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Pretty decent volume today for a Friday and the usual day trader mentality of exiting positions ahead of the weekend hit towards the latter part of the session.
Can't blame anyone from taking profits if you are block trading this stock.
These little 5-10% pops can certainly add up to substantial gains if your timing is on point.
I'm in IMPP for the juicy trip over $7-$10
Selling our FREE shares of CISS over $4/sh certainly was the right decision considering how low this offering was.
$1.05/share? Yikes
Looking quite nice for IMPP on a late Friday session +9%
IMPP +6% so far today
CISS -10% so far today
100% false and misleading
Not too many shareholders believe this apparently
100% completely wrong
I banked off of selling CISS over $4/share
IMPP +1% on the session
CISS - 21.3% on the session
It certainly was a good idea to SELL the "free" shares of CISS over $4/share to lock in those free gains.
And I don't want to hear any nonsense about CISS shares weren't "free" as they were spin-off shares that took part of the company away from Imperial Petroleum.
Yea... To dry bulk carriers that were not accretive towards last quarters revenue stream which were more than the entire market cap of IMPP
AND THAT IS THE VERY REASON WHY I SOLD CISS AND PUT THE PROCEEDS BACK INTO IMPP
IMPP will move up when they post earnings.
Right now, it's selling off here and there due to impatient traders
These -3% or -1% days really make the worst come out in people
CISS filed a shelf offering yesterday which obviously is affecting shares of IMPP
CISS -29% out of the gate this morning.
Lost 60% in 1 session and 15 minutes
I feel bad for those who simply held on to their free shares
Short sellers haven't banked huge off of this spinoff
Lol
Not at all actually
Yes but I heard on the number of supermax tankers. It's only 10 supermax tankers, not 12.
Imperial Petroleum pawned off their two dry bulk carriers to c3is (CISS), as according to our CEO, they were not accretive to our earnings.
So I guess my point when stating that the spin-off shares were "free money" , they really were
IMPP -3% today
CISS -30% today
Like I stated last week, it was a wise decision to sell CISS shares over $4/sh and rotate the immediate profits directly into IMPP, as IMPP is the $300,000/day revenue generating business with zero creditors, zero debt, a fleet of 12 super max tankers and by now we must have in excess of $100,000,000 - $120,000,000 in free operational cash to be utilized for maintenance of said carriers as well as acquisitions of new carriers to expand the fleet
CISS (IMPP's spinoff shares) are -28% on the session as I type this.
CISS $1.88/sh
I sold my shares in the $4''s last week and stated that these spin-off shares should be considered free cash to IMPP shareholders.
Someone tried to correct me stating that the Spin-off shares we're not to be considered "free cash" as they were part of IMPP's revenue stream and therefore should be valued as part of IMPP.
BUT THERE'S NO REAL WAY TO DO THAT.
So...I sold them...and in doing so at the time I did, I saved myself an additional 55% haircut on the gains.
If anything, it will be the CISS spinoff shares that this CEO uses as his new dilution machine.
IMPP never wanted to get into the dry bulk shipping business and that is why they pawned these two vessels off into C3is, as they were never really accretive to Imperial Petroleum's earnings.
We also need to keep in mind that in last quarter's earnings alone, in just one single quarterly earnings, they surpassed our entire market cap. I believe this stock Will blast off when our next quarterly earnings are announced and everyone sees our cash position increase into the $150,000,000 or so range
In my opinion
As it should.
That's precisely where the money should go.
When you are generating $300,000 in revenues on a daily basis and have zero debt, you build up an immense amount of free-flowing cash rather quickly
And although it would be nice to see insider purchases of stock off the open market or share BuyBacks being performed, all we have are this CEOs words stating that this will be brought up in front of the board.
I don't actually see that happening but if and when it does, it will definitely boost the morale of shareholders who have otherwise had very negative experiences with this CEOs actions in the past
Management is busy making an excess of $300,000 in revenues per day with zero debt. What company do you know that pulled in that type of loot trading at such a low multiple. Hell, last quarter we pulled in more money than our entire market cap is worth
IMPP -13%
CISS -29%
I'd much rather be an IMPP shareholder using fat profits from the sale of CISS shares, than a CISS holder with only 2 dry bulk carriers in it's portfolio versus 10 super max carriers with NAV over $400m, zero debt, zero creditors and $80,000,000 - $100,000,000 in Ca$h in the bank
Why would it be odd?
1.63 Million shares of CISS traded today.
Most every shareholder of IMPP has received their 1:8 ratio'd shares of CISS days ago.
There was someone that's sold their shares at $4.08
That somebody had to have been an IMPP shareholder all along
Lol
Imperial Petroleum will retain an interest in C3is through its ownership of series A convertible preferred stock of C3is, which wasn't distributed by Imperial Petroleum in the spinoff.
It's low based upon all metrics
Added IMPP $3.38
Glad I took nice profits on CISS yesterday, after hrs and again today prior to it submarining
DRYS has never been an eps+, debt free , revenue generating profitable company
Correct... And precisely the reason why I sold yesterday and today.
IMPP is the much better play considering 10 supermax vessels that profit $300,000 per day, zero debt, 0 creditors and a net asset valuation in excess of 400 million samolian$$$
100% false
Banked hard on IMPP's CISS
IMPP"s C3is halted for 2nd time this am
Exited the remainder of my free CISS spinoff shares in the $4.30s
Awesome start to the day
ATHENS, Greece, June 23, 2023 (GLOBE NEWSWIRE) -- C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company providing drybulk seaborne transportation services, announced today its unaudited financial and operating results for the first quarter ended March 31, 2023. These financial results were prepared on a carve-out basis from the financial statements of Imperial Petroleum Inc., which was our parent company prior to the completion of our spin-off on June 21, 2023, and, accordingly, do not reflect any adjustments for the spin-off, the issuance of our common shares and Series A Convertible Preferred Shares, and the $5.0 million working capital contribution to the Company from Imperial Petroleum Inc. in conjunction therewith.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
Successful spin-off of Imperial Petroleum Inc.’s two drybulk carriers to our newly listed company C3is Inc.; this was concluded on June 21, 2023.
Our newly listed company currently owns 2 Handysize drybulk vessels, the Eco Angelbay (2009 built) and the Eco Bushfire (2011 built), with an average age of 12.9 years.
Both vessels are unencumbered; C3is Inc. is a debt free company.
Fleet operational utilization of 90.6% in Q1 23’, as our vessels were mainly under time charter employment.
Currently our two vessels are on time charters of short-term duration, producing steady cash flows.
Voyage revenues of $3.2 million in Q1 23’ and a daily TCE1 of $15,927 in Q1 23’.
Net income of $0.8 million for Q1 23’.
First Quarter 2023 Results:
Voyage revenues for the three months ended March 31, 2023 amounted to $3.2 million. Total calendar days for our fleet were 180 days for the three months ended March 31, 2023. Of the total calendar days in the first quarter of 2023, 163 or 90.6% were time charter days. Our fleet operational utilization was 90.6% for this period.
Voyage expenses and vessels’ operating expenses for the three months ended March 31, 2023 were $0.3 million and $1.0 million, respectively. Voyage expenses mainly included bunker costs of $0.1 million corresponding to 33.3% of total voyage expenses, and commissions to third parties of $0.1 million corresponding to 33.3% of total voyage expenses. Operating expenses mainly included crew expenses of $0.6 million corresponding to 60% of total operating expenses, spares and consumables costs of $0.3 million, corresponding to 30% of total operating expenses, and maintenance expenses of $0.1 million, representing works and repairs on the vessels, corresponding to 10% of total vessel operating expenses.
General and Administrative costs for the three months ended March 31, 2023 were $0.2 million related to Imperial Petroleum general and administrative expenses allocated to the carve-out entities.
As a result of the above, for the three months ended March 31, 2023, the Company reported a net income of $0.8 million.
EBITDA2 for the three months ended March 31, 2023 amounted to $1.4 million.
An average of 2.0 vessels were owned by the Company during the three months ended March 31, 2023.
Board Chairman Harry Vafias commented:
"We are pleased with the successful spin-off of two of Imperial Petroleum’s handysize drybulk vessels to a newly listed entity called C3is Inc. Our affiliated shipping group operates 5 active shipping companies - 3 Nasdaq listed and 2 private companies.
"C3is is our latest project; although currently a small scale company, we believe that current market conditions of the various shipping markets will assist our fast fleet expansion.
"Looking ahead we are eager to replicate the success story of IMPERIAL PETROLEUM which started with 4 levered ships and in less than 18 months had 12 debt free vessels and considerable cash as well. The dry bulk transport market is expected to see an increase in marine transport volume over the medium- and long-term horizon."
Conference Call details:
On June 23, 2023, at 11:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.
Conference Call details:
Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.
Then you missed out on one hell of a larger move in after hours
Yes indeed, pretty bizarre action in after hours that's for sure. I wonder where all these people were during the session LOL
I sold 500 shares of C3is @ $4.05 during the normal session prior to it falling to $3.70
IMPP is red on the day which doesn't really make much sense because the shift of 2 dry bulk carriers out of Imperial's 12 ship fleet was of little significance.
CEO stated the Dry Bulk ships we're not accretive to Imperials earnings.
IMPP is clearly the stock to focus on
$3.70 close on IMPP's spinoff C3is shares
It's extremely hard to fair value the spin-off shares.
It's only two dry bulk carriers so far but the float is super low. Many IMPP shareholders see this as free money and are simply taking profits as soon as the shares clear their account.
I suppose IMPP's share price is down because these two dry bolt carriers that were shifted into C3is's inventory, are no longer a creative towards Imperial Petroleum's revenue stream and profits. I do recall our CEO stating that the dry bolt carriers were pretty insignificant in relation to the cash being generated by our 10 other supermax vessels
We are so close to a double top breakout reversal through $4.50 that I can smell it
By now we have in excess of $80,000,000 - $100,000,000 in CASH, No creditors, ZERO debt, a net asset valuation in excess of $400,000,000 while generating in excess of $300,000 PER DAY in revenues...not to mention in our last quarter we made more money than our entire market cap is worth.
See you over $5 in short order. That's when we'll see the very beginning of a little short covering on our way to $8