C3is (CISS) 2026年第2四半期決算説明会：売上高が124%急増

主なポイント

• C3is（NASDAQ: CISS）の2026年第2四半期の航海収入は、2025年第2四半期の1,070万ドルから124%増の2,400万ドルとなった。純収入は185%増の1,700万ドルに増加した。
• 純利益は前年同期の530万ドルの赤字から1,000万ドルに達した。調整後純利益は755%増の980万ドルとなった。
• 全船隊の定期貸船等価（TCE）レートは前年同期比145%増の1日当たり40,300ドルとなった。アフラマックス型タンカーのTCEは202%増の1日当たり133,500ドルを達成した。
• 現金残高は6月30日時点で3,320万ドル、7月末時点で4,800万ドルに増加した。経営陣は、これが2027年1月に期限を迎えるプロダクトタンカー2隻分の支払い3,978万ドルをカバーできると述べている。
• C3isは第2四半期末時点で5隻の船舶を保有していた。その後第3四半期に「Clean Reaper」が引き渡され、以前引き渡された「Clean Fury」とともに船隊の拡大と多様化が進んだ。
• 経営陣は、具体的な売上高や利益の予想は示さなかったものの、船隊拡大に支えられ、2026年後半は「前半の状況を再現する」と予想していると述べた。

主要財務データ

2026年上半期の航海収入は84%増の3,560万ドルとなった。純利益は前年同期の260万ドルから1,320万ドルに増加し、調整後純利益は562%増の1,530万ドルとなった。調整後EBITDAは226%増の1,870万ドルとなった。

C3isは上半期に200万ドルのワラント未実現損失を計上した。同社はこれを事業業績を反映しない非現金項目だと説明した。

第2四半期末時点の株主資本は1億1,460万ドルとなり、2025年末の9,510万ドルから増加した。同社の保有する5隻の船舶の純帳簿価格は9,600万ドルであったが、経営陣は時価を1億2,300万ドルと試算している。

事業および営業業績

C3isは2026年第2四半期末時点で、ハンディサイズドライバルク船3隻、アフラマックス型石油タンカー1隻、プロダクトタンカー1隻を保有していた。「Clean Fury」は当四半期初めに引き渡され、取得した2隻目のプロダクトタンカーである「Clean Reaper」は第3四半期に到着した。

これらの追加を含め、船隊の積載能力は設立時から387%増の31万1,431載貨重量トンに達した。すべての船舶には担保が設定されておらず、短〜中期の定期貸船またはスポット航海で運用されている。なお、同社は銀行借入金がないことを報告した。

当四半期中の運賃上昇の主な要因となったのはアフラマックス型タンカーで、1日当たり133,500ドルのTCEを達成した。経営陣は、北海・欧州大陸ルートにおける2026年6月の平均が1日当たり116,749ドルに達するなど、アフラマックスの好調なスポット市況を強調した。

プロダクトタンカーの市況は引き続き下支えされているものの、ばらつきが見られるようになった。経営陣によると、世界的なMR2型タンカーの運賃は4月に一時1日当たり70,000ドルを超えたが、7月までに約30,000ドルに低下した。貿易ルートの長距離化、制裁、精製ハブの移動がトンマイル需要を支え続けている一方で、船舶の供給増加が相反する要因となっている。

ドライバルク分野において、経営陣は、西アフリカ産鉄鉱石の長距離輸送、堅調な穀物・油糧種子貿易、およびアジア太平洋の一部地域における石炭需要の強まりがトンマイル需要を支えていると指摘した。

経営陣の見通し

経営陣は、拡大した船隊が収益性と財務の柔軟性を支えると期待されることから、2026年後半も前半と同様の状況になる可能性があると自信を示した。なお、これは定性的な見通しであり、数値化された業績予想（ガイダンス）ではない。

C3isは、技術面および船体状態の審査を経たうえで、中国製以外の高品質な船舶を選択的に買収し続ける計画である。また、経営陣は株式発行（増資）が引き続き同社の成長戦略の一環となると述べた。

新たに取得したプロダクトタンカー2隻に関連する3,978万ドルの支払いは2027年1月が期限となっている。経営陣は、7月末時点の4,800万ドルの現金残高はこの支払い債務をカバーするのに十分であると述べた。

リスクと注視すべきポイント

• プロダクトタンカーの勢いは4月以降弱まり、MR2の運賃は7月までに1日当たり約30,000ドルまで下落した。経営陣はまた、供給圧力の高まりも挙げている。
• アフラマックス型およびプロダクトタンカーの市場は、紅海やホルムズ海峡周辺における地政学的混乱のリスクに引き続き晒されており、これが航路、輸送量、船舶稼働率を変化させる可能性がある。
• C3isは2027年1月に3,978万ドルのタンカー関連の支払いを控えているが、経営陣は現在の現金ですでにカバーされていると述べている。
• 継続的な株式発行は買収戦略の一部である。同社は2026年2月のATM（アット・ザ・マーケット）契約を通じて総額270万ドル、7月の株式公募で600万ドルを調達した。
• 6月30日時点で約130万ドルのワラント負債が残存しており、上半期の業績には200万ドルの非現金ワラント未実現損失が含まれていた。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

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.