C3is Inc. (Nasdaq: CISS), a Greece-based ship-owning company, reported a sharp turnaround in its full-year 2025 financial results on Thursday, bolstered by a significant increase in net income and a strategic push into the product tanker market.
The company, which operates handysize dry bulk carriers and an Aframax oil tanker, posted a net income of $10.5 million for the 12 months ended December 31, 2025, a 481% increase compared to 2024. EBITDA for the year rose 244% to $17 million, up from $7 million in the prior year.
Fourth Quarter Performance
For the fourth quarter of 2025, C3is reported:
Net Income: $5.2 million, with basic earnings per share (EPS) of $5.82.
Revenue: Voyage revenues reached $10.6 million, a 13% increase from $9.4 million in Q4 2024.
Fleet Efficiency: Operational utilization improved to 93.5% from 90.2% a year earlier, driven by fewer idle days.
Daily Rates: Time Charter Equivalent (TCE) rates averaged $19,469 per day, a 24% year-over-year increase.
The company’s Aframax tanker, Afrapearl II, continued to capitalize on the spot market, currently achieving voyage charter rates of approximately $60,000 per day.
Fleet Expansion and Liquidity
C3is ended 2025 with $14.9 million in cash and cash equivalents. The company maintained a debt-free balance sheet, reporting that its entire current fleet of four vessels is unencumbered.
The firm is aggressively expanding its footprint, with agreements to acquire two product tankers for $39.8 million. These vessels, scheduled for delivery in 2026, are expected to increase the company’s total fleet capacity to approximately 310,667 deadweight tons (dwt) a 387% increase since the company’s inception.
Outlook
Management expressed a constructive outlook for 2026, citing resilient oil demand and shifting trade patterns despite ongoing geopolitical volatility. To maintain compliance with Nasdaq listing requirements, the company recently effected a 1-for-20 reverse stock split on January 26, 2026.