C3is Inc. Provides Fleet Expansion Update in the Tanker Sector and Announces Management’s Estimate of Net Asset Value

C3is Inc. (NASDAQ: CISS) (the “Company”), a ship-owning company providing dry bulk and tanker seaborne transportation services, provided an update on its fleet expansion, with  the delivery of two MR product tankers expected between the first quarter and the third quarter of 2026, and announced management’s estimate of the Company’s Net Asset Value (“NAV”) as of September 30, 2025.

Fleet Expansion Update

Following the delivery of the two MR product tankers scheduled to be delivered between the first quarter and the third quarter of 2026, and assuming no further vessel acquisitions or dispositions, the Company’s fleet will consist of six vessels: one Aframax oil tanker with a capacity of approximately 115,800 deadweight tons (“dwt”), two MR product tankers with capacities of approximately 50,000 dwt each and three Handysize dry bulk carriers with an aggregate capacity of 97,664 dwt. The Company’s total fleet capacity is expected to be approximately 310,667 dwt.

Subsequent to these latest acquisitions, C3is Inc. will have increased its fleet DWT capacity by 385% from inception, without resorting to any bank loans.

The Company’s tanker fleet, consisting of one Aframax tanker and two MR product tankers, is expected to operate in the spot market, which is currently exhibiting strong fundamentals. Based on currently prevailing market conditions, average daily charter revenues are estimated at approximately $55,000 for Aframax tankers and $25,000 for MR product tankers. We believe the cash flow contribution from the Company’s tanker fleet will be substantial.

The Company’s Handysize dry bulk carriers are currently employed under short-term fixed time charter contracts, generating average daily charter rates of approximately $15,800, providing more stable revenues and contributing to cash flow generation.

*The San Remo is expected to be delivered to us between Q1 and Q3 2026. The Clean Fury is expected to be delivered to us between Q1 and Q2 2026.

Management’s Estimate of Net Asset Value

The Company also announced that, as of September 30, 2025, on a pro forma basis giving effect to the Company’s recently executed agreements to acquire two MR product tankers, management estimates the Company’s Net Asset Value (“NAV”) to be approximately $77.5 million.

Net Asset Value Methodology

The estimated NAV is based on management’s estimates of the current market value of the vessels in the Company’s fleet on a fully delivered basis, cash balances as reflected in the Company’s financial statements as of September 30, 2025, on a pro forma basis giving effect to equity offerings completed during the fourth quarter of 2025 , less remaining capital expenditures related to the two newly acquired MR product tankers and less the liquidation value of the Company’s outstanding preferred shares.

The estimated NAV represents a snapshot in time, will likely change, and does not represent the amount a stockholder would receive now or in the future for such holder’s shares of the Company’s common stock. This NAV is based on a number of assumptions, estimates and data that are inherently imprecise and susceptible to uncertainty and changes in circumstances. Net Asset Value calculation methodologies may vary across industries and companies.