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Highlights
- C3is outperforms Top Ships in profitability measures despite lower revenue.
- C3is and Top Ships both show significant volatility compared to S&P 500.
- C3is holds more institutional confidence with higher percentage of shares owned by institutional investors.
The maritime transportation sector, characterized by the constant need for strategic operational efficiencies and fleet management, houses prominent players like C3is Inc. (C3is) and Top Ships Inc. (NASDAQ:TOPS). This comprehensive analysis dives into the financial performance, market standing, and operational pipelines of these two companies.
eFinancial Analysis
C3is shows superior earnings compared to Top Ships, despite having lower revenue. Specifically, C3is reports gross revenue of $45.18 million, netting an income of $9.29 million. Conversely, Top Ships, with a gross revenue of $83.87 million, achieves a relatively lower net income of $6.07 million.
Analysing profitability metrics, C3is exhibits impressive performance with a net margin of 5.74%, a return on equity of 19.35%, and a return on assets of 11.24%. Unfortunately, the same data for Top Ships is unavailable, making a direct profitability comparison challenging.
Ownership and Market Volatility
Institutional and insider ownership percentages reflect market confidence levels. About 10.5% of C3is shares are institutionally owned, compared to 6.7% for Top Ships. Top Ships also has 0.3% insider ownership, a metric not reported for C3is.
Volatility remains a critical consideration, with C3is's beta at 2.06 and Top Ships at 1.82. This indicates that C3is is 106% more volatile than the S&P 500, compared with Top Ships' 82%.
Operational Overview
C3is Inc., based in Athens, Greece, operates a fleet that provides international seaborne transportation services. The company’s vessels are chartered for transporting dry bulk and crude oil. Established recently in 2021, C3is's strategic vision includes aligning its operations with the needs of dry bulk charterers, commodity producers, and various traders.
Top Ships Inc., founded in 2000 and headquartered in Marousi, Greece, operates a diversified fleet of tanker vessels. These vessels provide transportation of crude oil, petroleum products, and bulk liquid chemicals. With a robust fleet capacity as of the end of 2023, Top Ships has maintained a significant presence in the maritime industry, continuously evolving since its inception.
After exploring financial, operational, and market dynamics, C3is retains a competitive edge over Top Ships in several critical parameters. These insights are pivotal for stakeholders and analysts within the maritime transportation arena as they assess the strategic positioning and financial health of these entities.
