C3is Inc. To Acquire 50,000 DWT South Korean-Built Product Tanker For $16.88M, Expanding Fleet To 5

C3is Inc. (the "Company") has entered into an agreement to acquire a South Korean-built, in 2008, product tanker with 50,000 dwt capacity for a purchase price of $16.88 million, from an entity affiliated with Brave Maritime Corp Inc. The transaction with Brave Maritime, which is affiliated with members of the Vafias family, was approved by the independent directors of the Company, which obtained independent valuations of the vessel and based the purchase price on the average of these valuations.

The vessel is expected to be delivered in the second or third quarter of 2026. The Company has the option to pay for the vessel one year after the date of the purchase agreement, without interest.

Following this vessel delivery, and assuming no further acquisitions or dispositions, the Company's fleet will total 5 vessels, three Handysize drybulk carriers with a total capacity of 97,664 deadweight tons (dwt), an Aframax oil tanker with a capacity of approximately 115,800 dwt and a product tanker with a capacity of approximately 50,000 dwt, resulting in a fleet total capacity of approximately 263,464 dwt.