C3is Inc (CISS) 2026 Q1 法說會逐字稿

Good morning, everyone. Welcome to the C3is first quarter of 2026 earnings conference call and webcast.

各位早安。歡迎參加 C3is 2026 年第一季財報電話會議與網路直播。

This is Dr. Diamantis Andriotis, CEO of the company. Joining me on the call today is our CFO, Nina Pyndiah.

我是公司執行長 Diamantis Andriotis 博士。今天與我一同出席的是我們的財務長 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 financial performance; and are based on current expectations and assumptions, which, by nature, are inherently uncertain and outside of the company's control.

在開始簡報之前，我想提醒各位，我們將討論前瞻性陳述，其反映我們目前對未來事件與財務表現的看法；並係基於目前的預期與假設，而這些預期與假設本質上具有不確定性，且超出公司可控制範圍。

At this stage, if we could all take a moment to read our disclaimer on slide 2 of this presentation.

此時，請大家花一點時間閱讀本簡報第 2 頁投影片上的免責聲明。

I would also like to point out that, all amounts quoted, unless otherwise clarified, are implicitly stated in US dollars.

我也要指出，除非另有說明，所有引用金額均默認以美元計價。

We have, today, released our earnings results for first quarter of 2026. Let's proceed to discuss these results; and update you on the company strategy and the market, in general.

我們今天已發布 2026 年第一季的財報結果。接下來我們將討論這些結果，並就公司策略與整體市場狀況向各位更新。

Please turn to slide 3, where we summarize and highlight the company's performance, starting with our financial highlights. For the first quarter of 2026, we reported an adjusted net income of $5.5 million compared to $1 million in 2025, an increase of 358%.

請翻到第 3 頁投影片，我們將摘要並重點說明公司表現，先從財務亮點開始。2026 年第一季，我們的調整後淨利為 550 萬美元，較 2025 年的 100 萬美元增加 358%。

Our voyage revenues came in at $11.6 million compared to $8.7 million in 2025, an increase of 34%. Our vessels net book value was $76 million in first-quarter 2026 compared to a market value of $75.5 million. These values exclude the two new product tankers, as by the end of Q1 2026, no deliveries had been made yet.

我們的航次收入為 1,160 萬美元，較 2025 年的 870 萬美元增加 34%。2026 年第一季，我們船舶的淨帳面價值為 7,600 萬美元，對比市值為 7,550 萬美元。上述數值不包含兩艘新購的成品油輪，因截至 2026 年第一季末尚未交付。

We had a cash balance of $27 million in first-quarter 2026 compared to $14.9 million at year-end 2025, an increase of 82%. Our adjusted EBITDA was $6.9 million compared to $3 million for the same period in 2025, an increase of 130%.

2026 年第一季我們的現金餘額為 2,700 萬美元，較 2025 年底的 1,490 萬美元增加 82%。我們的調整後 EBITDA 為 690 萬美元，較 2025 年同期的 300 萬美元增加 130%。

The TCE rate of our Aframax tanker for Q1 2026 increased by 106% from Q1 2025 to $77,500. The TCE rate of our fleet increased by 98.6% from first-quarter 2025 to $32,000.

我們 Aframax 油輪於 2026 年第一季的 TCE（等效期租）日租金，較 2025 年第一季增加 106% 至 77,500 美元。我們整體船隊的 TCE 日租金，較 2025 年第一季增加 98.6% 至 32,000 美元。

The first of the two newly acquired product tankers was the Clean Fury, delivered to us in Q2 2026. The second one is expected in Q3 2026. Our fleet capacity has increased by 387% since inception.

兩艘新收購的成品油輪中，第一艘為 Clean Fury，已於 2026 年第二季交付給我們。第二艘預計於 2026 年第三季交付。自成立以來，我們的船隊運力已增加 387%。

Slide 4 shows the Handysize demand and the time-charter average rates, both of which have been heavily impacted by the Middle East conflict. As the war persists, the Strait of Hormuz enters yet another week of disruption.

第 4 頁投影片顯示 Handysize 船型的需求與期租平均運價，兩者皆受到中東衝突的重大影響。隨著戰事持續，荷姆茲海峽再度進入又一週的中斷狀態。

While a handful of vessels have managed to transit the strait and several nations are actively seeking diplomatic resolution with Iran, the overall impact of the dry bulk market is growing. Ongoing geopolitical tensions are influencing trade flows, input costs, and ton-mile demand, shaping the outlook for the sector.

儘管少數船舶已成功通過海峽，且多國正積極尋求與伊朗的外交解決方案，但對乾散貨市場的整體影響正在擴大。持續的地緣政治緊張局勢正在影響貿易流向、投入成本與噸海里需求，並形塑該產業的展望。

We expect a seasonal boost in iron ore trade. However, the downside will be the rise in input costs resulting from the Middle East war.

我們預期鐵礦砂貿易將出現季節性提振。然而，下行風險在於中東戰事導致投入成本上升。

Coal prices remain elevated, a strong incentive for miners to export more. Plus, on the consumption side, coal maintains its competitive edge over gas for power generation.

煤價仍維持在高檔，對礦商而言是增加出口的強烈誘因。此外，在消費端，煤炭在發電用途上相較天然氣仍具競爭優勢。

While we expect to see increased volumes for higher-grade coal, as this trend persists, it remains unclear how quickly producers can ramp up production to meet the demand.

雖然我們預期高品位煤的運量將增加，但在此趨勢持續之下，生產商能以多快速度擴產以滿足需求仍不明朗。

\We have not seen a vessel carrying grains passing to the Persian Gulf since February 28. This could become a serious issue for Iran, if this does not change over the coming weeks. Imports from Russia across the Caspian Sea are increasing. However, this is unlikely to be enough.

\自 2 月 28 日以來，我們尚未看到有載運穀物的船舶駛往波斯灣。若未來幾週情況未改變，這可能會對伊朗造成嚴重問題。經由裏海自俄羅斯進口的量正在增加。然而，這很可能仍不足以因應。

The US Department of Agriculture forecast Iran's grain consumption at 42 million tons this year; of which, half will be imported, primarily seaborne.

美國農業部預測伊朗今年的穀物消費量為 4,200 萬噸；其中一半將仰賴進口，且主要為海運。

The livestock sector is reported to typically hold a few weeks of stocks so, over the coming weeks, we could begin to see disruption in food supply with Iran.

據報導，畜牧業部門通常僅持有數週庫存，因此在未來幾週內，我們可能開始看到伊朗的食品供應出現中斷。

The primary immediate impact from the conflict on the dry-bulk market has been surging bunker costs and tightening prompt availability. Bunker suppliers have been advising clients to secure stems at least 10 days in advance across multiple bunkering hubs.

衝突對乾散貨市場最直接的即時影響，是燃油成本飆升以及即期可用運力趨緊。燃油供應商已建議客戶在多個加油樞紐至少提前 10 天預訂加油量（stems）。

A range of factors have helped to drive up the Handysize time-charter average, which has increased from $9,400 for the period January to April 2025 to $12,700 for the same period in 2026, an increase of 35%.

多項因素推升了 Handysize 期租平均運價，該運價自 2025 年 1 月至 4 月期間的 9,400 美元，上升至 2026 年同期的 12,700 美元，增幅為 35%。

Various rounds of US-China trade tensions have prompted China to buy more grains from Brazil. Russia's invasion of Ukraine saw significant Russia-Europe trade being replaced by long-haul Russian trade to Asia.

美中貿易緊張局勢的多輪升溫，促使中國增加自巴西採購穀物。俄羅斯入侵烏克蘭後，原本大量的俄歐貿易被替換為俄羅斯對亞洲的長航程貿易。

More recently, the Houthis attacks in the Red Sea, leading ships to reroute the long way around the Cape of Good Hope and the conflict in the Middle East with the closure of the Strait of Hormuz, have had a direct impact on ton-mile growth, rather than volume growth.

近期，胡塞武裝在紅海的攻擊導致船舶改道繞行好望角的長航線，以及中東衝突造成荷姆茲海峽關閉，對噸海里成長而非運量成長產生了直接影響。

Slide 5 shows the Handysize fleet values and age. New building activity declined in first-quarter 2026 compared to fourth -quarter 2025. The total number of vessels ordered in the previous quarter amounted to 185 vessels compared to 110 vessels this quarter.

第 5 頁投影片顯示 Handysize 船隊的船價與船齡。相較於 2025 年第四季，2026 年第一季的新造船活動有所下降。前一季的訂單總數為 185 艘，而本季為 110 艘。

This, in part, could be explained by the US Trade Representative's plan to impose heavy port-call fees on Chinese-built or Chinese-operated vessels, which caused global ship owners to pull back sharply on ordering new dry-bulk ships from Chinese yards through much of the year.

部分原因可歸因於美國貿易代表署（USTR）計畫對中國建造或中國營運的船舶徵收高額靠港費，導致全球船東在一年中的大部分時間大幅縮減向中國船廠訂購新的乾散貨船。

Moreover, uncertainty swirling around President Trump's tariffs and foreign policy also deterred owners from heading to the shipyards.

此外，圍繞川普總統關稅與外交政策的不確定性，也使船東對前往船廠下單卻步。

After a strong backlash from the shipping industry and retaliatory measures from China by November 2025, the port fees had been effectively suspended. Yet, the temporary policy -- brief but significant -- disrupted vessels ordering decisions mid-year, while high nominal new building prices also had an impact.

在航運業強烈反彈以及中國於 2025 年 11 月採取報復措施之後，靠港費實際上已被暫停。然而，這項臨時政策——雖短暫但影響重大——在年中擾亂了船舶下單決策，同時新造船名目價格偏高也造成影響。

Long lead times for delivery of vessels due to shipyards being at full capacity has also discouraged new building activity.

由於造船廠產能已滿，船舶交付的交期過長，也抑制了新造船活動。

On the fleet size, 33% of the fleet is above 15 years of age. The average age of the C3is Handy fleet is 15.13 years, as at the end of first-quarter 2026. The order book of the Handysize category stands at 265 vessels until 2028. This represents an order book-to-fleet ratio of 8.8%.

就船隊規模而言，船隊中有33%的船齡超過15年。截至2026年第一季末，C3is 的 Handysize 船隊平均船齡為15.13年。Handysize 類別的訂單簿截至2028年共有265艘船舶。這相當於訂單簿對船隊比率為8.8%。

On slide 6, we present the Aframax/LR2 spot rates and age. Aframax rates strengthened across the quarter. In the Atlantic, US Gulf routes continued to rise and push to higher levels, while the Mediterranean also firmed on steady activity and the short position list.

在第6頁，我們呈現 Aframax/LR2 現貨運價與船齡。Aframax 運價在本季走強。在大西洋區域，美國墨西哥灣航線持續上升並推升至更高水準，而地中海在穩定的活動量與偏短的船位清單支撐下亦轉強。

The segment exhibited strong upward momentum across key routes. The highest average rate was in the North Sea continent route at almost $120,000. The highest percentage increase in average rate was on the [Caribs-USG] route, surging by 209% to an average of almost $110,000 per day. The highest daily rate recorded was on the Caribs-USG route at $325,000 per day.

該船型在主要航線上展現強勁的上行動能。平均運價最高的是北海—歐陸航線，接近每日12萬美元。平均運價漲幅百分比最高的是[Caribs-USG]航線，飆升209%至平均接近每日11萬美元。所記錄到的最高日運價出現在 Caribs-USG 航線，達每日32.5萬美元。

With the market remaining tight in both basins, owners were supported throughout the period, with the rate development reflecting tighter positioning and steady cargo flow.

由於兩大區域市場皆維持緊俏，船東在整個期間均獲得支撐；運價走勢反映出船位更為吃緊以及貨物流量穩定。

The Aframax/LR2 global fleet stood at 1,220 vessels by the end of first-quarter 2026. Of these, 292 vessels are over 20 years, accounting for 24% of the total number of vessels. The highest number of vessels was in the 15, 20 years category, accounting for 28% of the total.

截至2026年第一季末，Aframax/LR2 全球船隊為1,220艘。其中有292艘船齡超過20年，占船舶總數的24%。船舶數量最多的是15至20年船齡區間，占總數的28%。

The age of our Aframax tanker, as of March 31, 2026, was 15.7 years. The fleet increased by 23 vessels during first-quarter 2026, reflecting a change of 2%.

截至2026年3月31日，我們的 Aframax 油輪船齡為15.7年。2026年第一季船隊增加23艘，反映2%的變動。

Deliveries totaled 24 vessels, representing 2% of the starting fleet -- all of which were delivered in the first quarter. Demolition remained limited, with one vessel scrapped, equivalent to 0.1% of the fleet.

交付量合計24艘，相當於期初船隊的2%——且全部於第一季交付。拆船仍然有限，僅有1艘報廢，約等於船隊的0.1%。

The current order book comprises 215 vessels, accounting for 17.6% of the existing fleet. Of these, 61 vessels or 5% of the fleet are scheduled for delivery later in 2026.

目前訂單簿包含215艘，約占現有船隊的17.6%。其中61艘（或占船隊5%）預計於2026年稍晚交付。

Slide 7 shows the MR2 product tanker rate profile and fleet growth. Demolition activity is expected to remain strong in the MR2 category. More vessels were built in the year -- in the early 2000s compared to 1990s.

第7頁顯示 MR2 成品油輪的運價概況與船隊成長。預期 MR2 類別的拆船活動將維持強勁。在早期2000年代的造船量高於1990年代。

90% of the trading fleet is over 20 years. 27% is between 15 and 19 years old. 21% is between 10 and 14 years old. 18% is five to nine years old, while 14% was less than five years.

交易船隊中有90%船齡超過20年。27%介於15至19年。21%介於10至14年。18%介於5至9年，而14%少於5年。

The order book-to-trading ratio is 15.7% in deadweight terms. Net MR2 fleet growth in 2025 was 4.7%, year on year. The net fleet growth is expected to continue at around 6.5% in 2026 and then, around 4.7% in 2027.

以載重噸計，訂單簿對交易船隊比率為15.7%。2025年 MR2 船隊淨成長率為4.7%，年增年。預期2026年船隊淨成長率將持續約在6.5%，而2027年約為4.7%。

The fleet growth forecast for 2026 to 2028 is based on the current order book, after assuming slippage and expected demolition.

2026至2028年的船隊成長預測係以目前訂單簿為基礎，並假設交付延遲（slippage）及預期拆船後得出。

Slide 8 shows the fleet of C3is. At the end of first-quarter 2026, C3is owned and operated a fleet of three Handysize dry-bulk carriers and one Aframax oil tanker.

第8頁顯示 C3is 的船隊。截至2026年第一季末，C3is 擁有並營運三艘 Handysize 散裝貨輪及一艘 Aframax 油輪。

As previously announced, the company has acquired two product tankers: One of which, the Clean Fury, was delivered at the beginning of second-quarter 2026. The second one is due in the third-quarter 2026.

如先前公告，公司已收購兩艘成品油輪：其中一艘 Clean Fury 已於2026年第二季初交付。第二艘預計於2026年第三季交付。

With these additions, the fleet will increase its capacity to 311,431 deadweight, an increase of 387% from inception.

隨著這些新增船舶，船隊運力將提升至311,431載重噸，較成立之初增加387%。

All vessels have had their ballast water systems already installed. All the vessels are unencumbered and currently employed on short- to medium-term period charters and spot voyages. None of the vessels were Chinese-built; hence, not affected by the ongoing threat on tariffs and are of superior quality.

所有船舶均已安裝壓載水系統。所有船舶均無任何抵押負擔，目前以短至中期期租與現貨航次投入營運。所有船舶皆非中國建造；因此不受持續存在的關稅威脅影響，且品質更佳。

Slide 9 shows a sample of the international charters with whom the management company has developed strategic relationships and has experienced repeat business.

第9頁展示部分國際租家樣本；管理公司已與其建立策略性關係，並有重複合作的經驗。

Repeat business highlights the confidence our customers have for our operations and the satisfaction of the service we provide.

重複合作凸顯客戶對我們營運的信心，以及對我們所提供服務的滿意度。

The key to maintaining our relationships with these companies are high standards of safety and reliability of service.

維繫與這些公司的關係關鍵在於高標準的安全性與服務可靠性。

I will now turn over the call to Nina Pyndiah for our financial performance.

接下來我將把電話會議交給 Nina Pyndiah，說明我們的財務表現。

Thank you, Diamantis. Good morning to everyone.

謝謝你，Diamantis。各位早安。

Please turn to slide 10. I will go through our financial performance for the first three months of 2026.

請翻到第10頁。我將說明我們2026年前三個月的財務表現。

We reported voyage revenues of $11.6 million for the first quarter of '26 compared to $8.7 million in Q1 '25, an increase of 34%. Our net revenues were $10.4 million compared to $5.8 million in 2025, an increase of 78%.

我們2026年第一季的航次收入為1,160萬美元，較2025年第一季的870萬美元增加34%。我們的淨收入為1,040萬美元，較2025年的580萬美元增加78%。

The time-charter equivalent rates of our vessels were also positively impacted, with an increase of 99% for the fleet and 106% for our Aframax tanker compared to Q1 2025.

我們船舶的期租等價（TCE）運價亦受到正面影響：相較2025年第一季，整體船隊增加99%，而我們的 Aframax 油輪增加106%。

Voyage costs decreased by 57% from last year and was due to the decrease in bunker costs and port expenses. The bunker cost decrease was a result of more time and spot charters, where the charterer pays the fuel cost.

航次成本較去年下降57%，主要由於燃油成本與港口費用下降。燃油成本下降是因為更多採用期租與現貨租船安排，在此情況下燃油成本由承租人負擔。

Voyage expenses for the three months ended March 31, 2026, included bunker cost and port expenses of $0.5 million and $0.3 million, respectively, corresponding to 42% and 25% of total voyage expenses since the vessel, Afrapearl II, operated in the spot market.

截至2026年3月31日止三個月的航次費用中，燃油成本與港口費用分別為50萬美元與30萬美元；由於船舶 Afrapearl II 在現貨市場營運，兩者分別占航次費用總額的42%與25%。

Operating expenses for the three months ended March 31, '26, mainly included crew expenses of $1.2 million, corresponding to 48% of total operating expenses; spares and consumable costs of $0.6 million, corresponding to 24% of total vessel operating expenses; and maintenance expenses of $0.3 million, representing works on and repairs on the vessel, corresponding to 12% of total vessel operating expenses.

截至3月31日止三個月（'26）的營運費用主要包括：船員費用120萬美元，占營運費用總額的48%；備件及耗材成本60萬美元，占船舶營運費用總額的24%；以及維修保養費用30萬美元，代表船舶上的工程與修理，占船舶營運費用總額的12%。

We reported $211,000 as interest income, an increase of 41% from last year due to a higher balance of funds placed under time deposit.

我們確認利息收入211,000美元，因定期存款資金餘額較高，較去年增加41%。

Loss on warrants for the three months ended March 31, '26, was $2.3 million; whereas, there was a gain on the warrants for the three months ended March 31, '25, of $6.9 million.

截至3月31日止三個月（'26）的認股權證損失為230萬美元；而截至3月31日止三個月（'25）則為認股權證收益690萬美元。

This change related to the net fair value losses on our warrants and were classified as liabilities. This is a non-cash item and does not reflect our operational performance.

此變動與我們認股權證的淨公允價值損失有關，且該等認股權證被分類為負債。此為非現金項目，並不反映我們的營運表現。

Our adjusted EBITDA came in at $6.9 million for Q1 '26 compared to $2.9 million for Q1 '25, an increase of 130%. We reported a net income of $3.2 million and an adjusted net income of $5.5 million. The latter represents an increase of 358% from Q1 '25. We achieved a fleet operational utilization of 85% in Q1 '26.

我們2026年第一季（Q1 '26）的調整後EBITDA為690萬美元，相較2025年第一季（Q1 '25）的290萬美元，增加130%。我們報告淨利為320萬美元，調整後淨利為550萬美元。後者較Q1 '25增加358%。我們於Q1 '26達成船隊營運使用率85%。

Turning to slide 11, for the balance sheet, we had a cash balance of $27 million, an increase of 82% from year-end 2025, in spite of the full payment of the 90% of the purchase price of the Eco Spitfire of $15.1 million in Q2 '25.

接著看第11頁投影片，就資產負債表而言，我們的現金餘額為2,700萬美元，較2025年年底增加82%，儘管我們已於2025年第二季（Q2 '25）全額支付Eco Spitfire購買價款90%（1,510萬美元）。

Other current assets consisted mainly of receivables of $2.6 million and inventories of $900,000. The vessel's net value of $76 million are for the four vessels, less depreciation. Vessels' market values were $75.5 million.

其他流動資產主要包括應收款260萬美元及存貨90萬美元。船舶淨值7,600萬美元係四艘船舶扣除折舊後之金額。船舶市值為7,550萬美元。

Trade accounts payable of $1.9 million are balances due to suppliers and brokers. $1.2 million from this balance has currently been paid off.

應付帳款190萬美元為應付供應商及經紀商之款項餘額；其中120萬美元目前已償清。

Payable to related party of $790,000 represents the balance due to the management company, Brave Maritime.

應付關係人款項79萬美元，代表應付管理公司Brave Maritime之餘額。

The warrant liability of $1.7 million relates to the net fair value difference on non-exercised warrants, as of March 31, 2026. This is a non-cash item.

認股權證負債170萬美元，係截至2026年3月31日未行使認股權證之淨公允價值差額。此為非現金項目。

Our shareholders' equity is at a robust $102.2 million, as of Q1 '26, compared to $95.1 million, as of year-end '25.

截至Q1 '26，我們股東權益穩健達1.022億美元，相較2025年年底的9,510萬美元。

Concluding the presentation, on slide 12, we 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 favorable charters.

在簡報結尾，第12頁投影片中，我們概述了將協助推動公司成長的關鍵變數。擁有高品質船隊可降低營運成本、提升安全性，並在爭取有利租船合約方面提供競爭優勢。

We maintain the quality of the vessel by carrying out regular inspections, both while in port and at sea; and adopting a comprehensive maintenance program for each vessel.

我們透過定期檢查（無論在港或在海上）以及為每艘船舶採行全面性的維修保養計畫，以維持船舶品質。

None of our vessels were built from Chinese shipyards; therefore, any potential US tariffs on Chinese-built ships are not expected to have any impact on our fleet.

我們的船舶均非由中國船廠建造；因此，任何潛在的美國對中國建造船舶加徵關稅，預期不會對我們的船隊造成影響。

The company's strategy is to follow a disciplined growth, with in-depth technical and condition assessment review.

公司的策略是遵循審慎的成長步調，並進行深入的技術與船況評估審查。

Equity issuances will continue, as management is continuously seeking a timely and selective acquisition of quality non-Chinese built vessels with current focus on short to medium charters and spot voyages.

股權發行將持續進行，因管理層持續尋求適時且有選擇性地收購高品質、非中國建造的船舶；目前重點放在短至中期租約及即期航次。

Following on with this strategy, the company has added two product tankers to the fleet, one of which was delivered at the start of Q2 2026; and the second one, expected in Q3 2026.

依循此策略，公司已為船隊新增兩艘成品油輪，其中一艘已於2026年第二季（Q2 2026）初交付；第二艘預計於2026年第三季（Q3 2026）交付。

We always charter to high-quality charterers, such as commodity traders; industrial companies; and oil producers and refineries.

我們一向將船舶出租給高品質承租人，例如大宗商品交易商、工業公司，以及石油生產商與煉油廠。

Despite having increased our fleet by 387% since inception, the company has no bank debt. No interest were charged by the affiliated sellers on the purchase prices of the Afrapearl II, the Eco Spitfire, and the two recently acquired product tankers.

儘管自成立以來我們的船隊已增加387%，公司仍無銀行負債。關係企業賣方就Afrapearl II、Eco Spitfire及近期收購的兩艘成品油輪之購買價款，均未收取利息。

Our upcoming CapEx obligations will be $39.7 million due on the two product tankers payable in January 2027.

我們即將到期的資本支出（CapEx）義務為3,970萬美元，係兩艘成品油輪之款項，將於2027年1月到期支付。

At this stage, our CEO, Dr. Diamantis Andriotis, will summarize the concluding remarks for the period examined.

在此階段，我們的執行長Diamantis Andriotis博士將就本次所檢視期間作結語摘要。

For the first three months of 2026, we reported an adjusted net income of $5.5 million, an increase of 358% from 2025; an adjusted EBITDA of $6.9 million, an increase of 130%; and a cash balance of $27 million, an increase of 82% from year-end 2025, despite paying off the remaining balance of $15.1 million that was due on the Eco Spitfire in Q2 2025.

就2026年前三個月而言，我們報告調整後淨利為550萬美元，較2025年增加358%；調整後EBITDA為690萬美元，增加130%；以及現金餘額2,700萬美元，較2025年年底增加82%，儘管我們已於2025年第二季（Q2 2025）支付Eco Spitfire尚餘應付的1,510萬美元。

At the start of Q2 2026, we took delivery of the first of the two product tankers recently acquired, with the second one expected in Q3 2026.

在2026年第二季（Q2 2026）初，我們已接收近期收購的兩艘成品油輪中的第一艘，第二艘預計於2026年第三季（Q3 2026）交付。

We are fully delevered; thus, significantly enhancing our financial flexibility.

我們已完全去槓桿化；因此，大幅提升了我們的財務彈性。

C3is's financial landscape is seeing dynamic shifts, following its current expansion efforts. This will be critical for building future competitive resilience, as adding product tankers to the fleet enhances operational diversity; thus, exposing the company to the growing tanker market, a sector ripe with potential.

隨著C3is目前的擴張努力，其財務版圖正出現動態變化。這對於建立未來的競爭韌性至關重要，因為將成品油輪納入船隊可提升營運多元性；從而使公司得以參與正在成長的油輪市場——一個充滿潛力的領域。

This will allow the company to capitalize on booming charter rates, leading to a possible surge in revenues.

這將使公司得以把握蓬勃的租船費率，進而可能帶動營收大幅成長。

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 second quarter of 2026.

感謝各位今天與會，並期待在下一次電話會議中再次與各位相見，屆時我們將公布2026年第二季的業績結果。