Harry Vafias’ C3is has added to its fleet again by snapping up a bulker from the chairman’s private fleet.
The Nasdaq-listed company said the 33,700-dwt handysize Eco Spitfire (built 2012) is costing $16.19m from Greek affiliate Brave Maritime.
VesselsValue assesses the ship as worth $16.04m.
The Eco Spitfire, acquired from Japan’s Kurushima Senpaku for $10.5m in February 2021, marked a profitable investment for the private company.
C3is will pay 10% of the price tag in April, with the rest due by 10 April 2025.
The vessel is currently trading under a time charter, scheduled to expire at the beginning of May this year.
The transaction with Brave was approved by the company’s audit committee, made up of independent directors.
C3is now has three handysizes and an aframax tanker.
The company was spun off from Vafias’ Imperial Petroleum and began trading in June 2023.
Earlier this year, the shipowner said it was raising $7m in an equity offering aimed at financing future vessel purchases.
Upsized deal
The deal involved shares and warrants and was upsized from $6m initially.
Cash was also intended for capital expenditures, including payment towards the $38.7m remaining purchase price for the aframax.
“We plan to expand our fleet by investing in high-quality, Japanese or Korean-built dry bulk carriers, which may include vessels in class sizes ranging from handysize class vessels of 28,000 to 40,000 dwt to capesize class vessels of 100,000-plus dwt, and tankers of potentially all sizes,” the company said.
The stock closed down 35% on Friday in New York at $1.86.
The company carried out a 1-for-100 reverse stock split on Thursday to meet Nasdaq list requirements to trade above $1.
Brave will be left with 18 bulkers ranging from handysizes to capesizes following the sale.
