Shipping firm C3is Q2 revenue dips, net loss at $5.3 mln

Reuters09-02
Shipping firm <a href="https://laohu8.com/S/CISS">C3is</a> <a href="https://laohu8.com/S/QTWO">Q2</a> revenue dips, net loss at $5.3 mln

Overview

  • C3is Q2 revenue dips slightly to $10.7 mln, net loss of $5.3 mln

  • Adjusted net income for Q2 down 62% yr/yr, adjusted EBITDA down 43%

  • Co completed major capital expenditures without bank loans, enhancing financial flexibility

Outlook

  • Company highlights financial flexibility due to being fully deleveraged

Result Drivers

  • TCE RATE DECLINE - Daily TCE decreased by 31% compared to Q2 2024, impacting revenue

  • IDLE DAYS - Fleet operational utilization dropped to 78% due to idle days of Aframax tanker in spot market

  • EXPENSE INCREASE - Higher voyage and operating expenses due to increased number of vessels

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 Revenue

$10.70 mln

Q2 Net Income

-$5.30 mln

Q2 Basic EPS

-$8.78

Q2 EBITDA

-$3.70 mln

Press Release: ID:nGNX8Y4hbJ

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment