C3is Q1 Revenue Up 34%, Net Income Jumps 358% with $39.8M Tanker Deal
C3is reported Q1 2026 revenue of $11.6 million, up 34%, while adjusted net income soared 358% to $5.5 million and EBITDA rose 130% to $6.9 million. The company secured two MR product tankers for $39.8 million and benefits from spot charter rates of $115,000 per day on its Aframax tanker.
1. Q1 2026 Financial Performance
C3is achieved Q1 2026 revenue of $11.6 million, a 34% increase year over year, driven by stronger tanker and dry bulk market conditions. Adjusted net income climbed 358% to $5.5 million, while adjusted EBITDA rose 130% to $6.9 million, reflecting near doubling of average daily TCE rates to $32,173.
2. Product Tanker Acquisitions
The company agreed to acquire two MR product tankers for a combined $39.8 million, with the first vessel delivered in April 2026 and the second expected in Q3 2026. These additions aim to expand C3is’s exposure to the product tanker segment, where current voyage charter rates average around $36,000 per day.
3. Strong Charter Rates and Balance Sheet Position
C3is’s Aframax tanker is earning approximately $115,000 per day in the spot market, underpinning robust cash flow against a debt-free balance sheet. The quarter ended with $27.3 million in cash and time deposits, up 82% from year-end 2025, enhancing financial flexibility amid volatile freight markets.