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