C3is (NASDAQ:CISS) reported higher revenue, profitability and cash balances for the second quarter and first half of 2026, as the shipping company expanded and diversified its fleet with product tankers.
Second-quarter voyage revenue rose 124% year over year to $24 million from $10.7 million, while first-half voyage revenue increased 84% to $35.6 million, Chief Executive Officer Diamantis Andriotis said during the company’s earnings call. Net revenue reached $17 million in the second quarter, up 185% from the year-earlier period, and totaled $27.4 million for the first six months, up 132%.
Profitability and Cash Position
Income from operations totaled $9.7 million in the second quarter, compared with $1 million in the prior-year quarter, according to Chief Financial Officer Nina Pyndiah. For the first half, operating income rose to $15 million from $2.3 million.
EBITDA was $12 million in the second quarter, compared with negative EBITDA of $3.7 million a year earlier. First-half EBITDA reached $16.6 million, compared with $6 million in the first half of 2025. Adjusted EBITDA, which excludes an unrealized warrant loss, was $11.8 million for the quarter and $18.7 million for the first half.
Pyndiah said the company recorded a $2 million unrealized loss on warrants during the first half. She described the item as non-cash and said it did not reflect C3is’s operating performance.
Cash totaled $33.2 million at June 30, up 123% from year-end 2025, and subsequently increased to $48 million by the end of July. The company said it has capital expenditure obligations of $39.78 million for two recently acquired product tankers that are due in January 2027.
As of June 30, shareholders’ equity stood at $114.6 million, compared with $95.1 million at the end of 2025. Vessel net book value was $96 million, while the company cited vessel market values of $123 million.
Fleet Expansion and Charter Activity
At the end of the second quarter, C3is owned and operated three Handysize dry bulk carriers, one Aframax oil tanker and one product tanker. During 2026, it acquired two product tankers: the Clean Fury, delivered at the beginning of the second quarter, and the Clean Reaper, delivered in the third quarter.
With the additions, fleet capacity reached 311,431 deadweight tons, representing a 387% increase from the company’s capacity at inception, management said. The fleet’s average age was 16.8 years as of June 30. C3is said none of its vessels were built in China and therefore it does not expect potential U.S. tariffs on Chinese-built vessels to affect its fleet.
The company said all vessels have ballast water systems installed, are unencumbered and are employed on short- to medium-term period charters and spot voyages. Management also emphasized that C3is has no bank debt and said no interest was charged by affiliated sellers on the purchase prices of certain vessels, including the two product tankers.
The fleet’s time-charter-equivalent rate rose 145% year over year to $40,300 per day in the second quarter. The company’s Aframax tanker recorded a time-charter-equivalent rate of $133,500 per day during the period, up 202% from the prior-year quarter.
Shipping Market Commentary
Management characterized dry bulk and tanker market conditions as generally supportive, citing longer trade routes, shifts in commodity flows, fleet aging and geopolitical disruptions. Andriotis said West African iron ore volumes, including the Simandou project in Guinea, could support ton-mile demand even as Chinese steel demand remains subdued.
He also pointed to regional coal demand, grain and oilseed trade, and potential longer voyage routes as factors benefiting dry bulk shipping. The company said disruptions around the Red Sea and Strait of Hormuz have reshaped shipping markets, while dry bulk has remained comparatively insulated in some areas.
For tankers, management said product tanker rates remained supported despite becoming more uneven by region and vessel class. It noted that MR2 product-tanker rates exceeded $70,000 per day globally in April before declining to about $30,000 per day by July. The company described those July levels as still healthy relative to historical levels.
Andriotis said the company expects its second-half performance to reflect the first half, citing the anticipated impact of fleet expansion on profitability, financial strength and operating flexibility.
About C3is (NASDAQ:CISS)
C3is Inc offers international seaborne transportation services. It provides its services to dry bulk charterers, including national and private industrial users, commodity producers and traders, oil producers, refineries, and commodities traders and producers. The company owns and operates a fleet of two drybulk carriers, which transport major bulks, such as iron ore, coal and grains, as well as minor bulks comprising bauxite, phosphate, and fertilizers, and one Aframax crude oil tanker that transports crude oil.
