C3is Inc (CISS) 2025 Q2 法說會逐字稿

Okay, and thank you for standing by. Welcome to the C3is second quarter 2025 financial and operating results conference call and webcast. (Operator Instructions) I would not allowed to hand the conference over to a speaker today Dr. Diamantis Andriotis. So please go ahead.

好的，感謝您的支持。歡迎參加 C3is 2025 年第二季財務和經營業績電話會議和網路廣播。（操作員指示）今天我不允許將會議交給發言人 Diamantis Andriotis 博士。所以請繼續。

Good morning everyone and welcome to our C3is second quarter of 1,025 earnings conference call and webcast. This is Dr. Andriotis, CEO of the company. Joining me on the call today is our CFO, Nina Pyndiah. Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements which reflect current views with respect to future events and finance performance and are based on current expectations and assumptions which by nature and healthy uncertain and outside of the company's control.

大家早安，歡迎參加我們的 C3is 第二季 1,025 收益電話會議和網路廣播。我是該公司執行長安德里奧蒂斯博士。今天與我一起參加電話會議的是我們的財務長 Nina Pyndiah。在我們開始演示之前，我想提醒您，我們將討論前瞻性陳述，這些陳述反映了對未來事件和財務業績的當前觀點，並且基於當前的預期和假設，這些預期和假設本質上是不確定的，並且不受公司控制。

At this stage, if you don't take a moment to read I disclaimers and try to this presentation. I would also like to point out that all amounts quoted unless otherwise clarified are implicitly stated in US dollars. Today we have released our results for the second quarter of 2025. So let's proceed to discuss these results and update you on the company strategy and the market in general.

在此階段，如果您不花一點時間閱讀我的免責聲明並嘗試此演示。我還想指出，除非另有說明，所有報價均以美元表示。今天我們發布了 2025 年第二季的業績。因此，讓我們繼續討論這些結果，並向您介紹公司策略和整個市場的情況。

Please turn to slide 3 where we summarize and highlight the company's performances, starting with our financial highlights. For the second quarter of 1,025, we had the net loss of $5.3 million, which was due to a non-cash item, the unrealized loss of the fair value of warrants of $6.4 million. Disregarding this account in adjustment, we have an adjusted income of $1.1 million for the quarter.

請翻到投影片 3，我們將在此總結並重點介紹公司的業績，首先是財務亮點。2010 年第二季度，我們的淨虧損為 530 萬美元，這是由於非現金項目、認股權證公允價值的未實現損失 640 萬美元造成的。不考慮該調整帳戶，本季我們的調整後收入為 110 萬美元。

Our net income for the first half of the year was $2.6 million. In April 2025, we settled the final outstanding balance of $14.6 million views on our latest edition, the Eco Spitfire. We met all of our capital obligations without resorting to any bank loans. In 23 2025, our banker Bertuo successfully completed his special survey. The next question survey will be for the Eco Spitfire in 2026.

我們上半年的淨收入為260萬美元。2025 年 4 月，我們結清了最新版本 Eco Spitfire 的 1,460 萬美元最後一筆未償餘額。我們履行了所有資本義務，沒有任何銀行貸款。2025年23日，我們的銀行家Bertuo成功完成了他的特別調查。下一次問卷調查將針對 2026 年的 Eco Spitfire。

Slide 4 shows the drive back trade for the first half of 2025. The first half of 20,025 has seen the drive back market navigate significant geopolitical volatility, particularly driven by ongoing price fluctuations and broader global economic uncertainties.

幻燈片 4 顯示了 2025 年上半年的回落貿易。20025 年上半年，市場經歷了重大的地緣政治動盪，尤其是持續的價格波動和更廣泛的全球經濟不確定性。

While overall seaborne driver trade has experienced a modest decline of approximately 1%, market dynamics revealing new sectoral performances with patterns of strengths and weaknesses across specific market segments.

雖然整體海運司機貿易經歷了約 1% 的小幅下滑，但市場動態顯示出新的行業表現，特定細分市場呈現出優勢和劣勢模式。

On the demand side, the decrease in global drive bulk trade primarily reflects weakened demand from key markets, notably China, where commodity imports have contracted amid elevated inventories and structural overcapacity in the steel sector.

需求方面，全球散貨貿易的下降主要反映了主要市場（尤其是中國）需求的減弱，由於庫存增加和鋼鐵行業結構性產能過剩，中國大宗商品進口量出現萎縮。

During the first six months of 2025, seaborne iron trade softened versus 2024, with a 5% year on year drop in Chinese imports amid mild destocking, while India's rise in imports contribute to graphic diversification.

2025 年上半年，海運鐵礦石貿易較 2024 年有所疲軟，中國進口量在溫和去庫存的情況下同比下降 5%，而印度進口量的增長則促進了圖形多樣化。

Coal and iron ore imports, traditionally major drivers of dry back shipping, have shown mark, marked declines, exacerbated by increased domestic production and reduced thermal energy requirements. In contrast, grain trade, despite facing headwinds, experienced increased to mi demand due to trade blue real alignments influenced by US China ties.

煤炭和鐵礦石進口傳統上是乾回程航運的主要驅動力，但由於國內產量增加和熱能需求減少，進口量已大幅下降。相較之下，儘管面臨阻力，但由於中美關係影響的貿易實際調整，穀物貿易需求增加。

Additionally, minor bulk commodities such as fertilizers aggregate particularly long haul boxy trade from Guinea have shown resilience and provided partial upsetting demand support.

此外，化肥等小宗大宗商品，特別是來自幾內亞的長途貨櫃貿易表現出韌性，並提供了部分令人不安的需求支撐。

Slide 5 shows the handicized market fundamentals. Handy sized vessels have shown resilience, benefiting from relatively stable minor bulk trades with commodes such as fertilizer aggregates and boxes demonstrating notably growth.

幻燈片 5 展示了殘疾人市場的基本面。靈便型船舶表現出韌性，受益於相對穩定的小型散貨貿易，其中肥料骨材和箱子等貨物表現出顯著的增長。

From a longer term perspective, the broader global economic environment presents considerable uncertainty for the shipping industry. Growing trends of fragmentation and protectionism exemplified by ongoing tariff escalations and seeking trade alliances pose substantial risks. Such developments will potentially create opportunities through extended trade routes.

從長遠來看，更廣泛的全球經濟環境為航運業帶來了相當大的不確定性。以持續的關稅升級和尋求貿易聯盟為代表的碎片化和保護主義趨勢日益加劇，帶來了巨大的風險。此類發展將有可能透過延伸貿易路線創造機會。

On the handy sized flow, the segments 5/8 with 14% of the dry bulk handy sized fleet being above 20 years of age. Handicized driver carrier of the books stands at 9% of the car fleet capacity that returns. Compliance with new environmental regulations requiring slower speeds and greater off high days for special surveys coupled with aging fleet profile reduces effective fleet supply.

就靈便型散裝貨船而言，該類別佔乾散裝靈便型散裝貨船船隊的 5/8，其中 14% 的船齡超過 20 年。殘障駕駛員承運人的登記量佔返回車隊容量的 9%。為了遵守新的環境法規，需要降低速度並增加特殊檢查的停航數，再加上船隊老化，從而減少了有效的船隊供應。

The drive bulk supply outlook for 1,025 reflects moderate fleet expansion with overall funs projected to grow by approximately 2.5%. Fleet demolition activity remains historically low, though the fleet's agent provides this potential for increased scrapping, with around 30% of the vessels over 15 years old and 13% ex exceeding 20 years.

1,025 的散裝供應前景反映了船隊的適度擴張，預計整體需求將增長約 2.5%。儘管船隊的代理商提供了增加拆解的可能性，但船隊的拆解活動仍然處於歷史低位，其中約 30% 的船舶年齡超過 15 年，13% 的船舶年齡超過 20 年。

Meanwhile, operational speeds remained historically low for both ballast and lat and legs, driven by regulatory pressures, cost efficiency, and subdue trade market conditions. Slide 6 shows the AMA tanker market fundamentals.

同時，受監管壓力、成本效率和貿易市場低迷的影響，壓載船和緯向和腿部的營運速度仍處於歷史低點。幻燈片 6 顯示了 AMA 油輪市場的基本情況。

US President Trump's continuing global tariff crusade has been buried for oil prices. His threat to place additional tariffs on buyers of Russian crude targeted the Indian buyers in particular. This combined with the announcement from the EU of the ban on oil products derived from grass and crude, resulted in increasing interest in Middle East environments.

美國總統川普持續的全球關稅攻勢因油價下跌而宣告失敗。他威脅要對俄羅斯原油買家徵收額外關稅，尤其針對印度買家。再加上歐盟宣布禁止從草和原油中提取的石油產品，人們對中東環境的興趣日益濃厚。

As we are in a historically low global stock, the market has witnessed seasonally buoyant demands. The [Israeliyuuan] war created fears of a wider regional conflict and contest attacks on energy facilities, leading to a jump in oil prices and tank rates.

由於全球庫存處於歷史低位，市場出現了季節性旺盛的需求。這場戰爭引發了人們對更大範圍地區衝突和能源設施遭受攻擊的擔憂，導致油價和油罐車價格飆升。

China continues to import more oil as compared to last year's disappointing levels. However, this is more a reflection of building inventories rather than a demand driven effort. President Trump is now threatening 100% tariffs on buyers of Russian oil, unless the war stops. If Russia loses buyers, this could have unpredictable impacts on oil and country markets.

與去年令人失望的水平相比，中國繼續進口更多石油。然而，這更多地反映了庫存的建立，而不是需求驅動的努力。川普總統現在威脅說，除非戰爭停止，否則將對俄羅斯石油買家徵收 100% 的關稅。如果俄羅斯失去買家，這可能會對石油和國家市場產生不可預測的影響。

OECD oil inventories stand at five year historically low, while lower banker fuel costs will likely encourage inventory stocking, as is already the case with China.

經合組織石油庫存處於五年來的歷史最低水平，而較低的銀行燃料成本可能會鼓勵庫存儲備，就像中國的情況一樣。

Although oil prices spiked in June due to heightened geopolitical tensions, including the Israeli-Iran conflict, and created temporary market disruptions, they have since normalized reinforcing conditions for replenishment supporting tanker activity.

儘管由於包括以色列和伊朗衝突在內的地緣政治緊張局勢加劇，6 月油價飆升，並造成了暫時的市場混亂，但此後油價已恢復正常，為支持油輪活動的補給提供了強化條件。

In 2025, global oil production expected to increase by 1.7%, mainly driven by a rise in opEC supply and increase in offshore oil production, potentially boosting toile demand. Crude tanker demand is expected to grow by 0.6% and 0.8% in 2025 and 2026 expecting year.

2025年，全球石油產量預計將成長1.7%，主要受石油輸出國組織供應增加和海上石油產量增加的推動，可能會刺激對石油的需求。預計2025年和2026年原油油輪需求將分別成長0.6%和0.8%。

On the Aframax, the Global A fleet now stands at 1,182 vessels with the highest number of vessels in the 1,520 year category. Slide 7 shows the tanker Netfli grow. The combined order book for Afromaxeler to stands at 18% in contrast to approximately 22% of the existing le being over 20 years of age.

目前，全球 A 型船隊中阿芙拉型油輪數量已達 1,182 艘，是 1,520 年份船型中數量最多的船隊。幻燈片 7 展示了油輪 Netflix 的成長。Afromaxeler 的合併訂單量為 18%，而現有訂單量中約有 22% 的訂單已超過 20 年。

The number of new banker contracts surged across all segments in late 2023 and early 2024, but experienced a steep decline from mid 2024 onwards due to geopolitical market uncertainty and limited capacity. Around 60% of 2 tanker fleet capacity as of June 2025 is under sanction, significantly reducing capacity. Emissions related to regulations are expected to further constrain the effective tanker supply.

2023 年底和 2024 年初，所有領域的新銀行家合約數量激增，但由於地緣政治市場的不確定性和產能有限，從 2024 年中期開始急劇下降。截至 2025 年 6 月，兩艘油輪船隊約 60% 的運力受到製裁，運力大幅減少。預計與法規相關的排放將進一步限製油輪的有效供應。

[56 LA2s] and 7 Aframax are scheduled to be delivered in 2025 and a larger number of deliveries in 2026. Aframaxis are likely to continue benefiting from the safe in Russian crude flows, but they have to stand to lose the most if there are increased transits through the canal.

[56 艘 LA2] 和 7 艘阿芙拉型油輪計畫於 2025 年交付，更多數量的交付將於 2026 年完成。阿法拉馬克斯可能會繼續受益於俄羅斯原油安全的流入，但如果通過運河的原油運輸量增加，就必須承受最大的損失。

Some offset could come from more sanctioning of the great fleet.

對大型艦隊的更多製裁可能會帶來一些抵消。

25% of the Aromaxel or two fleet is currently action.

目前，Aromaxel 船隊中有 25% 或兩艘船正在行動。

Flight date shows the current fleet of CPIS. CPIS owns and operates a fleet of 3 hands designed rival carriers and one soil tanker. In May 2024, the company took delivery of the 33,000 deadweight rival carrier, the Eco Spitfire, bringing the total he capacity to 213,000 dead weight with an average age of 14.5 years.

航班日期顯示 CPIS 的目前機隊。CPIS 擁有並經營一支由 3 艘手動設計的競爭性運輸船和一艘土壤油罐車組成的船隊。2024 年 5 月，該公司接收了載重量為 33,000 噸的競爭對手 Eco Spitfire，使其總運力達到 213,000 載重量，平均船齡為 14.5 年。

All vessels have had their ballast systems already installed. The African two successfully completed her special survey in August 2025. All the vessels are currently unencumbered and currently employed on short to medium term period charters and spots. None of the vessels will be built in Chinese cs, hence not affected by the newly imposed tariffs.

所有船隻的壓載系統已安裝。非洲二號於2025年8月成功完成了她的特別調查。所有船隻目前均無任何負擔，並用於短期至中期租船和現貨業務。這些船隻都不會在中國建造，因此不會受到新徵收的關稅的影響。

Slide 9 shows a sample of the international cha with whom the marketing company has developed strategic relationships and has experienced repeat business. Repeatus highlights the confidence our customers have for our operations and the satisfaction of the services we provide. The key maintaining our relationships with these companies are high standards of safety and liability of service. I will now turn over the call to Pyndiah for our financial performance.

幻燈片 9 展示了行銷公司與之建立策略關係並有重複業務往來的國際合作夥伴的樣本。Repeatus 強調了客戶對我們的營運的信心以及對我們所提供的服務的滿意度。維持與這些公司的關係的關鍵是高標準的安全和服務責任。現在我將把電話交給 Pyndiah，詢問我們的財務表現。

Thank you, Ganis, and good morning to everyone. Please turn to slide 10, and I will go through our financial performance for the second quarter of 2025. We reported voyage revenues of $10.7 million for the second quarter of '25 compared to $10.8 million for the second quarter of '24, a reduction of 1%. This was primarily due to the decrease in the average time charter equivalent rate of our vessels. The TCE rates for the whole fleet was 45% lower than the rate for 2,224.

謝謝你，加尼斯，大家早安。請翻到第 10 張投影片，我將介紹我們 2025 年第二季的財務表現。我們報告 25 年第二季的航行收入為 1,070 萬美元，而 24 年第二季為 1,080 萬美元，減少了 1%。這主要是由於我們船舶的平均定期租船等值費率下降所致。整艘船隊的 TCE 費率比 2,224 艘船的費率低 45%。

Voyage cost for 2,225 was $4.7 million compared to $3.1 million for Q224 due to the increase in the number of vessels, that is the Eco Spitfire that was added to the fleet in April 24. Vessels operating expenses of $2.4 million were recorded for 2 to 25 compared to $2 million for Q2 24, again due to the addition of the Eco Spitfire at the beginning of 2,224.

2,225 的航次成本為 470 萬美元，而 Q224 的航次成本為 310 萬美元，原因是船隻數量的增加，即 4 月 24 日加入船隊的 Eco Spitfire。2 至 25 年的船舶營運費用為 240 萬美元，而 24 年第二季為 200 萬美元，這同樣是由於 2224 年初增加了 Eco Spitfire。

GNE expenses was 677,000 in Q225 compared to 603,000 in Q224 and related mainly to the stock-based compensation cost. Depreciation increased from $1.5 million in Q2, '24 to $1.6 million in Q2, '25 due to the increase in the average number of vessels.

225 年第二季的 GNE 費用為 677,000 元，而 224 年第二季為 603,000 元，主要與股票薪酬成本有關。由於平均船舶數量的增加，折舊從 24 年第二季的 150 萬美元增加到 25 年第二季的 160 萬美元。

A non-cash item of $6.3 million loss was recorded for 2 to 25 as compared to a loss of $14.5 million for Q2, '24. This item represents the unrealized loss on the fair value of non-exercise warrants. This non-cash item arose due to the change in the fair value of warrants, that is, the insurance date versus June 30, 2025.

2 至 25 日的非現金項目損失為 630 萬美元，而 24 年第二季的非現金項目損失為 1,450 萬美元。此項為未行使認股權證公允價值的未實現損失。此非現金項目是由於認股權證公允價值的變化而產生的，即保險日期與 2025 年 6 月 30 日相比。

As a result of the above, we reported a net loss of $5 million and an adjusted net income of $1.1 million for Q2, '25 as compared to a net loss of $11.8 million and an adjusted net income of $2.9 million for '24, a decrease of 55% on the net loss and a decrease of 60% on the adjusted net income compared to '22, '24.

綜合上述因素，我們報告 2025 年第二季淨虧損 500 萬美元，調整後淨收入 110 萬美元，而 2024 年淨虧損 1180 萬美元，調整後淨收入 290 萬美元，與 2022 年和 2024 年相比，淨虧損減少 55%，調整後淨收入減少 60%。

Turning to slide 11 for the balance sheet, we had a cash balance of $2.3 million compared to $12.6 million at the end of 2024, a decrease of 82%.

翻到資產負債表的第 11 張投影片，我們的現金餘額為 230 萬美元，而 2024 年底為 1,260 萬美元，減少了 82%。

This drop in our cash balance was because in 2,225 we paid off the remaining 90% payment balance due on the handy side eco carrier. Eco Spitfire and the bunkers remaining on board a total of $15.1 million. Other current assets mainly include charterers receivable of $5.7 million for the first half of '25 compared to 2.8 million at December '24, an increase of 85%, as well as inventories of $1.1 million compared to $0.9 million at December '24.

我們的現金餘額下降是因為我們在 2,225 年還清了便利生態承運商剩餘的 90% 付款餘額。Eco Spitfire 和船上剩餘的燃油總價值為 1510 萬美元。其他流動資產主要包括 25 年上半年租船人應收帳款 570 萬美元，而 24 年 12 月為 280 萬美元，成長 85%，以及庫存 110 萬美元，而 24 年 12 月為 90 萬美元。

The vessel's net value of $80.9 million are for the four vessels less depreciation. Trade accounts payable of 1.4 million are balances due to suppliers and brokers. Payable to a related party of $3 million represents the balance due to the management company Brave Maritime. A warrant liability of $9.8 million was recorded, a drop of 6% from the year-end balance at year-end '24 when it was $10.4 million.

該船的淨值為 8,090 萬美元，是四艘船減去折舊後的淨值。140 萬美元的貿易應付帳款是應付供應商和經紀人的餘額。應付關聯方的 300 萬美元是應付管理公司 Brave Maritime 的餘額。記錄的認股權證負債為 980 萬美元，較 24 年末的年末餘額 1,040 萬美元下降 6%。

Concluding the presentation on slide 12, we allow, we are outlined the key variables that will assist us progress with our company's growth. Owning a high quality fleet reduces operating costs, improves safety, and provides a competitive advantage in securing fairable charters.

在第 12 張投影片上結束簡報時，我們概述了有助於我們公司發展的關鍵變數。擁有高品質的船隊可以降低營運成本、提高安全性並在獲得公平租船方面提供競爭優勢。

We maintain the quality of the vessels by carrying out regular inspections, both while in port and at sea and adopting a comprehensive maintenance program for each vessel. None of our vessels were built from Chinese shipyards, hence the imposed US tariff on all Chinese built ships starting in October 2025 is a significant positive shift for our fleet.

我們透過在港口和海上進行定期檢查以及對每艘船舶採用全面的維護計劃來維持船舶的品質。我們的船隻均不是由中國造船廠建造的，因此，從 2025 年 10 月開始，美國對所有中國建造的船隻徵收關稅對我們的船隊來說是一個重大的積極轉變。

The company's strategy is to follow a discipline growth with in-depth technical and condition assessment reviews. Equity insurances will continue as management is continuously seeking a timely and selective acquisition of quality non-Chinese vessels with current focus on short to medium-term charters and sport voyages.

該公司的策略是透過深入的技術和條件評估審查來追蹤學科發展。由於管理層不斷尋求及時、選擇性地收購優質的非中國船舶，並且目前專注於短期至中期租船和運動航行，因此股權保險將繼續進行。

We always charter to high quality charters, such as commodity traders, industrial companies, and oil producers and refineries. Despite being in operation for two years and having increased our fleet by 234% since the inception, the company has no bank debt.

我們始終向高品質的租船公司提供租船服務，例如商品貿易商、工業公司以及石油生產商和煉油廠。儘管公司已經運作了兩年，並且自成立以來機隊規模增加了 234%，但公司卻沒有任何銀行債務。

No interest was charged by the affiliated sellers on the purchase prices of the Afrapearl and the Eco Spitfire. From July 23 to date, we have repaid all our capacity obligations totaling $59.2 million without resorting to bank loans. At this stage, our CEO, Dr. Diamantis Andriotis will summarize the concluding remarks for the period examine.

關聯賣家沒有對 Afrapearl 和 Eco Spitfire 的購買價格收取任何利息。從 7 月 23 日至今，我們已償還了所有容量債務，總額達 5,920 萬美元，且未借助銀行貸款。在此階段，我們的執行長 Diamantis Andriotis 博士將總結本次審查的結論性言論。

For the first half of 2025, we reported voyage revenues of $19.4 million, EBITDA of $6 million, net income of $2.6 million, and EPS of 0.52. In April 2025, we paid off the remaining balance of $14.6 million view our carrier, the Eco Spitfire. In August 225, we successfully completed the bright dot of our time here, the African too.

2025年上半年，我們的航次收入為1,940萬美元，息稅折舊攤提前利潤（EBITDA）為600萬美元，淨利為260萬美元，每股收益為0.52美元。 2025年4月，我們已付清了我們承運的「Eco Spitfire」號客機剩餘的1,460萬美元欠款。225年8月，我們順利完成了此行的亮點—非洲之行。

Major changes in the maritime shipping industry were caused by extensive transitions in the world due to geopolitical factors, environmental regulations, demand patterns, and weather related challenges.

由於地緣政治因素、環境法規、需求模式和天氣相關挑戰等原因，世界範圍內的廣泛轉變導致了海運業的重大變化。

Despite this dynamics, C3is performance remains solid with an increase of its fleet capacity by over 230% since inception without incurring any bank debt. We are fully delivered, thus in enhancing our financial flexibility. This financial position provides a strong foundation for our future growth.

儘管有這種動態，C3is 的業績依然穩健，自成立以來其機隊容量增加了 230% 以上，且沒有產生任何銀行債務。我們已完全兌現承諾，從而增強了我們的財務靈活性。這一財務狀況為我們未來的發展奠定了堅實的基礎。

Our performance so far has demonstrated our resilience and strategic focus. We are confident that we have established foundations that are adaptable to this change environment, thereby enhancing our fundamental ability to both further develop existing core businesses as well as explore potential new growth businesses.

我們迄今為止的表現證明了我們的韌性和策略重點。我們相信，我們已經建立了適應這種變化環境的基礎，從而增強了我們進一步發展現有核心業務以及探索潛在新增長業務的基本能力。

We would like to thank you for joining us today and look forward to having you with us again at our next call for the results of the third quarter of 1,025.

我們感謝您今天的參加，並期待在下次 1,025 年第三季業績會議上再次見到您。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating. E email I all disconnect. Have a nice day.

感謝您的參與。電子郵件我全部斷開。祝你今天過得愉快。