Operationally, the company stated that all of its vessels are unencumbered, with its Aframax tanker operating in the spot market and its handysize dry bulk carriers on time charters. A key achievement, according to C3is, is that it has met all of its capital expenditure commitments, totalling $59.2 million, without using any bank loans.
The company noted that these expenditures mainly related to the acquisitions of its Aframax tanker, the Afrapearl II, and its bulk carrier, the Eco Spitfire. Dr. Diamantis Andriotis, C3is’ Chief Executive Officer, said that the company is “fully deleveraged”, which significantly enhances its financial flexibility and provides a strong foundation for future growth.