C3is Inc. Provides Fleet Expansion Update in the Tanker Sector and Announces Management’s Estimate of Net Asset Value

C3is (NASDAQ: CISS) updated its fleet plan and published management’s pro forma Net Asset Value.

Rhea-AI Summary

C3is (NASDAQ: CISS) updated its fleet plan and published management’s pro forma Net Asset Value. Two MR product tankers are expected to be delivered between Q1 and Q3 2026, bringing the fleet to six vessels with total capacity of ~310,667 dwt. Management says fleet DWT has increased 385% from inception without bank loans. Management estimates pro forma NAV as of September 30, 2025 at approximately $77.5 million. Current representative charter rates cited: $55,000/day for Aframax, $25,000/day for MR product tankers, and Handysize time charters averaging $15,800/day. The NAV is described as a snapshot based on assumptions and may change.

Positive

• Pro forma NAV estimated at $77.5 million as of 9/30/2025
• Fleet capacity to reach ~310,667 dwt after two MR deliveries in 2026
• Fleet DWT up 385% from inception without using bank loans
• Cited average spot rates: $55,000/day Aframax and $25,000/day MR, implying strong tanker cash flow

Negative

• Tanker exposure planned for the spot market, which can be highly volatile
• Small fleet concentration of six vessels increases operational and revenue risk
• NAV described as a time‑sensitive estimate and may materially change with market assumptions

Argus Jan 23 session

-7.03% close to close Open Argus

Details

News Market Reaction – CISS

On Jan 23, the day this news came out, CISS closed 7.03% below the previous close.

Data tracked by StockTitan Argus for the Jan 23 session.

Market Context

On Jan 23, the day this news came out, the stock closed 7.0% below the previous close. A negative re...

Analysis

On Jan 23, the day this news came out, the stock closed 7.0% below the previous close. A negative reaction despite the NAV update fits a pattern where dilution-related history and corporate actions dominated sentiment. Shares had already fallen 35.51% around the prior day’s fleet acquisition and reverse split announcements, and earlier $9M offerings in Dec 2025 also preceded steep declines. Even with an estimated $77.5M NAV and stronger tanker charter assumptions, the market may have focused on structural and capital-structure risks highlighted in recent filings.

Key Figures

Net Asset Value: $77.5 million Fleet capacity: 310,667 dwt Aframax capacity: 115,800 dwt +5 more

Net Asset Value

$77.5 million

Management estimate as of September 30, 2025, pro forma for tanker deals

Fleet capacity

310,667 dwt

Total expected fleet capacity after delivery of two MR tankers

Aframax capacity

115,800 dwt

Capacity of Afrapearl II Aframax oil tanker

Handysize capacity

97,664 dwt

Aggregate capacity of three Handysize dry bulk carriers

Aframax charter rate

$55,000/day

Estimated average daily charter revenue for Aframax tankers

MR charter rate

$25,000/day

Estimated average daily charter revenue for MR product tankers

Handysize charter rate

$15,800/day

Average daily charter rate for Handysize dry bulk carriers

Fleet DWT increase

385%

Increase in fleet deadweight capacity from inception after recent acquisitions

Historical Context

5 past events · Latest: Jan 22

5 events

1. Jan 22

   Fleet acquisition

   24h Move

   -35.5%

   Agreed to buy two MR product tankers, expanding fleet to six vessels.

2. Jan 22

   Reverse stock split

   24h Move

   -35.5%

   1-for-20 reverse split to address Nasdaq minimum bid price compliance.

3. Dec 12

   Equity offering close

   24h Move

   -24.2%

   Closed $9M public offering of 7.5M units with attached warrants.

4. Dec 11

   Equity offering pricing

   24h Move

   -80.7%

   Priced $9M unit offering with Class D and E warrants at $1.20.

5. Nov 18

   Earnings update

   24h Move

   +0.0%

   Reported Q3 2025 results with $4.8M revenues and $2.7M net income.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

deadweight tons, spot market, time charter, Net Asset Value, +4 more

8 terms

deadweight tons technical

"one Aframax oil tanker with a capacity of approximately 115,800 deadweight tons"

Deadweight tons (DWT) measure how much weight a ship can safely carry, including cargo, fuel, water, crew and supplies—think of it as a truck’s payload capacity but for a vessel. It matters to investors because DWT determines a ship’s revenue potential and operating costs: larger DWT usually means more cargo per voyage and higher earnings capacity, while also affecting fuel use, port access and freight rates.

spot market financial

"tanker fleet ... is expected to operate in the spot market, which is currently"

The spot market is where assets—like stocks, commodities, or currencies—are exchanged for immediate delivery and payment at the current market price. It matters to investors because spot prices reflect real-time supply and demand, guide short-term trading decisions, and serve as the baseline for contracts and valuations; think of it as buying an item at the store right now instead of ordering it for later.

time charter financial

"Handysize dry bulk carriers are currently employed under short-term fixed time charter contracts"

A time charter is an agreement where a ship owner rents out their vessel to a customer for a set period, during which the customer has control over the ship’s use and operation. This arrangement matters to investors because it provides a steady income stream for the ship owner and indicates ongoing demand for shipping services, reflecting the health of global trade and transportation markets.

Net Asset Value financial

"management’s estimate of the Company’s Net Asset Value (“NAV”) as of September 30, 2025"

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

View in glossary

preferred shares financial

"less the liquidation value of the Company’s outstanding preferred shares"

Preferred shares are a type of investment that gives investors priority over common shareholders when it comes to receiving dividends and getting their money back if a company is sold or liquidated. Think of them as a safer, more predictable way to earn income from a company's profits, similar to a fixed-return investment, but without voting rights. This makes preferred shares appealing to those seeking stable income with a higher claim on assets than regular stockholders.

equity offerings financial

"on a pro forma basis giving effect to equity offerings completed during the fourth quarter"

An equity offering is when a company sells new shares of its ownership to investors to raise money, similar to slicing and selling extra pieces of a pie to bring in cash. It matters to investors because it changes who owns the company and can reduce each existing shareholder’s percentage stake, while also altering the company’s cash position and future growth plans—factors that often influence the stock price.

Handysize technical

"three Handysize dry bulk carriers with an aggregate capacity of 97,664 dwt"

A handysize is a relatively small cargo ship used to carry bulk goods like grain, coal, or steel; think of it as the pickup truck of ocean shipping—smaller and more flexible than giant carriers. For investors, handysize vessels matter because their smaller size lets them call at more ports and adjust routes quickly, which can support steadier charter rates and revenue when trade patterns shift or when demand is uneven.

Aframax technical

"one Aframax oil tanker with a capacity of approximately 115,800 deadweight tons"

Aframax is a category of oil tanker sized to carry roughly 80,000–120,000 metric tons of cargo; think of it as the mid-size delivery truck of crude oil shipping. It matters to investors because the number and condition of Aframax ships a company owns, and the demand for their services, directly affect freight revenue, operating costs and exposure to shifts in global oil transport and shipping rates — similar to how a fleet of mid-size trucks shapes a logistics business.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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ATHENS, Greece, Jan. 23, 2026 (GLOBE NEWSWIRE) -- C3is Inc. (NASDAQ: CISS) (the “Company”), a ship-owning company providing dry bulk and tanker seaborne transportation services, provided today an update on its fleet expansion, with the delivery of two MR product tankers expected between the first quarter and the third quarter of 2026, and announced management’s estimate of the Company’s Net Asset Value (“NAV”) as of September 30, 2025.

Fleet Expansion Update

Following the delivery of the two MR product tankers scheduled to be delivered between the first quarter and the third quarter of 2026, and assuming no further vessel acquisitions or dispositions, the Company’s fleet will consist of six vessels: one Aframax oil tanker with a capacity of approximately 115,800 deadweight tons (“dwt”), two MR product tankers with capacities of approximately 50,000 dwt each and three Handysize dry bulk carriers with an aggregate capacity of 97,664 dwt. The Company’s total fleet capacity is expected to be approximately 310,667 dwt.

Subsequent to these latest acquisitions, C3is Inc. will have increased its fleet DWT capacity by 385% from inception, without resorting to any bank loans.

The Company’s tanker fleet, consisting of one Aframax tanker and two MR product tankers, is expected to operate in the spot market, which is currently exhibiting strong fundamentals. Based on currently prevailing market conditions, average daily charter revenues are estimated at approximately $55,000 for Aframax tankers and $25,000 for MR product tankers. We believe the cash flow contribution from the Company’s tanker fleet will be substantial.

The Company’s Handysize dry bulk carriers are currently employed under short-term fixed time charter contracts, generating average daily charter rates of approximately $15,800, providing more stable revenues and contributing to cash flow generation.

Vessel Name	Vessel Type	Year built	Capacity (DWT)	Yard Built	Employment Status	Current Time Charter  Rates
Dry bulk Carriers Fleet
Eco Angelbay	Handysize Dry bulk carrier	2009	32,000	Hakodate Shipyard, Japan	Time Charter	$19,000
Eco Bushfire	Handysize Dry bulk carrier	2011	32,000	Hakodate Shipyard, Japan	Time Charter	$12,500
Eco Spitfire	Handysize Dry bulk carrier	2012	33,664	Shin Kurushima Onishi Shipyard, Japan	Time Charter	$16,000
Total / Average		2011	97,664			$15,800
						Current Market Rates
Tankers Fleet
Afrapearl II	Aframax Tanker	2010	115,800	Samsung Shipyard, Sth.Korea	Spot	$55,000
San Remo*	MR Product Tanker	2008	50,000	SPP Shipbuilding, Sth.Korea	Spot	$25,000
Clean Fury*	MR Product Tanker	2011	47,203	Hyundai Mipo, Sth.Korea	Spot	$25,000
Total / Average		2010	213,003			$35,000

*The San Remo is expected to be delivered to us between Q1 and Q3 2026. The Clean Fury is expected to be delivered to us between Q1 and Q2 2026.

Management’s Estimate of Net Asset Value

The Company also announced that, as of September 30, 2025, on a pro forma basis giving effect to the Company’s recently executed agreements to acquire two MR product tankers, management estimates the Company’s Net Asset Value (“NAV”) to be approximately $77.5 million.

Net Asset Value Methodology

The estimated NAV is based on management’s estimates of the current market value of the vessels in the Company’s fleet on a fully delivered basis, cash balances as reflected in the Company’s financial statements as of September 30, 2025, on a pro forma basis giving effect to equity offerings completed during the fourth quarter of 2025, less remaining capital expenditures related to the two newly acquired MR product tankers and less the liquidation value of the Company’s outstanding preferred shares.

The estimated NAV represents a snapshot in time, will likely change, and does not represent the amount a stockholder would receive now or in the future for such holder’s shares of the Company’s common stock. This NAV is based on a number of assumptions, estimates and data that are inherently imprecise and susceptible to uncertainty and changes in circumstances. Net Asset Value calculation methodologies may vary across industries and companies.

About C3is Inc.

C3is Inc. is a ship-owning company providing dry bulk and crude oil seaborne transportation services. The Company currently owns four vessels, comprising three Handysize dry bulk carriers with a total capacity of 97,664 deadweight tons (dwt) and an Aframax oil tanker with a cargo carrying capacity of approximately 115,800 dwt, resulting in a fleet total capacity of 213,464 dwt. On a pro forma basis following the delivery of two MR product tankers, the Company’s fleet will consist of six vessels: three Handysize dry bulk carriers, one Aframax tanker, and two MR product tankers, with a total carrying capacity of approximately 310,667 dwt. C3is Inc.’s shares of Common Stock are listed on the Nasdaq Capital Market and trade under the symbol “CISS.”

Forward-Looking Statements

The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding vessel acquisitions and the charter rates, revenues and cash flows that will be generated, and expenses incurred, in relation to our vessels, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans including changes prevailing spot market charter rates, which are volatile and subject to significant and rapid change, for MR product tankers and Aframax tankers. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

Nina Pyndiah
Chief Financial Officer
C3is Inc.
00-30-210-6250-001
E-mail: info@c3is.pro

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When will C3is (CISS) receive the two MR product tankers?

The two MR product tankers are expected to be delivered between Q1 and Q3 2026 (one between Q1–Q2, the other between Q1–Q3).

What is C3is’s pro forma Net Asset Value (NAV) as of September 30, 2025?

Management estimates pro forma NAV at approximately $77.5 million as of September 30, 2025.

How large will C3is’s fleet be after the 2026 deliveries and what is total DWT?

After deliveries the fleet is expected to be six vessels with total capacity of about 310,667 dwt.

What charter rates does C3is cite for its tankers and Handysize vessels?

Company cites representative average rates of $55,000/day for Aframax, $25,000/day for MR tankers, and Handysize time charters averaging $15,800/day.

What does the 385% DWT increase mean for C3is shareholders?

Management states fleet DWT has increased by 385% from inception, reflecting fleet growth financed without bank loans; impact on shareholders depends on future cash flows and market rates.