C3is delivered sharply higher second-quarter 2026 earnings as stronger tanker and dry-bulk charter rates, fleet expansion, and dramatically higher Time Charter Equivalent rates drove substantial growth in revenue, adjusted EBITDA, and net income.
Second-quarter voyage revenue reached $24 million, increasing approximately 124% from $10.7 million in the prior-year period.
The increase was driven primarily by higher average TCE rates and a larger fleet.
Average daily TCE increased to $40,260 from $16,466, representing year-over-year growth of 144.5%.
That rate improvement translated into dramatic earnings growth.
Adjusted net income reached $9.8 million, compared with $1.1 million a year earlier.
That represents a 790.9%increase.
Adjusted EBITDA increased 321.4% to $11.8 million from $2.8 million.
Reported net income reached $10 million, compared with a $5.3 million net loss in the prior-year quarter.
The GAAP comparison was helped by a major change in warrant accounting.
C3is recorded a $200,000 gain on warrants during Q2 2026 compared with a $6.4 million warrant loss a year earlier.
The adjusted figures therefore provide a cleaner view of operating improvement because they strip out the impact of that fair-value volatility.
Even on that basis, adjusted net income increased almost ninefold and adjusted EBITDA more than quadrupled.
The six-month results showed similarly strong momentum.
First-half net income reached $13.18 million, up 409%, while adjusted net income increased 562% to $15.28 million.
EBITDA increased 176% to $16.6 million, and adjusted EBITDA increased 226% to $18.7 million.
Revenue for the first six months reached $35.6 million, compared with $19.4 million a year earlier.
First-half TCE increased to $36,769 per day from $16,335.
The shipping-rate environment remains favorable entering the second half.
C3is said its Aframax tanker was recently achieving voyage charter rates of approximately $100,000 per day in the spot market.
Its product tankers were earning approximately $30,000 per day.
Meanwhile, its Handysize dry-bulk carriers are employed under short-term time charters that provide a more stable source of cash flow.
That combination gives C3is a portfolio with both spot-market exposure and contracted revenue.
The company is also increasing its exposure to product tankers.
C3is agreed to acquire two product tankers for an aggregate $39.8 million.
One was delivered April 3 and the second was delivered August 6.
The remaining acquisition amounts are payable by January 2027, giving the company additional time before the purchase consideration is fully due.
The acquisitions increased C3is’ fleet to six vessels.
The current portfolio includes three Handysize dry-bulk carriers, one Aframax oil tanker and two product tankers with total carrying capacity of 311,431 deadweight tons.
Management considers that diversification particularly valuable because current tanker rates remain attractive.
Another unusual strength is the company’s vessel balance sheet.
C3is said all of its vessels are unencumbered, and management described the fleet as debt-free.
That gives the company greater financial flexibility than a heavily financed shipping fleet, although C3is still has remaining acquisition consideration payable for its recently purchased product tankers.
Liquidity has also increased rapidly.
Cash, cash equivalents and time deposits reached $33.2 million at June 30, compared with $14.9 million at the end of 2025.
That represents an increase of 122.8% in six months.
C3is subsequently completed a $6 million public offering in July, with warrants included in the units ultimately exercised.
That transaction added another source of capital following the quarter, though it also increased the company’s share count.
Operating utilization was 78.6% compared with 78% a year earlier.
The relatively low utilization reflects commercial idle days for the Aframax vessel and off-hire days associated with drydocking of the product tanker acquired during the quarter.
That means reported Q2 earnings were generated despite meaningful periods when portions of the fleet were not earning revenue.
The strongest positive angle is therefore the scale of the earnings acceleration.
TCE increased 145%, adjusted EBITDA increased 321%, adjusted net income increased 791%, cash more than doubled and the company has expanded its tanker exposure while maintaining an unencumbered fleet.
Management expects the second half to remain strong and believes the additional vessels can further boost profitability.
KEY QUOTES:
“Our results for the first six months of 2026 demonstrate the strength of our strategy and the significant progress we have achieved since the Company was established three years ago.”
“Net Income totaled $13.18 million, up 409% compared with the first half of 2025, while Adjusted Net Income was $15.28 million, up 562%. EBITDA reached $16.6 million, up 176%, and Adjusted EBITDA stood at $18.7 million, up 226%.”
“Most importantly, we have achieved this expansion while maintaining a debt-free fleet, providing a strong foundation for further growth and financial flexibility.”
Dr. Diamantis Andriotis, Chief Executive Officer of C3is
