Harry Vafias shipowning venture C3is has logged a bigger profit in the third quarter, thanks to financial gains and stronger tanker rates.
The Nasdaq-listed bulker and aframax tanker owner said net profit from the debt-free fleet of four ships was $5.1m, up from $3.3m a year ago.
The three handysize dry bulk carriers are on short-term time charters, while the aframax operates in the spot market.
The tanker is earning around $48,000 per day, the company added, compared with a Baltic Exchange aframax average of $24,100 per day on Friday, and up from $27,000 for the ship in the second quarter.
Fleet utilisation was 90.2% for the three months, mainly due to the aframax’s commercial idle days.
Revenue dipped to $9.3m against $10.1m in 2023. The daily time charter equivalent rate was $13,084.
C3is recorded a non-cash gain of $4.8m from the value of its warrants in the period, boosting the bottom line.
This was due to a change in their fair value, the owner explained.
Chief executive Diamantis Andriotis said: “We have more than trebled our fleet capacity without incurring any bank debt.
Implications of US election
“We will continue to aim at achieving sustainable growth despite the current challenges of macro and micro conditions.”
Andriotis said the results of the US election will have significant implications for global shipping.
“The proposed policies of a 10% tariff on all US imports and a 60% tariff on Chinese products are poised to reshape trade dynamics, thus affecting shipping,” he said.
Andriotis added that geopolitical uncertainties remain.
“We will closely monitor these evolving situations and maintain an agile and effective control of our business, focusing on maximising our results,” he said.
