C3is Inc., a ship-owning company providing dry bulk and tanker seaborne transportation services,  announced the expansion of its fleet by entering into two Memoranda of Agreement for the acquisition of two MR product tankers with an approximate capacity of 50,000 dwt per vessel, both built in South Korea in 2008 and 2011, respectively (the “Transaction” or the “Acquisitions”).

The purchase price is $16.88 million for the 2008-built tanker and $22.90 million for the 2011-built tanker. The vessels are expected to be delivered to the Company between the first and third quarters of 2026.

Following completion of these acquisitions, the Company’s fleet will increase by 50% to a total of six vessels and focus on the lucrative tanker sector. It will consist of three Handysize dry bulk carriers and three tankers, an Aframax oil tanker and two MR product tankers.

The vessels will be acquired from an entity affiliated with Brave Maritime Corp Inc. The Acquisitions were approved by the independent directors of the Company, who obtained independent valuations for the vessels and based the respective purchase prices on the average of those valuations.

The Acquisitions are funded with a one-year interest free loan, pursuant to which the Company may elect to pay the entire purchase price of the vessels at any time during the year following the date of the applicable Memoranda of Agreement thereby providing significant financial flexibility.

Commenting on the Transaction, Dr. Diamantis Andriotis, the Company’s Chief Executive Officer, said:

“We continue to pursue opportunistic acquisitions that position our Company to capitalize on favorable market conditions. This acquisition represents an investment that materially increases the scale of our operations, while strengthening our commercial profile and earnings capacity.

The newly acquired MR product tankers meaningfully increase our exposure to the tanker market, with very positive and sustainable fundamentals evidenced by high short- and medium-term charter rates. In the currently prevailing spot market, each vessel would be expected to generate revenues of approximately $25,000 per day, or approximately $9 million in annual gross revenue. After accounting for daily operating expenses, including management fees and general and administrative expenses, estimated at approximately $8,300 per day, this revenue would be expected to translate into annual EBITDA of approximately $6 million per vessel.

The robust cash flows expected to be generated by the newly acquired MR product tankers as well as our Aframax tanker with daily spot rates currently at around $55,000, will significantly enhance our Company’s profitability, strengthen our financial resilience and provide additional flexibility to pursue future growth opportunities.”