C3is (CISS) Q1 2026 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Mon, May 18, 2026 at 11:01 AM EDT 15 min read

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DATE

Monday, May 18, 2026 at 10 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Diamantis Andriotis

• Chief Financial Officer — Nina Pyndiah

Full Conference Call Transcript

Diamantis Andriotis: Good morning, everyone, and welcome to the C3IS First Quarter of 26 Earnings Conference Call and Webcast. This is Doctor. 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, we 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 US dollars. We have today released our earnings results for 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 summarize and highlight the company's performance starting with our financial highlights. For the 2026, we reported an adjusted net income of $5.5 million compared to $1 million in 2025. An increase of 358%. Our voyage revenues came in at $11.6 million compared to $8.7 million, an increase of 34%.

Our vessel's net book value was 76 million in first quarter 26 compared to a market value of $75.5 million. These values exclude the 2 new product tankers as by the end of Q1 26 no deliveries have been made yet. We had a cash balance of 27 million in first quarter 26 compared to $14.9 million at year end 2025. An increase of 82%. Our adjusted EBITDA was $6.9 million compared to $3 million for the same period of 2025. An increase of 130%. The TCE rate of our Aframax tanker for Q1 26 increased by 106% from Q1 25 to 77 thousand 5 hundred.

The TCE rate of our fleet increased by 98.6% from first quarter 25 to 32 thousand. The first of the 2 newly acquired product tankers was the Clean Fury delivered to us in Q2 2026, the second 1 is expected in Q3 2020. Our fleet capacity has increased by 387% since inception. Slide 4 shows the handysize demand and the time charter average rates both of which have been heavily impacted by the Middle East conflict. As the war persists, the Strait Of Hormuz enters yet another week of disruption.

While a handful of vessels have managed to transit the strait, and several nations are actively seeking diplomatic resolution with Iran, the overall impact of the dry bulk market is growing. Ongoing geopolitical tensions are influencing trade flows input costs, and ton mile demand shaping the outlook for the sector. We expect a seasonal boost in iron ore trade However, the downside will be the rise in input costs resulting from the Middle East war. Coal prices remain elevated a strong incentive for miners to export more. Plus, on the consumption side, coal maintains its competitive edge over gas for power generation. While we expect to see increased volumes for higher grade coal at this as this trend persists.