

Our EBITDA was $12 million for Q2 '26 compared to minus $3.7 million for Q2 '25, up 426%. For 6 months '26, our EBITDA was $16.6 million compared with $6 million for 6 months '25, up 176%.

We recorded an unrealized loss on warrants of $2 million for the first half of the year. This is a noncash item and does not reflect our operational performance.

Our adjusted EBITDA was, therefore, $11.8 million for the quarter compared with $2.8 million in 2025, an increase of 325%. For the 6 months of '26, the adjusted EBITDA was $18.7 million compared with $5.8 million in '25, an increase of 226%.

Our adjusted net income was $9.8 million for the quarter compared with $1.1 million in '25, up 755%. For the 6 months, the adjusted net income was $15.3 million compared with $2.3 million in '25, up 562%.

Turning to Slide 11 for the balance sheet. We had a cash balance of $33.2 million, an increase of 123% from year-end '25. Our cash balance by the end of July '26 was $48 million, up 222% from year-end '25.

Our CapEx on the 2 newly acquired product tankers is $39.78 million and is due in January '27. Halfway through the year, we already have ample cash to cover for this payable during January next year.

Other current assets consisted mainly of receivables of $11.7 million, of which $9 million have already been received to date, and inventories of $3.2 million, which consists of bunkers and lubricants on board the vessels at the end of Q2 '26. The vessels net value of $96 million are for the 5 vessels less depreciation. Vessels market values were $123 million. Payable to related party of $24.5 million mainly represents the balance due on the product tanker Clean Fury that was delivered to the company in Q2 '26. The warrant liability of $1.3 million relates to the net fair value difference on non-exercised warrants as of June 30, 2026. This is a noncash item.

Our shareholders' equity is at a robust $114.6 million as of Q2 '26 compared to $95.1 million as of year-end '25.

Concluding the presentation on Slide 12, we outlined 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 vessel 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, therefore, any potential U.S. tariffs on Chinese-built ships are not expected to have any impact on our fleet.

The company's strategy is to follow a disciplined growth with in-depth technical and condition assessment reviews. Equity issuances will continue as management is continuously seeking a timely and selective acquisition 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 2 product tankers to the fleet, one of which was delivered at the start of Q2 '26 and the second one in Q3 '26. The expansion and diversification of our fleet has positioned the company to capitalize on strong charter market conditions. 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 were charged by the affiliated sellers on the purchase prices of the Afrapearl II, the Eco Spitfir and the 2 recently acquired product tankers.

Our upcoming CapEx obligation of $39.78 million due on the 2 product tankers and payable in January '27 is already covered by our cash balance.

At this stage, our CEO, Dr. Diamantis Andriotis, will summarize the concluding remarks for the period examined.

Diamantis Andriotis

For the first months of 2026, we reported a net income of $13.18 million, an increase of 409% from 2025, an adjusted net income of $15.28 million, an increase of 562% from 2025, an EBITDA of $16.6 million, representing an increase of 176% from 2025 and an adjusted EBITDA of $18.7 million, an increase of 226% from 2025.

These numbers speak for themselves as to the remarkable results achieved by our company. They prove that the strategy of expansion and diversification was a lucrative one, and we have built a debt-free fleet that showed the tangible path to rapid growth, exploited the current market conditions and accomplished such a performance. We are confident that the second half of the year will mirror the first half as our expansion efforts are projected to boost profitability, fortify financial strength and introduce flexibility vital for C3is future operational strategies.

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 third quarter of 2026.

Operator

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