Vafias Group’s three listed companies reported the 1st quarter 2025 economic results which can be summarized as follows:
C3is
4 ships / $8m net profits q1/ $104m total assets/debt free
Imperial
20 ships / $12m net profits q1/$500m total assets/debt free
Stealthgas
31 ships /$15m net profit q1/ $800m total assets/net debt free
Group figures excluding the two private shipping co’s (Brave Maritime Corp / Stealth Maritime Corp).
In total the three listed companies have a fleet of 55 ships / 35m net profit q1 / $1,404 billion in assets/ zero lending.
More specifically:
C3is’ CEO Dr. Diamantis Andriotis commented: For the first quarter of 2025, we reported a Net Income of $7.9 million, an increase of 109% from Q1 2024, but our Revenues decreased by 32%, due to the drop in TCE rates.
By April 2025, we had successfully fulfilled all of our capital expenditure commitments without resorting to any bank loans.
We have therefore more than trebled the deadweight tonnage of our fleet, which is exclusively non-Chinese built, without incurring any bank debts.
The global economic environment is poised for a year of mixed signals in 2025, with risks and opportunities influencing the shipping sector.
Economic shocks, financial market responses, and evolving policy measures are expected to shape the outlook, contributing to a cautious, yet dynamic landscape.
Whilst global growth may be moderate, and inflationary pressures persist, these challenges also create room for market adjustments and new trade patterns.
C3is will adapt to these evolving dynamics by focusing on diversification and aligning with the growing emphasis on sustainable practices, which are poised to reshape trade in the coming years.
With careful navigation and adaptability, the Company is well-positioned to leverage regional growth drivers and evolving economic dynamics to maintain resilience in the year ahead.
We would like to thank you for joining us today and look forward to having you with us again at our next call for the results of the 2nd quarter of 2025.
C3is Inc. owns four vessels, three Handysize drybulk carriers with a total capacity of 97,664 deadweight tons (dwt) and an Aframax oil tanker with a cargo carrying capacity of approximately 115,800 dwt, resulting in a fleet total capacity of 213,464 dwt. C3is Inc.’s shares of common stock are listed on the Nasdaq Capital Market and trade under the symbol “CISS”.
Imperial Petroleum’s CEO Harry Vafias Commented: Another year commenced with a positive momentum for Imperial Petroleum. We are happy as we consider the $11.3 million of net income generated in Q1 25’ a very good result given the eventful but softish market. This is a busy period for our Company but at the same time exciting as we are taking on delivery of another six drybulk vessels. Within the short life of Imperial Petroleum, we are expanding our fleet from four vessels to nineteen by the second quarter of 2025; our goal of growing fast and transforming a small company to medium sized was achieved. We feel confident that the diversified quality non- Chinese fleet we have created will pay off. Imperial Petroleum enjoys fast growth, recurring profits, zero bank debt and liquidity as of March 31, 2025 in excess of $220 million and as per our view ticks all the boxes that define a successful operation.
IMPERIAL PETROLEUM INC. owns a total of thirteen vessels on the water - seven M.R. product tankers, two suezmax tankers and four handysize drybulk carriers - with a total capacity of 807,000 deadweight tons (dwt), and has contracted to acquire an additional six drybulk carriers of 387,000 dwt aggregate capacity. Following these deliveries, the Company’s fleet will count a total of 19 vessels with an aggregate capacity of 1.2 million dwt. IMPERIAL PETROLEUM INC.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP,” respectively.
StealthGas’ Board Chairman Michael Jolliffe Commented: The results that were announced today point to a strong start to the year and underpin our confidence in sustaining the momentum we have built over the last years, throughout 2025. It is no doubt a period of uncertainty and in such periods, among other things, there is reluctance by charterers to commit longer term. With the latest developments, we expect trade flows to normalize and sentiment to improve as the fundamentals of LPG shipping continue to be positive. In this volatile environment.
Stealthgas remains steadfast in its strategy and has all but eliminated its financial risk, being net debt free after having made over $50 million in debt repayments during this year and having 27 out of 28 vessels unencumbered. At the same time in order to return value to our shareholders, we have begun buying back shares, spending $1.8 million in share repurchases since March. Overall under the current program the Company has spent over $21.2 million in share repurchases since June 2023.
StealthGas Inc. has a fleet of 31 LPG carriers, including three Joint Venture vessels in the water. These LPG vessels have a total capacity of 349,170 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”
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