C3is Inc., owned by Haris Vafias, seems optimistic that it can cope with the risks and challenges that accompany the shipping market.
“The shipping industry is at a critical juncture with a multitude of risks and opportunities, which shape the dynamics of the market,” the CEO of the company listed on the US stock exchange, Dr. Diamantis Andriotis, said during the announcement of the second quarter results.
According to Dr. Andriotis, risks refer to the decline in demand for dry bulk cargoes such as iron ore and coal, the increase in the transportation of grain and small dry bulk cargoes, the decarbonisation of the customer value chain and geopolitical developments.
“We are optimistic that we have a strong foundation adaptable to this changing environment, strengthening our ability to further develop existing core activities and explore new activities,” Dr. Andriotis emphasized. Looking to the future, he added that market momentum is expected to remain favorable, “encouraging us to continue our fleet development strategy.”
Results
The revenue of C3is Inc. amounted to 10.8 million dollars in the second quarter of this year, compared to 1.7 million dollars in the corresponding period last year.
On a half-yearly basis, revenue climbed to 23.6 million dollars from 4.9 million dollars in 2023. The listed company attributed this rise to an increase in the average number of ships under its management.
Fleet
The shipping company delivered the fourth ship of its fleet this year, which strengthened the total capacity to 213,464 dwt, a number increased by 234% since the establishment of the company.
Specifically, its fleet consists of three handysize bulk carriers, with a total capacity of 97,664 dwt and one aframax tanker, with a capacity of 115,800 dwt.
“We have more than doubled our fleet without the need for a bank loan,” Dr. Andriotis emphasized.
