Exhibit 99.1
C3is ANNOUNCES AGREEMENT TO ACQUIRE HANDYSIZE BULK CARRIER FROM AN AFFILIATED COMPANY.
Athens, Greece, April 12, 2024 – C3is Inc. (Nasdaq: CISS) (the “Company”) announced today that it has entered into an agreement to acquire the Bulk Carrier Eco Spitfire for $16.19 million from Brave Maritime, an affiliated company.
The Eco Spitfire, a Marshall Islands registered vessel, was built at a Japanese ship yard in 2012, and has a cargo carrying capacity of approximately 33,664 dwt.
Payment of 10% of the purchase price will be effected within April 2024, with the remaining balance due by the 10th of April 2025, at the latest.
The vessel is currently trading under a time charter, scheduled to expire at the beginning of May 2024.
The transaction with Brave Maritime Inc., which is an affiliated company, was approved by the Company’s audit committee comprising of independent directors.
About C3is Inc.
C3is Inc. is a ship-owning company providing seaborne transportation services, including major national and private industrial users, commodity producers and traders.
Following the acquisition of the Eco Spitfire, the Company will own a fleet of 3 Handysize Bulk Carriers with a capacity of 97,664 dwt, and one Aframax oil tanker of 115,800 dwt, resulting in a total fleet capacity of 213,464 dwt.
C3is Inc.’s common shares are listed on the Nasdaq Capital Market and trade under the symbol “CISS.”
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts, including in relation to the delivery date for the vessel being acquired and the financing of the remaining purchase price. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although C3is INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies
