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C3is Inc. - CISS STOCK NEWS

Welcome to our dedicated page for C3is news (Ticker: CISS), a resource for investors and traders seeking the latest updates and insights on C3is stock.

C3is Inc. (NASDAQ: CISS) is a provider of international seaborne transportation services, catering to dry bulk charterers including major national and private industrial users, commodity producers, and traders. Based in Athens, Greece, C3is Inc. was founded in 2021 and operates a fleet comprising two Handysize dry bulk carriers and an Aframax oil tanker, with a combined cargo capacity of approximately 179,800 deadweight tons (dwt).

Specializing in the transportation of major bulks such as iron ore, coal, and grains, as well as minor bulks like bauxite, phosphate, and fertilizers, C3is Inc. has emerged as a reliable partner in the maritime industry. The company generates revenue through short-term time charter contracts for its Handysize bulk carriers, which currently earn daily charter rates between $13,000 and $14,000. Additionally, the Aframax oil tanker, operating in the spot market, captures robust spot rates exceeding $40,000 per day.

C3is Inc. recently expanded its fleet with the acquisition of an Aframax tanker in July 2023, highlighting its commitment to growth and diversification. The company plans to use the proceeds from a $6.0 million underwritten public offering to fund capital expenditures, including payments towards the new tanker, acquire additional vessels, and for general corporate purposes.

Financially, the company has demonstrated solid performance. In Q4 2023, C3is Inc. achieved revenues of $13.8 million and a net income of $5.6 million, reflecting increases of 36% and 67% respectively from the previous quarter. The company's strong cash balance of $35.6 million and absence of bank debt position it well for future growth.

In terms of corporate governance, the company has recently announced a one-for-one hundred reverse stock split to increase the market price of its common stock, aiming to meet the NASDAQ continued listing requirements. C3is Inc. remains focused on maintaining compliance with regulatory standards, ensuring sustainable growth, and delivering value to its shareholders.

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C3is (Nasdaq: CISS), a ship-owning company providing drybulk and tanker transportation services, reported $12.8 million in revenue and $3.8 million in net income for Q1 2024. This represents a significant increase from Q1 2023, with revenues up by $9.6 million and net income rising by 404%. EBITDA for Q1 2024 was $5.7 million, up 302% from the previous year. Basic and diluted EPS stood at $1.11. The company conducted two equity offerings, raising $11.4 million, and completed a reverse stock split to meet Nasdaq listing requirements. Fleet capacity increased to 213,468 dwt with the acquisition of a new vessel. Operating expenses rose due to fleet expansion, with voyage expenses at $2.8 million and vessel operating expenses at $1.8 million.

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C3is Inc. (Nasdaq: CISS), a ship-owning company providing seaborne transportation services, will release its first-quarter financial results for the period ending March 31, 2024, on May 28, 2024, before the New York market opens. Additionally, the company's management will host a conference call at 11:00 am ET on the same day to discuss the results, company operations, and outlook. A live and archived webcast of the call will be available on the C3is Inc. website, with participants advised to register 10 minutes prior to the start.

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C3is Inc. (CISS) has agreed to acquire the Bulk Carrier Eco Spitfire for $16.19 million from Brave Maritime, an affiliated company. The vessel, built in 2012, has a cargo capacity of 33,664 dwt and is currently under a time charter. Payment terms include 10% upfront and the balance by April 2025.
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C3IS INC. (CISS) announces a one-for-one hundred reverse stock split to meet Nasdaq's bid price requirement. The split reduces outstanding shares from 195.3 million to 1.953 million, adjusting warrants and preferred stock. The reverse split aims to increase the market price of the common stock.
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C3is Inc. (CISS) announces unaudited financial results for Q4 and full year 2023, highlighting fleet expansion, revenue growth, and strong financial performance. The company's net income increased significantly, with positive EBITDA and total assets growth. CISS plans a reverse stock split to comply with Nasdaq listing criteria.
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C3is Inc. (CISS) will release its Q4 and twelve months financial results on March 26, 2024. A conference call will be held to discuss the results and outlook. Live webcast available on company's website.
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Aegis Capital Corp. served as the Sole Bookrunner for C3is Inc.'s $6.0 Million Underwritten Public Offering on NASDAQ:CISS.
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C3is Inc. (CISS) announces a public offering generating $6.0 million in gross proceeds. The offering includes Common Units and Pre-Funded Units with various warrants. The net proceeds will be used for capital expenditures, vessel acquisitions, working capital, and general corporate purposes. Aegis Capital Corp. exercised its over-allotment option. The offering was managed by Aegis Capital Corp. and made under an effective registration statement.
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C3is Inc. receives a delisting notice from Nasdaq due to its common stock trading below $0.10 for ten consecutive days. The company appeals the decision and will continue trading under the symbol 'CISS' during the appeal process.
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C3is Inc. (CISS) announces a public offering with expected gross proceeds of $6.0 million, consisting of Common Units and Pre-funded Units. The Company plans to use the net proceeds for capital expenditures, acquisitions, working capital, or general corporate purposes. The offering is expected to close on March 19, 2024, with Aegis Capital Corp. as the sole book-running manager.
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FAQ

What services does C3is Inc. provide?

C3is Inc. provides international seaborne transportation services for dry bulk and crude oil, catering to major industrial users, commodity producers, and traders.

How large is the fleet of C3is Inc.?

C3is Inc. owns two Handysize dry bulk carriers and an Aframax oil tanker, with a total cargo-carrying capacity of approximately 179,800 deadweight tons (dwt).

What are the recent financial highlights of C3is Inc.?

In Q4 2023, C3is Inc. achieved revenues of $13.8 million and a net income of $5.6 million. The company has a strong cash balance of $35.6 million and no bank debt.

What was the purpose of the recent public offering by C3is Inc.?

The $6.0 million underwritten public offering will be used for capital expenditures, including payments towards the newly acquired Aframax tanker, acquiring additional vessels, and general corporate purposes.

How is C3is Inc. ensuring compliance with NASDAQ listing requirements?

C3is Inc. has announced a one-for-one hundred reverse stock split to increase the market price of its common stock, aiming to meet NASDAQ's continued listing requirements.

What are the primary cargo types transported by C3is Inc.'s fleet?

The fleet primarily transports major bulks such as iron ore, coal, and grains, as well as minor bulks including bauxite, phosphate, and fertilizers.

What are the current charter rates for C3is Inc.'s vessels?

C3is Inc.'s Handysize bulk carriers earn daily charter rates between $13,000 to $14,000, while the Aframax oil tanker in the spot market captures spot rates exceeding $40,000 per day.

What is the company’s growth strategy?

C3is Inc. aims to expand and diversify its fleet, capitalizing on promising charter rate environments and maintaining a strong financial position to fund selective vessel acquisitions.

Where is C3is Inc. headquartered?

C3is Inc. is headquartered in Athens, Greece.

How can investors obtain more information about C3is Inc.?

Investors can visit the company's website at www.c3is.pro or contact the company directly via email at info@c3is.pro.

C3is Inc.

Nasdaq:CISS

CISS Rankings

CISS Stock Data

7.85M
5.82M
30.13%
0.28%
27.95%
Deep Sea Freight Transportation
Transportation and Warehousing
Link
United States of America
Athens