Q2 2024 C3is Inc Earnings Call

August 22, 2024

Operator: Good day and thank you for standing by.

Operator: Good day, and thank you for standing by. Welcome to the C3IS Q2 2024 financial and operating results conference call and webcast. At this time, more participants will be on listen-only mode with no question-and-answer session at the end.

Operator: Welcome to the C3is Q2 2024 financial and operating results conference call and webcast.

Good day and thank you for standing by welcome to the C. Free I S Q2, 'twenty 'twenty four financial and operating results conference call and webcast.

Operator: At this time all participants will be on listen-only mode with no question and answer session at the end. Please note that today's conference is being recorded.

Speaker Change: At this time, all participants will be on listen only mode with no question and answer session at the end.

Operator: Please note that today's conference is being recorded.

Speaker Change: Please note that today's conference is being recorded.

Operator: I would now like to turn the conference over to your speaker Mr. Diamantis Andriotis.

Operator: I would now like to have a conference over to your speaker, Mr. Diamantes, and the autists. Please come ahead, Sir.

Speaker Change: I'd now like to turn the conference over to your Speaker Mr Del Monte Sandler. Please go ahead Sir.

Operator: Please go, ahead Sal.

Speaker Change: Okay.

Mr. Diamantes: Good morning, everyone, and welcome to our C3IS Q2 2021 conference call and webcast. This is Diamantes and the Autists, CEO of the company. Joining me on the call today is our CFO in Appinia.

Speaker Change: Good morning, everyone and welcome to a shipyard, yes second quarter earnings conference call and webcast.

Diamantis Andriotis: Good morning everyone and welcome to our C3is Q2 2024 conference call and webcast.

Speaker Change: This is the ambition and the L. P C O the company join.

Speaker Change: Joining me on the call today is our CFO and an opinion.

Diamantis Andriotis: This is Diamantis Andriotis, CEO of the company.

Mr. Diamantes: Before we commence our presentation, I would like to remind you that we will be discussing forward-looking statements which reflect kind views with respect to future events and financial performance and are based on current expectations and assumptions which, by nature, are inherently uncertain and outside of the company's control. At this stage, if you would all take a moment to read our disclaimer slide to this presentation. I would also like to point out that all amounts quoted, and less otherwise clarified, are implicitly stated in used dollars.

Speaker Change: Before my presentation I would like to remind you that we will be discussing forward looking statements, which reflect current views with respect to future events and financial performance.

Speaker Change: Based on current expectations and assumptions, which by nature are healthy uncertain and outside of the company's control.

Diamantis Andriotis: Joining me on the call today is our CFO Nina, Pindia.

Speaker Change: At this stage if you could all take a moment to read our disclaimer on slide two of this presentation.

Diamantis Andriotis: Before we commence our presentation I would like to remind you that we will be discussing forward-looking statements which reflect current views with respect to future events and financial performance and are based on current expectations and assumptions which by nature are inherently uncertain and outside of the company's control.

Speaker Change: I would also like to point out that all amounts quoted unless otherwise clarified I implicitly stated in us dollars.

Mr. Diamantes: Today, we released our ending results for the second quarter of 2024. So let's proceed to discuss these results and update you on the company strategy and the market in general. Please turn to slide three, where we summarize and highlight the company's performances, starting with our financial highlights. For the first half of 2024, we report an adjusted EBDA of 11.3 million, which is an increase of 555 percent compared to the first six months of 2023. Our adjusted net income came in at 7.3 million, an increase of 1,790 percent from the first six months of 2023. Our Afroax tanker, the AfroPel II, contributed around 80 percent of the total revenues.

Today, we released our earnings results for the second quarter of 'twenty 'twenty four so literacy to discuss these results and update you on the Companys strategy and the market in general.

Diamantis Andriotis: At this stage if you could all take a moment to read our disclaimer on slide 2 of this presentation.

Diamantis Andriotis: I would also like to point out that all amounts quoted unless otherwise clarified are implicitly stated in US dollars.

Speaker Change: Please turn to slide three where we summarize and highlight the company's performances, starting with our financial highlights.

Diamantis Andriotis: Today we released our earnings results for the second quarter of 2024. So let's proceed to discuss these results and update you on the company's strategy and the market in general.

Speaker Change: For the first half of 'twenty 'twenty four we reported an adjusted EBITDA of $11 3 million, which is an increase of 555% compared to the first six months of 2023.

Diamantis Andriotis: Please turn to slide 3 where we summarize and highlight the company's performances starting with our financial highlights.

Diamantis Andriotis: For the first half of 2024 we reported an adjusted EBITDA of 11.3 million which is an increase of 555 percent compared to the first six months of 2023.

Speaker Change: Our adjusted net income came in at $7 3 million, an increase of 1790% from the first six months was 10 23.

Diamantis Andriotis: Our adjusted net income came in at 7.3 million, an increase of 1790 percent from the first six, months of 2023. Our Afronax tanker the Afrapel 2 contributed around 80 percent of the total revenues.

Speaker Change: Our aframax tankers, the honorable to contributed around 80% of the total revenues.

Diamantis Andriotis: Our vessel's net book value was 87.4 million at the end of June 24 compared to 75.2 percent, at the end of December 23.

Mr. Diamantes: Our vessel's netbook value was 87.4 million at the end of June 24, compared to 75.2 at the end of December 23. That is following the delivery of a bulk carrier in April 2024. Our netcast balance was 45.5 million at the end of June 24, compared to 9 million at the end of February 23. This was a combination of three major items: net profit from our normal business operations, it is receivables of 6 million recorded at the end of June 24, 23, that were collected in the first half of 2024, and the proceeds of around 12 million from two shareholders that took place in the first quarter of 2024.

Speaker Change: Our vessels net book value was $87 4 million at the end of June 24, compared to 75, 2% at the end of December 'twenty three.

Diamantis Andriotis: That is following the delivery of a bulk carrier in April 2024.

Speaker Change: That is following the delivery of a bulk carrier in April 2024.

Diamantis Andriotis: Our net cash balance was 45.5 million at the end of June 24 compared to 9 million at the end of, December 23.

Speaker Change: Our net cash balance was $45 5 million at the end of June 24, compared to 9 million at the end of the December 23.

Diamantis Andriotis: This was a culmination of three major items. Net profit from our normal business operations, receivables of 6 million recorded at the end of Q4 23 that were collected in the first half of 24 and the proceeds of around 12 million from two share offers that took place in the first quarter of 2024.

Speaker Change: This was the culmination of three major items net profit from our normal business operations receivables of 6 million recorded at the end of Q4 'twenty three that were collected in the first half was 24 and the proceeds of around $12 million from two share offers that took place in the first quarter of 2024.

Diamantis Andriotis: Our TCE for second half 24 was 29.700, 145 percent higher than the rate for second half 23. The income from the Afronax tanker is the main contributor to this exceptional increase.

Mr. Diamantes: Our TCE for the second half of 2024 was 29,700, 145 percent higher than the rate for the second half of 2023. The income from the Afroax tanker is the main contributor to this exceptional increase. On the fleet acquisitions, the company commenced operation with two handi-sized carriers with a total fleet capacity of 64,000 deadweight. Since then, we acquired the Afroax tanker of 115,000 deadweight in 233, and in Q224, a 33,000 deadweight bulk carrier, bringing the total current fleet capacity to 213,000 deadweight with an average age of 15.5 years. The total fleet capacity has increased by 234% since the company's inception.

Speaker Change: Our TCE for the second half 'twenty four it was 29700 <unk>.

Speaker Change: 145% higher than the rate for second half 'twenty three.

Speaker Change: The income from the Aframax tankers the main contributors to this exceptional increase.

Diamantis Andriotis: On the fleet acquisitions the company commenced operation with two handy-sized carriers, with a total fleet capacity of 64.000 deadweight. Since then we acquired an Afronax tanker of 115.000 deadweight in Q3 23 and in Q2 24 a 33.000, deadweight bulk carrier bringing the total current fleet capacity to 213.000 deadweight with an average age of 13.5 years.

Speaker Change: On the fleet acquisitions, the company commenced operation with two handy sized carriers.

Speaker Change: With a total capacity of 64000 deadweight.

Speaker Change: Since then we acquired an aframax tanker of 115000 deadweight in Q3 23, and in Q2, 24, and 33000 deadweight bulk carriers, bringing the total current fleet capacity to 213000 deadweight with an average age of 13 five years.

Diamantis Andriotis: Η κατασκευή της τοταλής κατασκευής έχει αυξασθεί από 234% από την αρχή της εταιρείας.

Speaker Change: The total fleet capacity has increased by 234% since the company's inception.

Diamantis Andriotis: Όπως δημιουργηθεί στην πρόσφατη εφηβολία, η εταιρεία έλαβε, μια εφηβολία από το Ναζδεκ, καθώς οι κομμάτιες της εταιρείας ήταν πίσω από 1 δολάρια για 30 ημερικές ημέρες, η οποία είναι η μικρή κομμάτια της εταιρείας για συνεχή εφηβολία στον κεφαλαίο αγορά.

Mr. Diamantes: As stated in pressure releases, the company received a written notification from Nasak as the company shares were below $1 for 30 consecutive days, which is a minimum share bid price for continued listing on the capital market. In order to regain compliance, the company affected than one for one hundred and the rest of the fleet of the company's common stock in April 24. Slide 4 shows the dry bulk trade by the end of the second quarter 24. Iron ore is the number one dry bulk trade commodity. Trade is restricted on very few routes, such as Brazil, China, and Australia, China, with the Pacific Basin being predominant.

Speaker Change: Stay tuned press releases the company received notification from NASDAQ as the company shares well below $1 for 30 consecutive days, which is the minimum bid price for continued listing on the capital market.

Diamantis Andriotis: Για να ανακαλύψει την ευλογία, η εταιρεία επηρέασε, την εταιρεία που επηρέασε στο ανάπτυξο εφηβολίου 1-100 της εταιρείας κομμάτιας της εταιρείας στο Απρίλιο 2024.

Speaker Change: In order to regain compliance the company effected a one for 100 and the reverse stock split of the company's common stock in April 24.

Diamantis Andriotis: Το σχόλιο 4 δείχνει την εταιρεία της κατασκευής, μέχρι το τέλος της δεύτερης κομμάτια του 2024.

Speaker Change: Slide four shows the dry bulk trade by the end of second quarter 'twenty four.

Diamantis Andriotis: Το Ιρονό είναι η πρώτη εταιρεία κατασκευής.

Speaker Change: Iron ore is the number one dry bulk trade commodity.

Diamantis Andriotis: Η εταιρεία είναι κατασκευημένη σε πολύ λίγες γραμμές, όπως στην Βραζίλια-Κίνα και την Αυστραλία-Κίνα, με την παραγωγή της Ανατολικής Βασίλειας.

Trade is restricted on very few routes, such as Brazil, China, and Australia, China with Pacific Bashing being predominant.

Diamantis Andriotis: Οι άλλοι μεγάλες εταιρείες είναι η Ιαπωνία, η Βασίλεια-Κορυφαία, η Βασίλεια-Ευρώπη και η Αμερική Βασιλιά.

Mr. Diamantes: Other major importers are Japan, South Korea, Western Europe, and the Middle East. In January May 24, global experts of iron ore reached 672.1 million tons, according to AXS marine vessel tracking data. This is a 5.3% increase year-on-year. In January May 24, global imports of iron ore reached 694.6 million tons, according to the same source. This was an increase of 5.7% year-on-year. Coal is still the second most-traded dry bulk commodity. Global coal trade continues to grow, with 2023 volumes being an all-time record high. Growth in imports to China, India, and Asia is compensating for decline demand from Europe and Japan.

Speaker Change: Other major importers, Japan, South Korea, Western Europe, and the Middle East.

Diamantis Andriotis: Στην Ιανουαρία-Μαΐα 2024, οι παγκόσμιες εταιρείες του Ιρονό, έφεραν 672,1 εκατομμύρια τόντα, σε σύμφωνα με τα πληροφοριακά πληροφοριακά πληροφοριακά δεδομένα.

Speaker Change: In January May 24, global exports of iron ore.

Speaker Change: $672 1 million tonnes, according to excess marine vessel tracking data.

Diamantis Andriotis: Αυτό είναι ένα 5,3% αυξάνομενο χρόνο με χρόνο.

Speaker Change: This is a five 3% increase year on year.

Diamantis Andriotis: Στην Ιανουαρία-Μαΐα 2024, οι παγκόσμιες εταιρείες του Ιρονό έφεραν 694,6 εκατομμύρια τόντα, σε σύμφωνα με τα πληροφοριακά πληροφοριακά πληροφοριακά δεδομένα.

Speaker Change: Sir you May 24, global imports of iron ore reached $694 6 million tonnes. According to the same church. This was an increase of five.

Diamantis Andriotis: Αυτό ήταν ένα αυξάνομενο 5,7% χρόνο με χρόνο.

Diamantis Andriotis: Το κόλ είναι ακόμα η δεύτερη μεγαλύτερη κοινωνική εταιρεία.

Five 7% year on year.

Speaker Change: Coal is still the second most traded dry bulk commodity.

Diamantis Andriotis: Η παγκόσμια κόλ εταιρεία συνεχίζει να μεγαλώσει, καθώς και στις εταιρείες στην Κίνα, την Ινδία και την Ασία.

Speaker Change: Global coal trade continues to grow with 2023 volumes been an all time record high.

Speaker Change: Growth in imports from China, India, and Aegean is compensating for a decline in demand from Europe and Japan.

Diamantis Andriotis: Είναι συμπεριλαμβάνοντας για την ανάπτυξη ανάπτυξης από την Ευρώπη και τον Ιαπωνία.

Diamantis Andriotis: Στην Ιανουαρία-Μαΐα 2024, οι παγκόσμιες εταιρείες του κόλ έφεραν 556,8 εκατομμύρια τόντα, σε σύμφωνα με τα πληροφοριακά πληροφοριακά δεδομένα.

Mr. Diamantes: In January May 24, global experts of coal reached 556.8 million tons, according to AXS, and this was a 2.5% increase year-on-year. In January May 24, global imports of coal reached 554.3 million tons, which was a 2.2% increase year-on-year. Global cyborg soybean trade reached 149.2 million tons in 23, and this was the highest volume since 2020. Trade was dominated by Chinese imports, which account for two-thirds of volumes, with Europe at least on second. Main exporters are USA and Brazil, with smaller volumes coming from Canada and Argentina. Global cyborg foreign wheat trade reached 149.7 million tons in 23.

Speaker Change: In our January May 24, global exports of coal reached 550.

Speaker Change: <unk> 56.8 million tonnes according to access.

Diamantis Andriotis: Αυτό ήταν ένα 2,5% αυξάνομενο χρόνο με χρόνο.

Speaker Change: And this was a two 5% increase year on year.

Diamantis Andriotis: Στην Ιανουαρία-Μαΐα 2024, οι παγκόσμιες εταιρείες του κόλ έφεραν 554,3 εκατομμύρια τόντα, σε σύμφωνα με τα πληροφοριακά πληροφοριακά δεδομένα.

Speaker Change: In January May 24, global imports of coal reached 554 3 million tons, which was a two 2% increase year on year.

Diamantis Andriotis: Η παγκόσμια εταιρεία συνεχίζει να μεγαλώσει, καθώς και στην Ασία.

Speaker Change: Global seaborne soybean trade reached $149 2 million tons in 'twenty three.

Diamantis Andriotis: Και αυτό ήταν το πιο υψηλό κομμάτι από το 2020.

Speaker Change: And this was the highest volume since 2020.

Diamantis Andriotis: Η εταιρεία διεθνήθηκε από τις κίνησες εταιρείες, που υπηρετούν 2 τρίτους κομμάτων, με τη Ευρώπη διεθνή δεδομένη.

Trade was dominated by Chinese imports, which accounts for two thirds of volumes with Europe at least one second.

Diamantis Andriotis: Οι δημοσιογράφοι είναι τα ΗΠΑ και το Βραζίλ, με μικρές κομμάτια που φέρνουν από την Καναδή και την Αργεντινή.

Speaker Change: Main exporters, a USA and Brazil with smaller volumes coming from Canada and Argentina.

Diamantis Andriotis: Η παγκόσμια εταιρεία συνεχίζεται με 149,7 εκατομμύρια τόντα, σε σύμφωνα με τα 23 εταιρεία.

Speaker Change: Global seaborne trade reached $149 7 million tons in 'twenty three trade.

Mr. Diamantes: Trade was dominated by exports from the EU and the Black Sea region, as well as the USA and Canada. There has been a significant increase in volumes from Russian and EU ports, replacing Ukrainian ports, and imports are primarily to the main region, China, and Southeast Asia. In January May 24, global exports of wheat reached 74.7 million tons, according to AXS, and this was a 19.8% increase year-on-year. 25% of exports were shipped from Russia, 23% from the EU, 14% from Australia, and 12% from Canada. Global cyborg coarse grain trade reached 164.3 million tons in 23. Trade was dominated by exports from South America, the USA, and the Blacks region.

Diamantis Andriotis: Η εταιρεία χειρίζεται από τις εταιρείες από την ΕΕ και την Αριστερά.

Speaker Change: Trade was dominated by experts from the U N. The black Sea region as well as the USA and Canada.

Diamantis Andriotis: Υπήρξε μια σημαντική αυξάναση από τις εταιρείες της Ρωσίας και της ΕΕ, αντίστοιχα από τις εταιρείες της Ουκρανίας, και οι εταιρείες είναι κυρίως στην περιοχή Μίνα, την Κίνα και την Αριστερά.

Speaker Change: There has been a significant increase in volumes from Russian and he reports, replacing grain imports.

Speaker Change: And in personnel, primarily to the Mena region, China and Southeast Asia.

Diamantis Andriotis: Στις 24 Ιανουαρίου, οι εταιρείες παγκόσμιας εταιρείας έφεραν 74,7 εκατομμύρια τόντα, σε σύμφωνα με τα εταιρεία της ΑΕΚΣ, και αυτή ήταν μια 19,8% αυξάναση χωρίς χρόνο.

Speaker Change: In our January May 24, global exports of wheat reached $74 7 million tons are going to access and this was a 19, 8% increase year on year 'twenty.

Diamantis Andriotis: 25% των εταιρείων έφεραν από την Ρωσία, 23% από την ΕΕ, 14% από την Αυστραλία, και 12% από την Καναδή.

Speaker Change: 25% of experts were shipped from Russia, 23% from EU, 14% from Australia, and 12% from Canada.

Diamantis Andriotis: Η αυξάναση των εταιρείων παγκόσμιας εταιρείας έφερα 164,3 εκατομμύρια τόντα, στις 23 Ιανουαρίου.

Speaker Change: Global seaborne coarse grain trade reached $164 3 million tons in 'twenty three.

Diamantis Andriotis: Η αυξάναση ήταν κυριαρχημένη από τις εταιρείες της Αμερικής Βασίλειας, της Ηνωμένης Αμερικής και της Βασίλειας, ενώ στις 24 Ιανουαρίου, οι εταιρείες παγκόσμιας εταιρείας έφεραν 65,5 εκατομμύρια τόντα, σύμφωνα με την ΑΕΚΣ, και αυτό ήταν ένα 12,8% αυξάνομα ένα χρόνο.

Speaker Change: Grade was dominated by exports from South America, the USA and the Black Sea region. While in January May 24, global exports of coarse grains reached 65 5 million tonnes. According to access and this was a 12, 8% increase year on year.

Mr. Diamantes: While in January May 24, global exports of coarse grains reached 65.5 million tons, according to AXS, and this was a 12.8% increase year-on-year.

Diamantis Andriotis: Στην λεπίδα 5 βλέπουμε ότι το δυνατό κοινό αγοράκι απολαύει υγιεινές κεφάλαιες, λόγω μεγάλης υποστήριξης από τις διπλώσεις της Ευρωπαϊκής Ευρώπης, δυνατότητας γεωπολιτικής σύγχρονης στις Ρωμαϊκές και Ουκραίνικες πόλεις, το Μέσο Ανατολικό, ένας ισχυρός εξελίξης στην Ε.Η.

Mr. Diamantes: On slide 5, we see that the dry bulk market is enjoying healthy earnings due to major support from the Red Sea diversions, geopolitical uncertainty in the Russian Ukraine war, the Middle East, a potential escalation of the U.S.-China trade war, and topics oil market games. Dry bulk demands expect to increase by 3.6% in 24. Improvements in demand have been highly supported by firm Chinese demand for dry bulk commodities, while re-routing away from the Red Sea area and restrictions imposed in Palma Canal transit further support dry bulk toned mild demand growth. After contracting by 1% in 22, minor bulk toned mild trade increased by 3% in 23, while it is expected to increase by 5.2% in 24 and 2.7% in 25.

Speaker Change: On slide five we see that the dry bulk market is enjoying healthy earnings due to major support from their etsy diversions geopolitical uncertainty and they're asking are creating war the middle East a potential escalation of the U S. China Trade War.

Diamantis Andriotis: Κίνη, και τα παιχνίδια της ΟΠΕΞ.

Speaker Change: And Opex are oil market games.

Diamantis Andriotis: Η ανάπτυξη της σύγχρονης κοινότητας προσέγγιζε να αυξηθεί με 3,6% το 2024.

Speaker Change: Dry bulk demand is expected to increase by three 6% and 24 <unk>.

Diamantis Andriotis: Οι ανάπτυξεις στην ανάπτυξη έχουν δημιουργηθεί με υψηλή στήριξη από στήριξη στις Κίνες για σύγχρονες κοινότητες, ενώ η αναπτυξία από την περιοχή της Ευρωπαϊκής Ευρώπης και οι κατασκευές που υποδεχθούν στις τράπεζες του Παναγίου Κανάλου, υποστηρίζονται ακόμα με υψηλή ανάπτυξη της σύγχρονης κοινότητας προσέγγιζε να αυξηθεί με υψηλή στήριξη από στήριξη στις Κίνες για σύγχρονες κοινότητες.

Speaker Change: Improvements in demand have been highly supported by firm Chinese demand for dry bulk commodities, while reroute and away from the Red Sea area and restrictions imposed in Panama Canal transits further support dry bulk ton mile demand growth.

Diamantis Andriotis: Μετά την συμφωνία με 1% το 2022, η μικρή ανάπτυξη της σύγχρονης κοινότητας αυξήθηκε με 3% το 2023, ενώ εξετάζεται να αυξηθεί με 5,2% το 2024 και 2,7% το 2025.

Speaker Change: After contracting by 1% in 'twenty, two minor bulk ton mile trade increased by 3% in 2003, while it is expected to increase by five 2% and 24 and two 7% in 'twenty five.

Diamantis Andriotis: Τα χειροτοπικές συμφωνίες 1 χρόνος έτσι η αυξή της σύγχρονης κοινότητας υπήρξε με 150% το 2024, σε περίπου $13,750.

Mr. Diamantes: The handi size 1 year TCR-8 had been estimating year-and-year increase of 15.5% in June 24, at around 30,750 dollars per day. In January, December 23, the Baltic Handicides TCR equivalent averaged $10,557 per day, at the decrease of about 50% in year-and-year. In January, June 24, the Baltic Handicides TCR equivalent averaged $12,506 per day, and that was an increase of about 24% in year-and-year.

Speaker Change: The handy size, one year Tc rates had been estimating year on year increase of 15, 5% in June 24 at around $30750 per day.

Diamantis Andriotis: Στη Ιουνία-Δευτερίου του 2023, η ανάπτυξη της σύγχρονης κοινότητας της Σύγχρονης Κοινότητας, οδηγούσε $10,557 την μέρα, ένα αυξή από περίπου 50% τη χρόνια.

Speaker Change: In our January December 'twenty, three the multifamily side dish equivalent averaged 10557.

Speaker Change: As per day, a decrease of about 50% year on year.

Speaker Change: In January June 24, the Baltic dry bulk handling size tissue equivalent averaged $12506 per day.

Diamantis Andriotis: Στη Ιουνία-Δευτερίου του 2024, η ανάπτυξη της σύγχρονης κοινότητας της Σύγχρονης Κοινότητας, οδηγούσε $12,560 την μέρα, ένα αυξή από περίπου 24% την χρόνια.

Speaker Change: And that was an increase of about 24% year on year.

Diamantis Andriotis: Μεταφράζοντας στη σειρά 6, η ανάπτυξη της σύγχρονης κοινότητας προτείνεται να μεγαλώσει με 3,5% το 2024, μετά από διάφορες χρόνια δυνατής ανάπτυξης.

Mr. Diamantes: Moving on to slide 6, the crude thank you demand is projected to grow by 3.5% in 24, following several years of strong growth. This is bolstered by a 1.9% increase in the average whole distance, driven by growing long-haul, trendy exports from the US, Brazil, and Guayana, as well as refinery start-up in Asia. This growth is largely driven by a 15% increase in export from the Americas, between 23 and 25, contributing to over 80% of the projected global volume growth. AJ is expected to continue leading in the import growth, accounting for approximately 6% of the projected increase.

Speaker Change: Moving on to slide six the crude tanker demand is projected to grow by three 5% in 2024 following several years of strong growth.

Diamantis Andriotis: Αυτό επηρέαζεται από 1,9% αυξή στην περίπτωση της σύγχρονης κοινότητας, διευθυνμένος από μεγαλώσεις των εξουσιαστικών εξουσιαστικών σύγχρονων από τους Ηνωμένους, το Βραζίλ και το Γουαλιανό, καθώς και από εξουσιαστικές εταιρείες στην Ασία.

Speaker Change: This is bolstered by one 9% increase in the average hold be science, driven by growing long haul a triangle.

Speaker Change: Experts from the U S, Brazil, and Guillermo I realize refinery startups in Asia.

Diamantis Andriotis: Αυτή η ανάπτυξη διευθυνόταν με 15% αυξή στις εξουσιαστικές από τις Αμερικάνες, μεταξύ των 23% και των 25%, συμπεριφοράζοντας με 8% αυξή στις διευθυνμένες εξουσιαστικές αυξήσεις.

Speaker Change: This growth is largely driven by a 15% increase in extra from the Americas between 23, and 25 contributing to over 8% of the projected global volume growth.

Diamantis Andriotis: Η Ασία είναι εξετάστηκα να συνεχίσει να διευθύνει την μεγαλώσεις των εξουσιαστικών εξουσιαστικών, σχεδόν για περίπου 6% της αυξή στις διευθυνμένες εξουσιαστικές.

Speaker Change: Asia is expected to continue leading men per growth accounting for approximately 6% of the projected increase.

Diamantis Andriotis: Ακόμα και αντίθετα από τις συνεχές κατηγορικές εξουσιαστικές κατασκευές, οι συμπεριφοροί του μεγάλου κόσμου πιστεύουν ότι το περιβάλλον του τάγκο-αγοράτος θα παραμείνει υγιείς μέχρι το 2025.

Mr. Diamantes: Despite the ongoing crude oil production cuts and forced biopic members, industry participants believe that the thank you market environment will remain healthy through 2025. Thank you demand outlook remains robust, supported by growth in crude oil trade volumes, as well as by trade pattern shifts are as information-free diversions, benefiting long-haul routes, thus boosting to mild demand. Seabond crude oil trade has been supported by increasing demand from China and rising next to suppliers in the Americas. On the thank you spot rates, after a strong first quarter, the second quarter was slightly weaker, with crude oil tank earnings falling by 13% on average in the second quarter.

Speaker Change: Despite the ongoing crude oil production cuts enforced by OPEC members industry participants believe that the tanker market environment will remain healthy through 2025.

Diamantis Andriotis: Το βιώσιμο παρεμβάλλον του τάγκο-αγοράτος παραμείνει αρκετό, υποστηρικτός από την ανάπτυξη σε ψηφιακά αυξή εξουσιαστικών, όπως και από αυξήσεις της παρέμβασης τάγκας, που αναφέρουν από εξουσιαστικές διαφορετικές, βοηθάει με εξουσιαστικές διαφορετικές δρόμες, κυρίως βοηθάει την αρκετή απέναντι κωνσταντινότητα.

Tanker demand outlook remains robust supported by growth in crude oil trade volumes as well as by trade pattern shifts horizon for midstream diversions benefiting long haul routes, thus boosting ton mile demand.

Diamantis Andriotis: Η διευθύνσια ελληνική παρέμβαση της ελληνικής αυξήσεων με την προστασία της απέναντι κωνσταντινών αγοράτος από την Κίνα και ανάπτυξαι εξουσιαστικές απέναντι από προστασιακούς στην Ηνωμένη Αμερική.

Speaker Change: Seaborne crude oil trade has been supported by increasing demand from China and horizon extra from suppliers in the Americas.

Diamantis Andriotis: Στις τεχνικές αγοράτες, μετά από μια ισχυρή πρώτη εβδομάδα, η δεύτερη εβδομάδα ήταν λίγο χαμηλότερη, με τεχνικές αγοράτες τεχνικές αγοράτες που έγιναν με 13% στην δεύτερη εβδομάδα.

Speaker Change: On the tanker spot rates after a strong first quarter second quarter was slightly weaker with crude oil tanker earnings falling by 13% on average in the second quarter.

Diamantis Andriotis: Οι αφρομαξιστές και οι στρες μαξιστές συνεχίσαν να αντιμετωπίσουν ή ακόμα και να εξαφανίσουν τους αδερφούς της VLC, ευχαριστώς για την αυξή που έλαβαν από τις καταστροφικές δροσιακές τεχνικές αγοράτες.

Mr. Diamantes: After a maximum threshold max is continued to match or even outter in the VLC peers, thanks to the boost they received from disrupted the Russian flows. In June 24, the Baltic Exchange Dirty Tanker Index averaged 1,223 points, from 1,086 points in June 23. And this is an increase of about 12.6% here in years.

Speaker Change: Aframax and Suezmax has continued to months or even out are out there in the VLCC peers. Thanks to the boost they received from disrupted the rash inflows.

Diamantis Andriotis: Στις 24 Ιουνίου, η δεύτερη εβδομάδα Βαλτικής Εξέγερσης επαναλαμβάνθηκε 1223 σημεία από 1086 σημεία στις 23 Ιουνίου.

Speaker Change: In June 24, the Baltic Exchange Dirty tanker index averaged 1223 points from 1008 six points in June 23, and this is an increase of about 12, 6% year on year.

Diamantis Andriotis: Και αυτό είναι ένα αυξήνιο από περίπου 12,6% χρόνια.

Diamantis Andriotis: Η σε papier is και η λεπιδα 그런데 product.

Mr. Diamantes: Slide 7 shows the Handi size fleet age and growth. The order book for handy size dry bulk carriers stood at 9% of the existing fleet as of May 24. Compared to year end 23, the order book for Handi size dry bulk carriers declined by 12.4%. Almost 40% of the handi size dry bulk carrier fleet is between 10 to 14 years of age, while a total of 27% of the trading fleet is estimated to be 15 years or older. On the fleet growth, the dry bulk carrier order book stood at historically low levels at 9.3% at the end of April.

Diamantis Andriotis: Slide 7 show the handy-size fleet age and growth. The orderbook for handy-size dry bulk carriers stood at 9% of the existing fleet as of May 24.

Speaker Change: Slide seven shows the handy size fleet agent growth.

Speaker Change: The order book for <unk> dry bulk carriers stood at 9% of the existing fleet as of May 24.

Diamantis Andriotis: Compared to year-end 23, the orderbook for handy-size dry bulk carriers desclined by 12.4%. Almost 40% of the handy-size dry bulk carrier fleet is between 10 and 14 years of age, while a total of 27% of the trading fleet is estimated to be 15 years or older.

Speaker Change: Prior to year end 'twenty three the order book and the size dry bulk carriers declined by 12, 4%.

Speaker Change: Almost 40% of the handy size dry bulk carrier fleet is between 10 to 14 years of age.

Speaker Change: A total of 27% of the trading fleet is estimated to be 15 years or older.

Diamantis Andriotis: On the fleet growth, the dry bulk carrier orderbook stood at historically low levels, at 9.3% at the end of April. 8.6% of the total dry bulk carrier fleet is older than 20 years of age. The total dry bulk carrier fleet grew by 3.1% in 23 and is currently expected to grow by 3% in 24 and by 2.5% in 25. Compliance with new environmental regulations coupled with an overage fleet might induce scrapping, thus reducing available fleet supply.

Speaker Change: On the fleet growth the dry bulk carrier order book stood that historically low levels at nine 3% at the end of April.

Mr. Diamantes: 8.6% of the total dry bulk carrier fleet is older than 20 years of age. The total dry bulk carrier fleet grew by 3.1% in 23, and is currently expected to grow by 3% in 24 and by 2.5% in 25. Compliance with new environmental regulations coupled with an over 8 fleet might induce crapping, thus reducing a variable fleet supply. On the fleet growth side, the handi size dry bulk carrier net fleet grows to the 3.2%. Analysts expect a supportive handi size dry bulk carrier net fleet growth for the years to come, specifically net fleet growth is expected to grow by about 4.4% in 2024 and 3.5% in 2025.

Speaker Change: Eight 6% of the total dry bulk carrier fleet is older than 20 years of age.

That total dry bulk.

Speaker Change: <unk>.

Our fleet grew by three 1% in 'twenty three and is currently expected to grow by 3% in 'twenty four and by two 5% and 25.

Speaker Change: Compliance with new environmental regulations, coupled with innovates fleet might be newer scrapping, thus, reducing the available fleet supply.

Diamantis Andriotis: On the fleet growth side, the handy-size dry bulk carrier net fleet growth stood at 3.2%. Analysts expect a supportive handy-size dry bulk carrier net fleet growth for the years to come. Specifically, net fleet growth is expected to grow by about 4.4% in 2024 and 3.5% in 2025. Slow steaming and retrofitting time as part of compliance with new environmental regulations are also factors that are expected to reduce available fleet supply the years to come.

Speaker Change: On the flip side, the handy size dry bulk carrier of net fleet growth stood at three 2%.

Speaker Change: Analysts expect supportive handy size dry bulk carrier and net fleet growth for the year scan specifically net fleet growth is expected to grow by about four 4% in 2024 and three 5% in 2025.

Mr. Diamantes: Slow streaming and retrofitting time, as part of complying with newer environmental regulations, are also factors that are expected to reduce available fleet supply the years to come.

Speaker Change: Slow steaming and retrofit and time as part of complying with new environmental regulations.

Speaker Change: Some factors that are expected to reduce available fleet supply for years to come.

Diamantis Andriotis: The outlook for the handy bulk carrier market in 2024 is cautiously optimistic, with room for gradual improvements. According to current projections, the growth in bulk carrier demand is expected to be slightly above fleet expansion, combined with a constrained delivery schedule and the potential for increased demolitions. Several factors, including the attacks from Houthis in the Gulf of Aden, the implementation of reduced vessel speeds and extended retrofitting time due to environmental regulations, coupled with the announced constraints in the Panama Canal, which are likely to last well beyond first half 2024, are poised to shape market dynamics.

Mr. Diamantes: The outlook for the handi bulk carrier market in 2024 is kosher sloped in mystic, with room for gradual improvements. According to projections, the growth in bulk carrier demand is expected to be slightly above fleet expansion, combined with a constrained delivery schedule and the potential for increased demolitions. Several factors, including the attacks from Houthis in the Gulf of Eden, the implementation of reduced vessel speeds and extended retrofitting time due to environmental regulations, coupled with the announced constraints in the Palma Canal, which are likely to last well beyond the first half of 2024, are poised to shape market dynamics.

Speaker Change: The outlook for the hand, the bulker market in 2024 ish cautiously optimistic with room for gradual improvements occur.

According to projections to current projections the growth in bulk of demand is expected to be slightly above fleet expansion.

Speaker Change: Bind with a constrained delivery schedule and the potential for increased demolitions.

Several factors, including the attacks from horses in the Gulf Arabian implementation reduce vessel speeds and extend the retrofitting time due to environmental regulations.

Speaker Change: Coupled with the announced constraints in the Panama Canal.

Speaker Change: Are likely to last well beyond the first half 'twenty four are poised to shape market dynamics.

Diamantis Andriotis: Slide 8 shows the Afromax tanker fleet age growth and order book.

Mr. Diamantes: Slight 8 shows the Aframax tanker fleet 8's growth in order book. The global Aframax cellar 2 fleet now stands at 1,147 vessels. Of these, 205 vessels are over 20 years of age, accounting for about 17.8% of the total number of vessels. With the start entirely of 1,134 vessels, the current fleet represents a change of 1.15% in vessels numbers over the years of art. Delivers are holding at levels above the total numbers of removers from the fleet, creating a net gain in the fleet equivalent to 1.15%. This increase is higher than the change noted in May 24, while compared to last year, we have seen a decrease in the trend noted.

Speaker Change: Slide eight shows the Aframax tanker fleet AIDS growth and order book.

Diamantis Andriotis: The global Afromax LR2 fleet now stands at 1,147 vessels. Of these, 205 vessels are over 20 years of age, accounting for about 17.8% of the total number of vessels.

Speaker Change: The global Aframax LR two fleet now stands at 1147 vessels.

Speaker Change: These 205 vessels are over 20 years of age accounting for about 17, 8% of the total number of vessels.

Diamantis Andriotis: With a starting tally of 1,134 vessels, the current fleet represents a change of 1.15% in vessel numbers over the years so far.

Speaker Change: And we have starting tally of 1934 vessels.

Speaker Change: The current fleet represents a change of one.

Speaker Change: 15% and vessels numbers over the year so far.

Diamantis Andriotis: Deliveries are holding at levels above the total numbers of removals from the fleet, creating a net gain in the fleet equivalent to 1.15%.

Speaker Change: Believers had hauled in at levels above the total numbers of removals from the fleet, creating a net gain in the fleet equivalent to 115%.

Diamantis Andriotis: This increase is higher than the change noted in May 2024, while compared to last year we have seen a decrease in the trend noted.

Speaker Change: This increase is higher than the changes noted in May 24, while compared to last year, we have seen a decrease in the trend noted.

Diamantis Andriotis: The order book now stands at 164 vessels, having increased by 3 vessels in June 2024.

Mr. Diamantes: The order book now stands at 164 vessels, having increased by 3 vessels in June 24.

Speaker Change: The order book now stands at a 106 four vessels, having increased by three vessels in the June 24.

Diamantis Andriotis: Το σχεδίο 9 δείχνει την τώρα δεσμευμένη τάξη του C3is.

Mr. Diamantes: Slide 9 shows the current fleet of C3IS. By the end of Q224, C3IS owned and operated the fleet of 300 size drive-ball cars and one from actual tanker. In May 24, the company to deliver of the 33,000-dead-way drive-ball carier the Acoustic Fire, bringing the total fleet capacity to 213,000-dead-weight with an average age of 13.5 years. All vessels have had their balance well system solidly installed. Further more, there are no immediate capital commissions for special surveys, as the next one due is in Q325. All vessels are unencumbered and kindly employed on short to medium-term period chargers and spot voyages.

Speaker Change: Slide nine shows our current fleet of Ccas Bye.

Diamantis Andriotis: Στο τέλος του Q2'24 το C3is εφαρμογήθηκε και εφαρμογήθηκε μια τάξη τετράγων τετραγων και ένας αφροαξιόλου τετραγων.

Speaker Change: By the end of Q2 24 ships here, yes on the debate of the fleet of 300 size dry bulk carriers and one aframax tanker.

Diamantis Andriotis: Στο Μαΐγο 24 η εταιρεία έφερε την αφαρμογή των 33.000 τετραγων τετραγων, δώσοντας την τετραγωνική κατάσταση σε 213.000 τετραγων με μια δεσμευμένη ηλικία των 13,5 χρόνων.

Speaker Change: In May 24, the company to believe there is a 33000 deadweight of dry bulk carrier of vehicles fire being.

Speaker Change: Bringing the total fleet capacity to 215000 deadweight with an average age of 13 five years.

Diamantis Andriotis: Όλες οι σύνορες έχουν εφαρμογήσει τις σύστηματες τετραγων.

Speaker Change: All vessels have had their ballast water system solid installed.

Diamantis Andriotis: Επιπλέον, δεν υπάρχουν σύντομες κεφαλαίες κεφαλαίων για ειδικές επισκέπτες, καθώς η επόμενη θεωρία είναι στο Q3'25.

Speaker Change: Furthermore, there are no immediate capital commitments for special surveys as an excellent use in Q3 25.

Diamantis Andriotis: Όλες οι σύνορες είναι ανεγκέμβερες και τώρα εργαζόμενες σε μικρές και μεσημερινές τετραγων τετραγων και αφροαξιόλου τετραγων.

Speaker Change: All vessels unencumbered and currently employed on short to medium term period charters and spot voyages.

Diamantis Andriotis: Το σημείο 10 παρουσιάζει ένα παραδείγμα των διεθνών τετραγων, με τους οποίους η διαχείριση της εταιρείας έχει ανάπτυξει στρατηγικές σχέσεις και έχει εμπειρίζοντας επαναλήψεις.

Mr. Diamantes: Slide 10 shows a sample of the international charters with whom the management company has developed strategic relationships and has experienced repeat business. Repeat business highlights the confidence our customers have for our operations and the satisfaction of the services we provide. The key to maintaining our relationships with these companies are high standards of safety and reliability of service.

Speaker Change: Slide 10 shows a sample of the international Charterers with whom the management company has developed so telecheck relationships and has experienced repeat business.

Diamantis Andriotis: Η επαναλήψη ανάπτυξης δημιουργεί την εμπιστοσύνη που έχουν οι πελάτες μας για τις εργασίες μας, και την ευλογία των υπηρεσίων που προσφέρονται.

Speaker Change: Business highlights the confidence our customers have operations and the satisfaction of the services we provide.

Diamantis Andriotis: Το κύριο για να διατηρήσουμε στις σχέσεις μας με αυτές τις εταιρείες, είναι οι υψηλές στρατηγικές σχέσεις και η ευλογία των υπηρεσίων.

Speaker Change: The key to maintaining our relationships with these companies are high standards of safety and reliability of service.

Diamantis Andriotis: Τώρα θα παρακολουθήσω τη συμφωνία με την Νίνα Πίνδια για την οικονομική επιτυχία μας.

Nina Pindia: I will now turn over the call to Nina Pindia for our financial performance. Thank you, dear Mattis, and good morning to everyone. Please turn to Slide 11 and I will go through our financial performance for the second, fourth, and first half of 2024. Voyage revenues for the three-month ending June 30, 2024, amounted to $10.8 million, corresponding to a daily TCE of $23,938. Compared to Q223, our net revenues increased by 403 percent, and our TCE was up 185 percent from Q223. This was mainly due to the contribution from our Aframax tanker, which is around 80 percent of our revenues.

Nap, India: I will now turn over the call to Nap, India for our financial performance.

Nina Pindia: Σας ευχαριστώ, Διαμαντής και καλημέρα σε όλους.

Nap: Thank you, Jim and good morning to everyone.

Nina Pindia: Παρακολουθήστε την πλευρά 11 και θα διαβάσω την οικονομική επιτυχία μας, για την δεύτερη εβδομάδα και την πρώτη μισή του 2024.

Nap, India: Please turn to slide 11 will go through our financial performance for the second quarter and first half of 'twenty 'twenty four.

Nina Pindia: Οι επιτυχίες για τις τρεις μήνες που τελείωσαν τον Ιούνιο 30-2024, υπήρξαν 10,8 εκατομμύρια, σύμφωνα με ένα καθημερινό TCE από $23,938.

Voyage revenues for the three months ending June 32024 amounted to $10 8 million corresponding to a daily TCE of $23938.

Nina Pindia: Αντιμετωπίζοντας το Q2-23, οι επιτυχίες μας αυξήθηκαν από 403% και το TCE μας ήταν πάνω από 185% από το Q2-23.

Speaker Change: Compared to Q2 2003, our net revenues increased by 403% and our TCE was up 185% from Q2 to 23.

Nina Pindia: Αυτό ήταν κυρίως λόγω της συμμετοχής μας από την Αφραμακστένκα, η οποία είναι περίπου 80% της πληροφορίας μας.

Speaker Change: This was mainly due to the contribution from our Aframax tanker, which is around 80% of our revenues.

Nina Pindia: Η επιχειρηματική χρησιμοποίηση μας ήταν 87,7% για την δεύτερη εβδομάδα του 2024, αντιμετωπίζοντας το 89,6% για την δεύτερη εβδομάδα του 2023.

Nina Pindia: Our fleet operational utilization was 87.7 percent for the second quarter of 2024, compared to 89.6 percent for the second quarter of 23. Voyage expenses and vessels operating expenses for the three-month ended June 30, 2024 were 3.1 million and 2 million, respectively. For the second quarter of 23, the figures were $107,400 and $842,000. The increases in birth voyage expenses and vessels operating expenses are attributed to the increase in the average number of vessels. Voyage expenses for the second quarter of 24 mainly included banker costs and port expenses of $2.5 million, corresponding to 80 percent of the total voyage expenses.

Our fleet operational utilization was 87, 7% for the second quarter as plentiful compared to 89, 6% for the second quarter of 2003.

Nina Pindia: Οι επιτυχίες για τις τρεις μήνες που τελείωσαν τον Ιούνιο 30-2024, ήταν 3,1 εκατομμύρια και 2 εκατομμύρια αντιμετωπικά.

Speaker Change: Voyage expenses and vessels operating expenses for the three months ended June 32004 was $3 1 million and 2 million respectively for.

Nina Pindia: Για την δεύτερη εβδομάδα του 2023, οι επιτυχίες ήταν $174,000 και $842,000.

Speaker Change: For the second quarter of 2003, the figures were $174000.

Nina Pindia: Οι αυξήσεις στις δεύτερες εβδομάδες και τις επιτυχίες για τις εργαζόμενες βάρκες, αντιμετωπίζονται στην αυξή στην μεγαλύτερη αριθμή των βάρκων.

Speaker Change: $842000.

Speaker Change: The increases in both voyage expenses and vessels operating expenses.

Speaker Change: Attributed to the increase in the average number of vessels.

Nina Pindia: Οι επιτυχίες για την δεύτερη εβδομάδα του 2024, επαγγελματίζεται σε costs and port expenses of $2.5 million, συμπεριφερόμενοι με τις εξόδες μετά την περίπτωση βίωσης της εργασίας.

Voyage expenses for the second quarter was 24, mainly included bunker cost and <unk> expenses of $2 5 million corresponding to 80% of the total voyage expenses.

Nina Pindia: Οι εξόδες πραγματικής υποχρέωσης για τις τρεις μήνες που τελείωσαν τον Ιούνιο 30-2024, επαγγελματίζεται σε costs and port expenses of $1.1 million, συμπερίφημενοι με τις εξόδες μετά την περίπτωση της επίπτωσης του εργασίας.

Nina Pindia: Operating expenses for the three-month ending June 30, 2024, mainly included correct expenses of 1.1 million, sorry, corresponding to 55 percent of total operating expenses, spare and consumable cost of 300,000, corresponding to 15 percent, and maintenance expenses of 300,000, representing works and repairs on board the vessels, corresponding to 15 percent of total vessel operating expenses. Management fees increased by 75% from Q223 due to the increase in the average number of vessels. General and administrative costs were $600,000 and mainly related to the expenses incurred from the two public offerings and the reverse stock split. The appreciation recorded in Q224 was 1.5 million, a 130% increase from Q1 of last year due to the increase in the average number of vessels.

Speaker Change: Operating expenses for the three months ending June 32004, mainly included current expenses of one five of $1 1 million sorry.

Speaker Change: Expanding to 55% of total operating expenses.

Nina Pindia: Υποχρεωμένες και χρησιμοποιημένες costs of $300,000, συμπεριφερόμενοι με 15%, και υποχρεωμένες εξόδες με $300,000, που αντιμετωπίζουν δουλειές και επιχειρήσεις στους βάσους, συμπεριφερόμενοι με 15% των εξόδων εργασίας του βάσου.

Speaker Change: And consumable cost of 300000 corresponding to 15% and maintenance expenses of 300000 representing works.

Speaker Change: On board the vessels.

Speaker Change: Expanding to 15% of total vessel operating expenses.

Nina Pindia: Management fees increased by 75% from Q2-23 due to the increase in the average number of vessels. General and administrative costs were $600,000 and mainly related to the expenses incurred from the two public offerings and the reverse stock split.

Management fees increased by 75% from Q2 to 23 due to the increase in the average number of vessels.

Speaker Change: General and administrative cost was $600000 and mainly related to the expenses incurred from the two public offerings and the reverse stock split.

Nina Pindia: Depreciation recorded in Q2-24 was $1.5 million, a 130% increase from Q1 of last year due to the increase in the average number of vessels.

Speaker Change: Depreciation recorded in Q2, 2004 was $1 5 million in.

Speaker Change: 130% increase from Q1 of last year.

The increase in the average number of vessels.

Nina Pindia: Related party interest and finance costs for the period was $900,000 and related to the accrued interest expenses as of June 30, 2024, in connection with the 53.3 million payable, which was the 90% balance payable on the acquisition prices of our Fromax tanker AfroPel2 and our bulk carrier the accrued split fire. The AfroPel2 was completely paid off in July 24, and the balance due on the accrued split fire is payable in April 25. Interest income of 433,000 for the quarter and 643,000 for the six months of 24 were recorded and related to the interest received from our bank deposits.

Nina Pindia: Related party interest and finance costs for the period was $900,000 and related to the accrued interest expenses as of June 30-24 in connection with the $53.3 million payable, which was the 90% balance payable on the acquisition prices of our AfroMax tanker AfroPoel II and our bulk carrier, the Echo Spitfire. The AfroPoel II was completely paid off in July 24 and the balance due on the Echo Spitfire is payable in April 25.

Speaker Change: Related party interest and finance costs for the period was $900000 and related to the accrued interest expenses as of June 32004 in connection with a 53 3 million payable, which was the 90% balance stable.

Operator: Good day, and thank you for standing by.

Operator: Good day, and thank you for standing by. Welcome to the C3IS Q2 2024 financial and operating results conference call and webcast. At this time, more participants will be on listen only mode with no question and answer session at the end. Please note that today's conference is being recorded.

Speaker Change: The acquisition prices of our Aframax tanker anthropologie and our bulk carrier vehicles fix idea.

Operator: Welcome to the C3IS Q2 2024 financial and operating results conference call and webcast.

Speaker Change: The Anthropologie was completely paid off in July 24, and the balance sheet on the Echo Spitfire is payable in April 25.

Operator: At this time, more participants will be on listen only mode with no question and answer session at the end. Please note that today's conference is being recorded.

Nina Pindia: Interest income of $433,000 for the quarter and $643,000 for the six months of 24 were recorded and relate to the interest received from our bank deposits.

Speaker Change: Interest income of $433000 for the quarter and 643000 for the six months of 2004 were recorded and relate to the interest received from our bank deposits.

Operator: I would now like to have a conference over to your speaker, Mr. Diamantes and the autists.

Operator: Please come ahead, sir.

Mr. Diamantes: Good morning everyone, and welcome to our C3IS Q2 2021 conference call and webcast.

Diamantes Agnewertis: Good morning everyone, and welcome to our C3IS Q2 2021 conference call and webcast. This is Diamantes and the autists, CEO of the company.

Nina Pindia: As a result of the above, for the three months ended June 30-24, the company reported an adjusted net income of $2.9 million compared to an adjusted net loss of $0.4 million for the same period of last year. Adjusted EBITDA for the three months ended June 30-24 amounted to $4.9 million compared to an adjusted EBITDA of $0.3 million for the same period of last year. Unrealized loss on warrants for the three months ended June 30-24 was $14.5 million and related to the net fair value losses of our Class B1 and B2 warrants and Class C1 and C2 warrants, which were issued during the first quarter of 24 in connection with the two public offerings and have been classified as liabilities. This is a non-cash item and does not reflect the operational profit of the company.

Nina Pindia: As a result of the above for the three months and the June 3024, the company reported an adjusted net income of 2.9 million, compared to an adjusted net loss of 0.4 million for the same period of last year. Adjusted EBITDA for the three months and the June 30, 2024, amounted to 4.9 million compared to an adjusted EBITDA of 0.3 million for the same period of last year. Unrealized loss on warrants for the three months and the June 3024 was 14.5 million and related to the net fair value losses of our Class B1 and B2 warrants and Class C1 and C2 warrants which were issued during the first quarter of 24 in connection with the two public offerings and have been classified as liabilities.

Mr. Diamantes: This is Diamantes and the autists, CEO of the company.

Speaker Change: As a result of the above for the three months ended June 30th plentiful.

CFO in Appinia: Joining me on the call today is our CFO in Appinia.

Diamantes Agnewertis: Joining me on the call today is our CFO in Appinia. Before we commence our presentation, I would like to remind you that we will be discussing for looking statements which reflect kind views with respect to future events and financial performance and our based on current expectations and assumptions which by nature are inherently uncertain and outside of the company's control. At this stage, if you would all take a moment to read our disclaimer slide to this presentation. I would also like to point out that all amounts quoted and less otherwise clarified are implicitly stated in used dollars.

Speaker Change: The company reported an adjusted net income of $2 9 million compared to an adjusted net loss of <unk> 4 million for the same period of last year.

Mr. Diamantes: Before we commence our presentation, I would like to remind you that we will be discussing for looking statements which reflect kind views with respect to future events and financial performance and our based on current expectations and assumptions which by nature are inherently uncertain and outside of the company's control.

Speaker Change: Adjusted EBITDA for the three months ended June 30, 24 amounted to $4 9 million compared to an adjusted EBITDA of <unk> 3 million for the same period of last year.

Mr. Diamantes: At this stage, if you would all take a moment to read our disclaimer slide to this presentation.

Speaker Change: Unrealized loss on the <unk> for the three months ended June 32004 was $14 5 million and related to the net fair value losses of our class B, one <unk> and cloud C. One in situ warrants, which were issued during the first quarter of 2004 in connection with.

Mr. Diamantes: I would also like to point out that all amounts quoted and less otherwise clarified are implicitly stated in used dollars.

Mr. Diamantes: Today, we released our ending results for the second quarter of 2024. So let's proceed to discuss these results and update you on the company strategy and the market in general.

Diamantes Agnewertis: Today, we released our ending results for the second quarter of 2024. So let's proceed to discuss these results and update you on the company strategy and the market in general. Please turn to slide three, where we summarize and highlight the company's performances, starting with our financial highlights. For the first half of 2024, we report an adjusted EBDA of 11.3 million, which is an increase of 555 percent compared to the first six months of 2023.

The two public offerings and have been classified as liabilities.

Mr. Diamantes: Please turn to slide three, where we summarize and highlight the company's performances, starting with our financial highlights.

Nina Pindia: This is a non-cash item and does not reflect the operational profit of the company. Turning to slide 12 for the balance sheet, the fleet book value as at the end of June 24 was 87.4 million and increased of 16% from year end 23 due to the addition of the bulk carrier, the accrued split fire. By the end of Q224, our cash and cash equivalence was 45.5 million and increased of 402% from December 31, 23. The company has no outstanding bank debt. The financial liability of 54.7 million relates to the 90% payable on the acquisition prices of our Aframax tanker Afro-Po2 and our bulk carrier the Accrued Split Fire.

Speaker Change: This is a noncash item and does not reflect the operational profit of the company.

Nina Pindia: Turning to slide 12 for the balance sheet, the fleet book value as at the end of June 24 was $87.4 million, an increase of 16% from year-end 23 due to the addition of the bulk carrier that caused Spitfire.

Mr. Diamantes: For the first half of 2024, we report an adjusted EBDA of 11.3 million, which is an increase of 555 percent compared to the first six months of 2023.

Speaker Change: Turning to slide 12 for the balance sheet. The fleet book value as at the end of June 24 was $7 4 million an increase of 16% from year end 2003 due to the addition of the bulk carrier that caustic fire.

Mr. Diamantes: Our adjusted net income came in at 7.3 million, an increase of 1,790 percent from the first six months of 2023.

Diamantes Agnewertis: Our adjusted net income came in at 7.3 million, an increase of 1,790 percent from the first six months of 2023. Our Afroax tanker, the AfroPel II, contributed around 80 percent of the total revenues. Our vessel's netbook value was 87.4 million at the end of June 24, compared to 75.2 at the end of December 23. That is following the delivery of a bulk carrier in April 2024. Our netcast balance was 45.5 million at the end of June 24, compared to 9 million at the end of February 23.

Nina Pindia: By the end of Q2-24, our cash-in-cash equivalence was $45.5 million, an increase of 402% from December 31-23.

Speaker Change: By the end of Q2 2004, our cash and cash equivalents was 44 $45 5 million an increase of 402% from December 31st 2003.

Mr. Diamantes: Our Afroax tanker, the AfroPel II, contributed around 80 percent of the total revenues.

Speaker Change: The company has no outstanding bank debt.

Mr. Diamantes: Our vessel's netbook value was 87.4 million at the end of June 24, compared to 75.2 at the end of December 23.

Nina Pindia: The company has no outstanding bank debt. The financial liability of $54.7 million relates to the 90% payable on the acquisition prices of our Afro-Max Tanker Afro-Po2 and our bulk carrier, the Echo Spitfire. The Afro-Po2 was completely paid off in July 24 and the balance due on the Echo Spitfire is payable in April 25.

Speaker Change: The financial liability of $54 7 million relates to the 90% payable on the acquisition prices.

Mr. Diamantes: That is following the delivery of a bulk carrier in April 2024.

Speaker Change: Our aframax tanker anthropologie and our bulk carrier the Echo Spitfire.

Nina Pindia: The Afro-Po2 was completely paid off in July 24, and the balance during the accrued split fire is payable in April 25.

Mr. Diamantes: Our netcast balance was 45.5 million at the end of June 24, compared to 9 million at the end of February 23.

Speaker Change: <unk> was completely paid off in July 24, and the balance John the acoustic fire is stable in April 25.

Nina Pindia: Concluding the presentation on slide 13, we outlined the key variables that will assist, us progress with our company's growth.

Nina Pindia: Concluding the presentation on slide 13, we outline the key variables that will assist us progress with our company's growth. Owning a high-quality fleet reduces operating costs, improves safety, and provides a competitive advantage in securing favorable charges. We maintain the quality of vessels of the vessels by carrying out regular inspections both while in port and at sea and adopting a comprehensive maintenance program for each vessel. The company's strategy is to follow a disciplined growth with in-depth technical and condition assessment review. Management is continuously seeking a timely and selective acquisition of quality vessels, with current focus on short-to-medium term charges and spot voyages.

Mr. Diamantes: This was a combination of three major items. Net profit from our normal business operations, it is receivables of 6 million recorded at the end of June 24, 23, that were collected in the first half of 2024, and the proceeds of around 12 million from two shareholders that took place in the first quarter of 2024.

Diamantes Agnewertis: This was a combination of three major items. Net profit from our normal business operations, it is receivables of 6 million recorded at the end of June 24, 23, that were collected in the first half of 2024, and the proceeds of around 12 million from two shareholders that took place in the first quarter of 2024. Our TCE for second half of 2024 was 29,700, 145 percent higher than the rate for second half of 2023.

Speaker Change: Concluding the presentation on slide 13, we outlined the key variables that will assist us progressed with our company's growth.

Nina Pindia: Owning a high-quality fleet reduces operating costs, improves safety, and provides a competitive, advantage in securing favorable charters. We maintain the quality of the vessels by carrying out regular inspections, both while, at port and at sea, and adopting a comprehensive maintenance program for each vessel.

Speaker Change: A high quality fleet reduces operating costs improve safety and provides a competitive advantage in securing favorable charters.

Mr. Diamantes: Our TCE for second half of 2024 was 29,700, 145 percent higher than the rate for second half of 2023. The income from the Afroax tanker is the main contributor to this exceptional increase.

Speaker Change: We maintain the quality of vessels of the vessels by carrying out regular inspections, both while in port and at sea and adopting a comprehensive maintenance program for each vessel.

Diamantes Agnewertis: The income from the Afroax tanker is the main contributor to this exceptional increase. On the fleet acquisitions, the company commenced operation with two handi-sized carriers with a total fleet capacity of 64,000 deadweight. Since then, we acquired the Afroax tanker of 115,000 deadweight in 233, and in Q224, a 33,000 deadweight bulk carrier, bringing the total current fleet capacity to 213,000 deadweight with an average age of 15.5 years. The total fleet capacity has increased by 234% since the company's inception.

Nina Pindia: The company's strategy is to follow a disciplined growth with in-depth technical and condition, assessment review.

Speaker Change: The company's strategy is to follow a disciplined growth with in depth technical and condition assessment rate year.

Mr. Diamantes: On the fleet acquisitions, the company commenced operation with two handi-sized carriers with a total fleet capacity of 64,000 deadweight. Since then, we acquired the Afroax tanker of 115,000 deadweight in 233, and in Q224, a 33,000 deadweight bulk carrier, bringing the total current fleet capacity to 213,000 deadweight with an average age of 15.5 years.

Nina Pindia: Management is continuously seeking a timely and selective acquisition of quality vessels, with current focus on short- to medium-term charters and sport voyagers.

Speaker Change: Management is continuously seeking a timely and selective acquisitions of quality vessels with current focus on short to medium term charters and spot voyages.

Nina Pindia: We always charter to high-quality charters such as commodity traders, industrial companies, and oil producers and refineries. The company maintains an adequate level of cash flow and liquidity that will enable us to act instantly as the windows of growth and opportunities open. Despite being in operation for just over a year and having increased our fleet by 234% since inception, the company has no bank debts. No interest was charged by the sellers of the two vessels acquired in July 23 and April 24.

Nina Pindia: We always charter to high-quality charters, such as commodity traders, industrial companies, and oil producers and refineries.

Speaker Change: We always charter to high quality charterers, such as commodity traders industrial companies and early purchases in refineries.

Nina Pindia: The company maintains an adequate level of cash flow and liquidity that will enable us, to act instantly as the windows of growth and opportunities open.

Mr. Diamantes: The total fleet capacity has increased by 234% since the company's inception.

Speaker Change: The company maintains an adequate level of cash flow and liquidity that will enable us to instantly as the windows of growth and opportunities open.

Diamantes Agnewertis: As stated in pressure releases, the company received a written notification from Nasak as the company shares were below $1 for 30 consecutive days, which is a minimum share bid price for continued listing on the capital market. In order to regain compliance, the company affected than one for one hundred and the rest of the fleet of the company's common stock in April 24.

Nina Pindia: Despite being in operation for just over a year and having increased our fleet by 234% since inception, the company has no bank debts.

Speaker Change: Despite being in operation for just over a year and having increased our fleet by 234% since inception. The company has no debt nearly.

Mr. Diamantes: In order to regain compliance, the company affected than one for one hundred and the rest of the fleet of the company's common stock in April 24.

Nina Pindia: No interest was charged by the sellers of the two vessels acquired in July 23 and April 24.

Net interest charge by the sellers of the two vessels acquired in July 2003, and April 24.

Diamantis Andriotis: At this stage, our CEO, Dr. Diamantis Agniotis, will summarize the concluding remarks for the, period examined.

Mr. Diamantes: Slide 4 shows the dry bulk trade by the end of second quarter 24.

Diamantes Agnewertis: Slide 4 shows the dry bulk trade by the end of second quarter 24. Iron ore is the number one dry bulk trade commodity. Trade is restricted on very few routes, such as Brazil, China and Australia, China, with the Pacific Basin being predominant. Other major importers are Japan, South Korea, Western Europe and the Middle East. In January May 24, global experts of iron ore reached 672.1 million tons, according to AXS marine vessel tracking data.

Dr. Diamantis Agnewertis: At this stage, our CEO, Dr. Diamantis Agnewertis, will summarize the concluding remarks for the period examined. Following the completion of the first six months of operations in 2024, C3IS has reported an adjusted net income of $10.3 million, an adjusted debit of $11.3 million, and an adjusted EPS of $1.68. We have taken delivery of our fourth vessel this year, bringing our total fleet capacity to 213,000 dead weight, and an increase of 234% from the company's exception a little over a year ago. In July 24, we paid off the remaining balance of $38.7 million due on our Afro-Extanker without resorting to bank finance.

Dr. <unk>: At this stage, our CEO, Dr. <unk> anterior teeth with summarized our concluding remarks for the period examined.

Mr. Diamantes: Iron ore is the number one dry bulk trade commodity.

Diamantes Agnewertis: This is a 5.3% increase year-on-year. In January May 24, global imports of iron ore reached 694.6 million tons, according to the same source. This was an increase of 5.7% year-on-year. Coal is still the second most-traded dry bulk commodity. Global coal trade continues to grow, with 2023 volumes being an all-time record high. Growth in imports to China, Indian, and Asian is compensating for decline demand from Europe and Japan. In January May 24, global experts of coal reached 556.8 million tons, according to AXS, and this was a 2.5% increase year-on-year.

Diamantis Andriotis: Following the completion of the first six months of operations in 24, C3IS has reported, an adjusted net income of 7.3 million, an adjusted EBITDA of 11.3 million, and an adjusted, EPS of 1.68.

Mr. Diamantes: Trade is restricted on very few routes, such as Brazil, China and Australia, China, with the Pacific Basin being predominant.

Speaker Change: Following the completion of the first six months of operations 24, <unk> has reported an adjusted net income of $7 3 million and adjusted EBITDA of $11 3 million.

Mr. Diamantes: Other major importers are Japan, South Korea, Western Europe and the Middle East.

Speaker Change: And adjusted EPS of $1 68.

Mr. Diamantes: In January May 24, global experts of iron ore reached 672.1 million tons, according to AXS marine vessel tracking data. This is a 5.3% increase year-on-year.

Diamantis Andriotis: We have taken delivery of our fourth vessel this year, bringing our total fleet capacity, to 213,000 deadweight, an increase of 234% from the company's inception a little over a year ago.

Speaker Change: We have taken delivery of our fourth vessel this year, bringing our total fleet capacity to 215000 deadweight an increase of 234% from the company's section a little over a year ago.

Mr. Diamantes: In January May 24, global imports of iron ore reached 694.6 million tons, according to the same source. This was an increase of 5.7% year-on-year.

Diamantis Andriotis: In July 24, we paid off the remaining balance of 38.7 million due on our Aframax tanker, without resorting to bank financings.

In July 24, we paid off the remaining balance of $38 7 million on our Aframax tanker without resorting to bank financings.

Diamantis Andriotis: We have more than trebled our fleet capacity without incurring any bank debts.

Dr. Diamantis Agnewertis: We have more than traveled our fleet capacity without incurring any bank debts.

Mr. Diamantes: Coal is still the second most-traded dry bulk commodity. Global coal trade continues to grow, with 2023 volumes being an all-time record high. Growth in imports to China, Indian, and Asian is compensating for decline demand from Europe and Japan. In January May 24, global experts of coal reached 556.8 million tons, according to AXS, and this was a 2.5% increase year-on-year.

Speaker Change: We have more than trebled, our fleet capacity without incurring any bank debts.

Diamantis Andriotis: Shipping business is at a major turning point with a plethora of risks and opportunities, which are poised to shape market dynamics. These are mainly the declining global demand for major cargo such as iron ore and coal, the increasing transportation of grain and minor bulk cargo, the decarbonization of customer value chains, the impact of market fluctuations, and geopolitical risks.

Dr. Diamantis Agnewertis: Seeping business is at a major turning point with a plethora of risk opportunities, which are poised to shape market dynamics. These are mainly the declining global demand for major cargo, such as iron ore and coal, the increased transportation of grain and mine or bulk cargo, the decarbonization of customer value chains, the impact of market fluctuations, and geopolitical risks. We are confident that we have established foundations that is adaptable to this change environment, thereby enhancing fundamental ability to both further develop existing core businesses and explore new growth businesses. Looking ahead, we believe that turning momentum will remain generally favorable, prompting our continued focus on our fleet growth strategy.

Speaker Change: <unk> business is that the major pain point with a plethora of recent opportunities, which are poised to reshape market dynamics.

Speaker Change: These are mainly the decline in global demand for major cargoes, such as iron ore and coal they increase in transportation of grain and minor bulk cargo the decarbonization of customer value chains, they impact of market fluctuations and geopolitical risks.

Diamantis Andriotis: We are confident that we have established foundations that is adaptable to this changing, environment, thereby enhancing our fundamental ability to both further develop existing core businesses and explore new growth businesses.

Speaker Change: We are confident that we have established foundations that is adaptable to this changing environment, thereby enhancing our fundamental ability to both further develop existing core businesses and explore new growth businesses.

Mr. Diamantes: In January May 24, global imports of coal reached 554.3 million tons, which was a 2.2% increase year-on-year.

Diamantes Agnewertis: In January May 24, global imports of coal reached 554.3 million tons, which was a 2.2% increase year-on-year. Global cyborg soybean trade reached 149.2 million tons in 23, and this was the highest volume since 2020. Trade was dominated by Chinese imports, which account for two-thirds of volumes, with Europe at least on second. Main exporters are USA and Brazil, with smaller volumes coming from Canada and Argentina. Global cyborg foreign wheat trade reached 149.7 million tons in 23.

Mr. Diamantes: Global cyborg soybean trade reached 149.2 million tons in 23, and this was the highest volume since 2020.

Diamantis Andriotis: Looking ahead, we believe that earnings momentum will remain generally favorable, prompting, our continued focus on our fleet growth strategy.

Speaker Change: Looking ahead, we believe that their earnings momentum will remain generally favorable.

Speaker Change: And our continued focus on our fleet growth strategy.

Mr. Diamantes: Trade was dominated by Chinese imports, which account for two-thirds of volumes, with Europe at least on second.

Diamantis Andriotis: We will continue to strive to produce both improved financial performance, attractive, returns, and growth prospects for our shareholders.

Dr. Diamantis Agnewertis: We will continue to strive to produce both improved financial performance, attractive returns, and growth prospects for our shareholders.

Speaker Change: We will continue to strive to produce both improved financial performance attractive returns and growth prospects for our shareholders.

Mr. Diamantes: Main exporters are USA and Brazil, with smaller volumes coming from Canada and Argentina.

Diamantis Andriotis: We would like to thank you for joining us today and look forward to having you with, us again at our next call for our third quarter of 2024 results.

Dr. Diamantis Agnewertis: We would like to thank you for joining us today, and look forward to having you with us again at our next call for our third quarter of 24 results. This concludes today's conference call. Thank you all for participating. You may now disconnect your lines. Thank you. Thanks for joining us today.

Speaker Change: We would like to thank you for joining us today and look forward to having you with US again at our next call for our third quarter of 2004 results.

Mr. Diamantes: Global cyborg foreign wheat trade reached 149.7 million tons in 23. Trade was dominated by exports from the EU and the Blacks region, as well as the USA and Canada. There has been a significant increase in volumes from Russian and EU ports, replacing Ukrainian ports, and imports are primarily to the main region, China, and Southeast Asia.

Diamantes Agnewertis: Trade was dominated by exports from the EU and the Blacks region, as well as the USA and Canada. There has been a significant increase in volumes from Russian and EU ports, replacing Ukrainian ports, and imports are primarily to the main region, China, and Southeast Asia. In January May 24, global exports of wheat reached 74.7 million tons, according to AXS, and this was a 19.8% increase year-on-year. 25% of exports were shipped from Russia, 23% from EU, 14% from Australia, and 12% from Canada.

Operator: This concludes today's conference call.

Speaker Change: This concludes today's conference call. Thank you all for participating you may now disconnect your lines. Thank you.

Operator: Thank you all for participating.

Operator: You may now disconnect your lines.

Operator: Thank you.

Mr. Diamantes: In January May 24, global exports of wheat reached 74.7 million tons, according to AXS, and this was a 19.8% increase year-on-year. 25% of exports were shipped from Russia, 23% from EU, 14% from Australia, and 12% from Canada.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Yeah.

Mr. Diamantes: Global cyborg coarse grain trade reached 164.3 million tons in 23.

Diamantes Agnewertis: Global cyborg coarse grain trade reached 164.3 million tons in 23. Trade was dominated by exports from South America, the USA and the Blacks region. While in January May 24, global exports of coarse grains reached 65.5 million tons, according to AXS, and this was a 12.8% increase year-on-year.

Speaker Change: [music].

Mr. Diamantes: Trade was dominated by exports from South America, the USA and the Blacks region.

Mr. Diamantes: While in January May 24, global exports of coarse grains reached 65.5 million tons, according to AXS, and this was a 12.8% increase year-on-year.

Diamantes Agnewertis: On slide 5, we see that the dry bulk market is enjoying healthy earnings due to major support from the Red Sea diversions, geopolitical uncertainty in the Russian Ukraine war, the Middle East, a potential escalation of the U.S.-China trade war, and topics oil market games. Dry bulk demands expect to increase by 3.6% in 24. Improvements in demand have been highly supported by firm Chinese demand for dry bulk commodities, while re-routeing away from the Red Sea area and restrictions imposed in Palma Canal transit further support dry bulk toned mild demand growth.

Mr. Diamantes: Dry bulk demands expect to increase by 3.6% in 24. Improvements in demand have been highly supported by firm Chinese demand for dry bulk commodities, while re-routeing away from the Red Sea area and restrictions imposed in Palma Canal transit further support dry bulk toned mild demand growth.

Mr. Diamantes: After contracting by 1% in 22, minor bulk toned mild trade increased by 3% in 23, while it is expected to increase by 5.2% in 24 and 2.7% in 25.

Diamantes Agnewertis: After contracting by 1% in 22, minor bulk toned mild trade increased by 3% in 23, while it is expected to increase by 5.2% in 24 and 2.7% in 25. The handi size 1 year TCR-8 had been estimating year-and-year increase of 15.5% in June 24, at around 30,750 dollars per day. In January, December 23, the Baltic Handicides TCR equivalent averaged $10,557 per day, at the decrease of about 50% in year-and-year. In January, June 24, the Baltic Handicides TCR equivalent averaged $12,506 per day, and that was an increase of about 24% in year-and-year.

Mr. Diamantes: The handi size 1 year TCR-8 had been estimating year-and-year increase of 15.5% in June 24, at around 30,750 dollars per day.

Mr. Diamantes: In January, December 23, the Baltic Handicides TCR equivalent averaged $10,557 per day, at the decrease of about 50% in year-and-year.

Mr. Diamantes: In January, June 24, the Baltic Handicides TCR equivalent averaged $12,506 per day, and that was an increase of about 24% in year-and-year.

Mr. Diamantes: Moving on to slide 6, the crude thank you demand is projected to grow by 3.5% in 24, following several years of strong growth.

Diamantes Agnewertis: Moving on to slide 6, the crude thank you demand is projected to grow by 3.5% in 24, following several years of strong growth. This is bolstered by 1.9% increase in the average whole distance, driven by growing long-haul, trendy exports from the US, Brazil and Guayana, as well as refinery start-up in Asia. This growth is largely driven by a 15% increase in export from the Americas, between 23 and 25, contributing to over 80% of the projected global volume growth.

Mr. Diamantes: This is bolstered by 1.9% increase in the average whole distance, driven by growing long-haul, trendy exports from the US, Brazil and Guayana, as well as refinery start-up in Asia. This growth is largely driven by a 15% increase in export from the Americas, between 23 and 25, contributing to over 80% of the projected global volume growth.

Mr. Diamantes: AJ is expected to continue leading in the import growth, accounting for approximately 6% of the projected increase.

Diamantes Agnewertis: AJ is expected to continue leading in the import growth, accounting for approximately 6% of the projected increase. Despite the ongoing crude oil production cuts and forced biopic members, industry participants believe that the thank you market environment will remain healthy through 2025. Thank you demand outlook remains robust, supported by growth in crude oil trade volumes, as well as by trade pattern shifts are as information-free diversions, benefiting long-haul routes, thus boosting to mild demand.

Mr. Diamantes: Despite the ongoing crude oil production cuts and forced biopic members, industry participants believe that the thank you market environment will remain healthy through 2025.

Mr. Diamantes: Thank you demand outlook remains robust, supported by growth in crude oil trade volumes, as well as by trade pattern shifts are as information-free diversions, benefiting long-haul routes, thus boosting to mild demand.

Mr. Diamantes: Seabond crude oil trade has been supported by increasing demand from China and rising next to suppliers in the Americas.

Diamantes Agnewertis: Seabond crude oil trade has been supported by increasing demand from China and rising next to suppliers in the Americas. On the thank you spot rates, after strong first quarter, second quarter was slightly weaker, with crude oil tank earnings falling by 13% on average in second quarter. After a maximum threshold max is continued to match or even outter in the VLC peers, thanks to the boost they received from disrupted the russian flows. In June 24, the Baltic exchange dirty tanky index averaged 1,223 points, from 1,086 points in June 23. And this is an increase of about 12.6% here in years.

Mr. Diamantes: On the thank you spot rates, after strong first quarter, second quarter was slightly weaker, with crude oil tank earnings falling by 13% on average in second quarter.

Mr. Diamantes: After a maximum threshold max is continued to match or even outter in the VLC peers, thanks to the boost they received from disrupted the russian flows.

Mr. Diamantes: In June 24, the Baltic exchange dirty tanky index averaged 1,223 points, from 1,086 points in June 23.

Mr. Diamantes: And this is an increase of about 12.6% here in years.

Mr. Diamantes: Slide 7 shows the handi size fleet age and growth.

Diamantes Agnewertis: Slide 7 shows the handi size fleet age and growth. The order book for handi size dry bulk carriers stood at 9% of the existing fleet as of May 24. Compared to year end 23, the order book for handi size dry bulk carriers declined by 12.4%. Almost 40% of the handi size dry bulk carrier fleet is between 10 to 14 years of age, while a total of 27% of the trading fleet is estimated to be 15 years or older.

Mr. Diamantes: The order book for handi size dry bulk carriers stood at 9% of the existing fleet as of May 24. Compared to year end 23, the order book for handi size dry bulk carriers declined by 12.4%. Almost 40% of the handi size dry bulk carrier fleet is between 10 to 14 years of age, while a total of 27% of the trading fleet is estimated to be 15 years or older.

Mr. Diamantes: On the fleet growth, the dry bulk carrier order book stood at historically low levels at 9.3% at the end of April. 8.6% of the total dry bulk carrier fleet is older than 20 years of age. The total dry bulk carrier fleet grew by 3.1% in 23, and is currently expected to grow by 3% in 24 and by 2.5% in 25. Compliance with new environmental regulations coupled with an over 8 fleet might induce crapping thus reducing a variable fleet supply.

Diamantes Agnewertis: On the fleet growth, the dry bulk carrier order book stood at historically low levels at 9.3% at the end of April. 8.6% of the total dry bulk carrier fleet is older than 20 years of age. The total dry bulk carrier fleet grew by 3.1% in 23, and is currently expected to grow by 3% in 24 and by 2.5% in 25. Compliance with new environmental regulations coupled with an over 8 fleet might induce crapping thus reducing a variable fleet supply.

Mr. Diamantes: On the fleet growth side, the handi size dry bulk carrier net fleet grows to the 3.2%. Analysts expect a supportive handi size dry bulk carrier net fleet growth for the years to come, specifically net fleet growth is expected to grow by about 4.4% in 2024 and 3.5% in 2025. Slow streaming and retrofitting time, as part of complying with newer environmental regulations, are also factors that are expected to reduce available fleet supply the years to come.

Diamantes Agnewertis: On the fleet growth side, the handi size dry bulk carrier net fleet grows to the 3.2%. Analysts expect a supportive handi size dry bulk carrier net fleet growth for the years to come, specifically net fleet growth is expected to grow by about 4.4% in 2024 and 3.5% in 2025. Slow streaming and retrofitting time, as part of complying with newer environmental regulations, are also factors that are expected to reduce available fleet supply the years to come.

Mr. Diamantes: The outlook for the handi bulk carrier market in 2024 is kosher sloped in mystic, with room for gradual improvements. According to projections to current projections, the growth in bulk carrier demand is expected to be slightly above fleet expansion, combined with a constrained delivery schedule and the potential for increased demolitions. Several factors, including the attacks from Houthis in the Gulf of Eden, the implementation of reduced vessel speeds and extended retrofitting time due to environmental regulations, coupled with the announced constraints in the Palma Canal, which are likely to last well beyond first half of 2024, are poised to shape market dynamics.

Diamantes Agnewertis: The outlook for the handi bulk carrier market in 2024 is kosher sloped in mystic, with room for gradual improvements. According to projections to current projections, the growth in bulk carrier demand is expected to be slightly above fleet expansion, combined with a constrained delivery schedule and the potential for increased demolitions. Several factors, including the attacks from Houthis in the Gulf of Eden, the implementation of reduced vessel speeds and extended retrofitting time due to environmental regulations, coupled with the announced constraints in the Palma Canal, which are likely to last well beyond first half of 2024, are poised to shape market dynamics.

Mr. Diamantes: Slight 8 shows the Aframax tanker fleet 8's growth in order book.

Diamantes Agnewertis: Slight 8 shows the Aframax tanker fleet 8's growth in order book. The global Aframax cellar 2 fleet now stands at 1,147 vessels. Of these 205 vessels are over 20 years of age, accounting for about 17.8% of the total number of vessels. With the start entirely of 1,134 vessels, the current fleet represents a change of 1.15% in vessels numbers over the years of art. Delivers are holding at levels above the total numbers of removers from the fleet, creating a net gain in the fleet equivalent to 1.15%.

Mr. Diamantes: The global Aframax cellar 2 fleet now stands at 1,147 vessels.

Mr. Diamantes: Of these 205 vessels are over 20 years of age, accounting for about 17.8% of the total number of vessels.

Mr. Diamantes: With the start entirely of 1,134 vessels, the current fleet represents a change of 1.15% in vessels numbers over the years of art.

Mr. Diamantes: Delivers are holding at levels above the total numbers of removers from the fleet, creating a net gain in the fleet equivalent to 1.15%.

Mr. Diamantes: This increase is higher than the change noted in May 24, while compared to last year, we have seen a decrease in the trend noted.

Diamantes Agnewertis: This increase is higher than the change noted in May 24, while compared to last year, we have seen a decrease in the trend noted. The order book now stands at 164 vessels, having increased by 3 vessels in June 24.

Mr. Diamantes: The order book now stands at 164 vessels, having increased by 3 vessels in June 24.

Mr. Diamantes: Slide 9 shows the current fleet of C3IS.

Diamantes Agnewertis: Slide 9 shows the current fleet of C3IS. By the end of Q224, C3IS owned and operated the fleet of 300 size drive-ball cars and one from actual tanker. In May 24, the company to deliver of the 33,000-dead-way drive-ball carier the Acoustic Fire, bringing the total fleet capacity to 213,000-dead-weight with an average age of 13.5 years. All vessels have had their balance well system solidly installed. Further more, there are no immediate capital commissions for special surveys, as the next one due is in Q325. All vessels are unencumbered and kindly employed on short to medium-term period chargers and spot voyages.

Mr. Diamantes: By the end of Q224, C3IS owned and operated the fleet of 300 size drive-ball cars and one from actual tanker.

Mr. Diamantes: In May 24, the company to deliver of the 33,000-dead-way drive-ball carier the Acoustic Fire, bringing the total fleet capacity to 213,000-dead-weight with an average age of 13.5 years.

Mr. Diamantes: All vessels have had their balance well system solidly installed.

Mr. Diamantes: Further more, there are no immediate capital commissions for special surveys, as the next one due is in Q325. All vessels are unencumbered and kindly employed on short to medium-term period chargers and spot voyages. Slide 10 shows a sample of the international charters with whom the management company has developed strategic relationships and has experienced repeat business.

Diamantes Agnewertis: Slide 10 shows a sample of the international charters with whom the management company has developed strategic relationships and has experienced repeat business. Repeat business highlights the confidence our customers have for our operations and the satisfaction of the services we provide. The key to maintaining our relationships with these companies are high standards of safety and reliability of service.

Mr. Diamantes: Repeat business highlights the confidence our customers have for our operations and the satisfaction of the services we provide. The key to maintaining our relationships with these companies are high standards of safety and reliability of service.

Nina Pindia: I will now turn over the call to Nina Pindia for our financial performance.

Nina Pindia: Thank you, dear Mattis and good morning to everyone.

Nina Pindia: Thank you, dear Mattis and good morning to everyone. Please turn to Slide 11 and I will go through our financial performance for the second-four-ten-first half of 2024. Voyage revenues for the three-month ending June 30, 2024, amounted $10.8 million corresponding to a daily TCE of $23,938. Compared to Q223, our net revenues increased by 403 percent and our TCE was up 185 percent from Q223. This was mainly due to the contribution from our Aframax tanker, which is around 80 percent of our revenues.

Nina Pindia: Please turn to Slide 11 and I will go through our financial performance for the second-four-ten-first half of 2024.

Nina Pindia: Voyage revenues for the three-month ending June 30, 2024, amounted $10.8 million corresponding to a daily TCE of $23,938.

Nina Pindia: Compared to Q223, our net revenues increased by 403 percent and our TCE was up 185 percent from Q223.

Nina Pindia: This was mainly due to the contribution from our Aframax tanker, which is around 80 percent of our revenues. Our fleet operational utilization was 87.7 percent for the second quarter of 2024, compared to 89.6 percent for the second quarter of 23. Voyage expenses and vessels operating expenses for the three-month ended June 30, 2024 were 3.1 million and 2 million respectively.

Nina Pindia: Our fleet operational utilization was 87.7 percent for the second quarter of 2024, compared to 89.6 percent for the second quarter of 23. Voyage expenses and vessels operating expenses for the three-month ended June 30, 2024 were 3.1 million and 2 million respectively. For the second quarter of 23, the figures were $107,4000 and $842,000. The increases in birth voyage expenses and vessels operating expenses are attributed to the increase in the average number of vessels.

Nina Pindia: For the second quarter of 23, the figures were $107,4000 and $842,000.

Nina Pindia: The increases in birth voyage expenses and vessels operating expenses are attributed to the increase in the average number of vessels.

Nina Pindia: Voyage expenses for the second quarter of 24 mainly included banker costs and port expenses of $2.5 million corresponding to 80 percent of the total voyage expenses.

Nina Pindia: Voyage expenses for the second quarter of 24 mainly included banker costs and port expenses of $2.5 million corresponding to 80 percent of the total voyage expenses. Operating expenses for the three-month ending June 30, 2024 mainly included correct expenses of 1.1 million sorry corresponding to 55 percent of total operating expenses, spare and consumable cost of 300,000 corresponding to 15 percent and maintenance expenses of 300,000 representing works and repairs on board the vessels corresponding to 15 percent of total vessel operating expenses.

Nina Pindia: Operating expenses for the three-month ending June 30, 2024 mainly included correct expenses of 1.1 million sorry corresponding to 55 percent of total operating expenses, spare and consumable cost of 300,000 corresponding to 15 percent and maintenance expenses of 300,000 representing works and repairs on board the vessels corresponding to 15 percent of total vessel operating expenses.

Nina Pindia: Management fees increased by 75% from Q223 due to the increase in the average number of vessels.

Nina Pindia: Management fees increased by 75% from Q223 due to the increase in the average number of vessels. General and administrative costs were $600,000 and mainly related to the expenses incurred from the two public offerings and the reverse stock split. The appreciation recorded in Q224 was 1.5 million, a 130% increase from Q1 of last year due to the increase in the average number of vessels. Related party interest and finance costs for the period was $900,000 and related to the accrued interest expenses as of June 3024, in connection with the 53.3 million payable, which was the 90% balance payable on the acquisition prices of our fromax tanker AfroPel2 and our bulk carrier the accrued split fire.

Nina Pindia: General and administrative costs were $600,000 and mainly related to the expenses incurred from the two public offerings and the reverse stock split.

Nina Pindia: The appreciation recorded in Q224 was 1.5 million, a 130% increase from Q1 of last year due to the increase in the average number of vessels.

Nina Pindia: Related party interest and finance costs for the period was $900,000 and related to the accrued interest expenses as of June 3024, in connection with the 53.3 million payable, which was the 90% balance payable on the acquisition prices of our fromax tanker AfroPel2 and our bulk carrier the accrued split fire. The AfroPel2 was completely paid off in July 24 and the balance due on the accrued split fire is payable in April 25.

Nina Pindia: The AfroPel2 was completely paid off in July 24 and the balance due on the accrued split fire is payable in April 25. Interest income of 433,000 for the quarter and 643,000 for the six months of 24 were recorded and related to the interest received from our bank deposits. As a result of the above for the three months and the June 3024, the company reported an adjusted net income of 2.9 million, compared to an adjusted net loss of 0.4 million for the same period of last year.

Nina Pindia: Interest income of 433,000 for the quarter and 643,000 for the six months of 24 were recorded and related to the interest received from our bank deposits.

Nina Pindia: Adjusted EBITDA for the three months and the June 3024 amounted to 4.9 million compared to an adjusted EBITDA of 0.3 million for the same period of last year. Unrealized loss on warrants for the three months and the June 3024 was 14.5 million and related to the net fair value losses of our class B1 and B2 warrants and class C1 and C2 warrants which were issued during the first quarter of 24 in connection with the two public offerings and have been classified as liabilities. This is a non cash item and does not reflect the operational profit of the company.

Nina Pindia: This is a non cash item and does not reflect the operational profit of the company. Turning to slide 12 for the balance sheet, the fleet book value as at the end of June 24 was 87.4 million and increased of 16% from year end 23 due to the addition of the bulk carrier the accrued split fire. By the end of Q224, our cash and cash equivalence was 45.5 million and increased of 402% from December 31, 23.

Nina Pindia: Turning to slide 12 for the balance sheet, the fleet book value as at the end of June 24 was 87.4 million and increased of 16% from year end 23 due to the addition of the bulk carrier the accrued split fire.

Nina Pindia: By the end of Q224, our cash and cash equivalence was 45.5 million and increased of 402% from December 31, 23.

Nina Pindia: The company has no outstanding bank debt. The financial liability of 54.7 million relates to the 90% payable on the acquisition prices of our Aframax tanker Afro-Po2 and our bulk carrier the accrued split fire. The Afro-Po2 was completely paid off in July 24 and the balance during the accrued split fire is payable in April 25.

Nina Pindia: Concluding the presentation on slide 13, we outline the key variables that will assist us progress with our company's growth.

Nina Pindia: Concluding the presentation on slide 13, we outline the key variables that will assist us progress with our company's growth. Owning a high-quality fleet reduces operating costs, improves safety and provides a competitive advantage in securing favorable charges. We maintain the quality of vessels of the vessels by carrying out regular inspections both while in port and at sea and adopting a comprehensive maintenance program for each vessel. The company's strategy is to follow a discipline growth with in-depth technical and condition assessment review.

Nina Pindia: Owning a high-quality fleet reduces operating costs, improves safety and provides a competitive advantage in securing favorable charges. We maintain the quality of vessels of the vessels by carrying out regular inspections both while in port and at sea and adopting a comprehensive maintenance program for each vessel.

Nina Pindia: The company's strategy is to follow a discipline growth with in-depth technical and condition assessment review.

Nina Pindia: Management is continuously seeking a timely and selective acquisition of quality vessels with current focus on short-to-medium term charges and spot voyages.

Nina Pindia: Management is continuously seeking a timely and selective acquisition of quality vessels with current focus on short-to-medium term charges and spot voyages. We always charter to high-quality charters such as commodity traders, industrial companies and oil producers and refineries. The company maintains an adequate level of cash flow and liquidity that will enable us to act instantly as the windows of growth and opportunities open. Despite being in operation for just over a year and having increased our fleet by 234% since inception, the company has no bank debts. No interest were charged by the sellers of the two vessels acquired in July 23 and April 24.

Nina Pindia: We always charter to high-quality charters such as commodity traders, industrial companies and oil producers and refineries.

Nina Pindia: The company maintains an adequate level of cash flow and liquidity that will enable us to act instantly as the windows of growth and opportunities open.

Nina Pindia: Despite being in operation for just over a year and having increased our fleet by 234% since inception, the company has no bank debts.

Nina Pindia: No interest were charged by the sellers of the two vessels acquired in July 23 and April 24.

Mr. Diamantes: At this stage, our CEO Dr. Diamantis Agnewertis will summarize the concluding remarks for the period examined.

Diamantes Agnewertis: At this stage, our CEO Dr. Diamantis Agnewertis will summarize the concluding remarks for the period examined. Following the completion of the first six months of operations in 2024, C3IS has reported an adjusted net income of $10.3 million, an adjusted debit of $11.3 million, and an adjusted EPS of $1.68. We have taken delivery of our fourth vessel this year, bringing our total fleet capacity to $213,000 dead weight, and increase of 234% from the company's exception a little over a year ago. In July 24, we paid off the remaining balance of $38.7 million due on our Afro-Extanker without resorting to bank finance. We have more than traveled our fleet capacity without incurring any bank debts.

Mr. Diamantes: Following the completion of the first six months of operations in 2024, C3IS has reported an adjusted net income of $10.3 million, an adjusted debit of $11.3 million, and an adjusted EPS of $1.68. We have taken delivery of our fourth vessel this year, bringing our total fleet capacity to $213,000 dead weight, and increase of 234% from the company's exception a little over a year ago.

Mr. Diamantes: In July 24, we paid off the remaining balance of $38.7 million due on our Afro-Extanker without resorting to bank finance.

Mr. Diamantes: We have more than traveled our fleet capacity without incurring any bank debts.

Mr. Diamantes: Seeping business is at a major turning point with a plethora of risk opportunities which are poised to shape market dynamics.

Diamantes Agnewertis: Seeping business is at a major turning point with a plethora of risk opportunities which are poised to shape market dynamics. These are mainly the declining global demand for major cargo, such as iron ore and coal, the increased transportation of grain and mine or bulk cargo, the decarbonization of customer value chains, the impact of market fluctuations, and geopolitical risks. We are confident that we have established foundations that is adaptable to this change environment, thereby enhancing fundamental ability to both further develop existing core businesses and explore new growth businesses.

Mr. Diamantes: These are mainly the declining global demand for major cargo, such as iron ore and coal, the increased transportation of grain and mine or bulk cargo, the decarbonization of customer value chains, the impact of market fluctuations, and geopolitical risks.

Mr. Diamantes: We are confident that we have established foundations that is adaptable to this change environment, thereby enhancing fundamental ability to both further develop existing core businesses and explore new growth businesses.

Mr. Diamantes: Looking ahead, we believe that turnings momentum will remain generally favorable, prompting our continued focus on our fleet growth strategy.

Diamantes Agnewertis: Looking ahead, we believe that turnings momentum will remain generally favorable, prompting our continued focus on our fleet growth strategy. We will continue to strive to produce both improved financial performance, attractive returns and growth prospects for our shareholders.

Mr. Diamantes: We will continue to strive to produce both improved financial performance, attractive returns and growth prospects for our shareholders.

Mr. Diamantes: We would like to thank you for joining us today, and look forward to having you with us again at our next call for our third quarter of 24 results.

Operator: We would like to thank you for joining us today, and look forward to having you with us again at our next call for our third quarter of 24 results. This concludes today's conference call. Thank you all for participating. You may now disconnect your lines. Thank you. Thanks for joining us today.

Operator: This concludes today's conference call.

Operator: Thank you all for participating.

Operator: You may now disconnect your lines.

Operator: Thank you.

Operator: Thanks for joining us today.

Q2 2024 C3is Inc Earnings Call

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