C3is (NASDAQ: CISS) adds $22.9M product tanker, growing fleet to six
Rhea-AI Filing Summary
C3is Inc. is updating its existing prospectus to include a new report describing a fleet expansion. The company has agreed to acquire a 2011 South Korean-built product tanker with 47,203 deadweight tons capacity for a purchase price of $22.9 million from an entity affiliated with Brave Maritime Corp Inc. The agreement was approved by the company’s independent directors after obtaining independent vessel valuations and using the average of those valuations as the price basis.
The vessel is expected to be delivered between Q1 and Q2 2026, and C3is has the option to pay the purchase price one year after the purchase agreement date without interest. After the delivery of this vessel and another previously announced product tanker acquisition, the fleet is expected to comprise six vessels with a total capacity of 310,667 deadweight tons across drybulk carriers, an Aframax oil tanker, and two product tankers.
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Insights
C3is adds a $22.9M product tanker, expanding fleet to six vessels.
C3is Inc. is growing its fleet through an agreement to acquire a 2011 South Korean-built product tanker with 47,203 deadweight tons capacity for
The vessel is expected to be delivered between Q1 and Q2
FAQ
What transaction did C3is Inc. (CISS) disclose in this prospectus supplement?
C3is Inc. disclosed that it has entered into an agreement to acquire a 2011 South Korean-built product tanker with 47,203 deadweight tons capacity for a purchase price of $22.9 million.
Who is selling the vessel to C3is Inc. (CISS)?
The vessel is being purchased from an entity affiliated with Brave Maritime Corp Inc., which is affiliated with members of the Vafias family.
How was the $22.9 million purchase price for the C3is (CISS) tanker determined?
The company’s independent directors approved the transaction after obtaining independent valuations of the vessel and using the average price of these valuations as the purchase price.
When is the newly acquired product tanker expected to be delivered to C3is Inc. (CISS)?
The vessel is expected to be delivered between Q1 and Q2 2026, according to the disclosed agreement.
What payment flexibility does C3is Inc. (CISS) have for this vessel acquisition?
C3is has the option to pay for the vessel one year after the date of the purchase agreement, and this deferred payment would not bear interest.
What will C3is Inc.’s (CISS) fleet look like after this and the previously announced tanker acquisition?
Assuming no other acquisitions or disposals, the fleet is expected to total six vessels with an aggregate capacity of 310,667 deadweight tons, including three Handysize drybulk carriers, one Aframax oil tanker and two product tankers.
How is this C3is Inc. (CISS) Form 6-K used in other registrations?
The Form 6-K is incorporated by reference into C3is Inc.’s Form S-8 (Reg. No. 333-273306) and Form F-3 (Reg. No. 333-285135).