C3is Reports Q1 2026 Results With $32,200 Daily TCE, Notes $115,000 Aframax Rate

Overview

• C3is reported Monday unaudited first‑quarter results, saying its fleet averaged about $32,200 per day on a Time Charter Equivalent basis, a standard daily earnings measure in shipping.
• Management said spot rates improved after the quarter, with its Aframax tanker currently earning $115,000 per day and other segments showing strong returns.
• The company said it has no outstanding bank debt, which it described as a source of financial flexibility for future moves.
• The release used non‑GAAP figures such as TCE, EBITDA and adjusted net income, and it provided reconciliations to GAAP while restating per‑share figures for reverse stock splits in April 2024, December 2024, April 2025, January 2026 and April 2026.
• Executives held a 10:00 am ET conference call and webcast to review the results and discuss operations and outlook.