Icon Energy Corp. Announces Fleet Expansion with and Time Charter Contract for a 2020-Built, Scrubber-Fitted, Eco, Ultramax, Dry Bulk Carrier
Icon Energy Corp. (NASDAQ: ICON) has announced a significant fleet expansion through an agreement to bareboat charter-in a 2020-built Ultramax dry bulk carrier with a 63,668 dwt capacity. The vessel, to be named M/V Charlie, comes equipped with scrubber-fitting and eco features.
The financial terms include a $2.75 million advance payment, an additional $2.75 million upon delivery, and a $7,500 daily hire rate over a three-year bareboat charter period. Icon has an option to purchase the vessel for $18.0 million at the end of the period.
Additionally, Icon has secured a 9-12 month time charter contract with an unaffiliated dry bulk operator, featuring a floating daily hire rate linked to the Baltic Supramax Index, plus additional earnings from fuel cost savings through the vessel's scrubber. Delivery is expected between May and August 2025.
Icon Energy Corp. (NASDAQ: ICON) ha annunciato un'importante espansione della flotta tramite un accordo per noleggiare un'unità Ultramax di carico secco costruita nel 2020, con una capacità di 63.668 dwt. L'imbarcazione, che prenderà il nome di M/V Charlie, è dotata di sistemi di scrubber e caratteristiche ecologiche.
I termini finanziari includono un pagamento anticipato di 2,75 milioni di dollari, un ulteriore pagamento di 2,75 milioni di dollari al momento della consegna e una tariffa di noleggio giornaliera di 7.500 dollari per un periodo di noleggio di tre anni. Icon ha la possibilità di acquistare l'imbarcazione per 18,0 milioni di dollari al termine del periodo.
Inoltre, Icon ha assicurato un contratto di noleggio temporaneo di 9-12 mesi con un operatore di carico secco non affiliato, con una tariffa di noleggio giornaliera fluttuante legata all'Indice Baltic Supramax, oltre a guadagni aggiuntivi derivanti dal risparmio sui costi del carburante grazie allo scrubber dell'imbarcazione. La consegna è prevista tra maggio e agosto 2025.
Icon Energy Corp. (NASDAQ: ICON) ha anunciado una expansión significativa de su flota a través de un acuerdo para chárter bareboat de un transportador de carga seca Ultramax construido en 2020, con una capacidad de 63,668 dwt. El buque, que se llamará M/V Charlie, está equipado con un sistema de scrubber y características ecológicas.
Los términos financieros incluyen un pago anticipado de 2.75 millones de dólares, un pago adicional de 2.75 millones de dólares a la entrega, y una tarifa diaria de alquiler de 7,500 dólares durante un período de chárter bareboat de tres años. Icon tiene la opción de comprar el buque por 18.0 millones de dólares al final del período.
Además, Icon ha asegurado un contrato de chárter por tiempo de 9-12 meses con un operador de carga seca no afiliado, que presenta una tarifa diaria de alquiler flotante vinculada al Índice Baltic Supramax, además de ingresos adicionales por ahorros en costos de combustible a través del scrubber del buque. Se espera que la entrega tenga lugar entre mayo y agosto de 2025.
Icon Energy Corp. (NASDAQ: ICON)는 63,668 dwt 용량의 2020년 제작 울트라마크스 건조 벌크선에 대한 bareboat 차터 계약을 통해 중요한 선대 확장을 발표했습니다. 이 선박은 M/V Charlie라는 이름을 가지며, 스크러버 장착 및 친환경 기능을 갖추고 있습니다.
재무 조건에는 275만 달러의 선불 지급, 인도 시 추가로 275만 달러, 그리고 3년 bareboat 차터 기간 동안의 일일 임대료 7,500 달러가 포함됩니다. Icon은 계약 종료 시 1,800만 달러에 선박을 구매할 수 있는 옵션을 가지고 있습니다.
또한 Icon은 비계열 건조 벌크 운영자와 9-12개월간의 시간 차터 계약을 체결했으며, 이는 발틱 수프라맥스 지수에 연동된 변동 일일 임대료와 선박의 스크러버를 통한 연료 비용 절감으로 인한 추가 수익을 포함합니다. 인도는 2025년 5월에서 8월 사이로 예상됩니다.
Icon Energy Corp. (NASDAQ: ICON) a annoncé une expansion significative de sa flotte grâce à un accord de charter bareboat pour un transporteur de vrac sec Ultramax construit en 2020, avec une capacité de 63 668 dwt. Le navire, qui sera nommé M/V Charlie, est équipé d'un système de scrubber et de caractéristiques écologiques.
Les conditions financières incluent un paiement anticipé de 2,75 millions de dollars, un paiement supplémentaire de 2,75 millions de dollars à la livraison, et un taux de location quotidien de 7 500 dollars sur une période de charter bareboat de trois ans. Icon a la possibilité d'acheter le navire pour 18,0 millions de dollars à la fin de la période.
De plus, Icon a sécurisé un contrat de charter à temps de 9 à 12 mois avec un opérateur de vrac sec non affilié, avec un taux de location quotidien flottant lié à l'indice Baltic Supramax, ainsi que des revenus supplémentaires provenant d'économies de coûts de carburant grâce au scrubber du navire. La livraison est prévue entre mai et août 2025.
Icon Energy Corp. (NASDAQ: ICON) hat eine bedeutende Flottenerweiterung durch eine Vereinbarung zur Bareboat-Charter eines im Jahr 2020 gebauten Ultramax-Bulkcarriers mit einer Kapazität von 63.668 dwt angekündigt. Das Schiff, das den Namen M/V Charlie tragen wird, ist mit einem Scrubber und umweltfreundlichen Funktionen ausgestattet.
Die finanziellen Bedingungen umfassen eine Vorabzahlung von 2,75 Millionen Dollar, eine zusätzliche 2,75 Millionen Dollar bei Lieferung und einen täglichen Mietpreis von 7.500 Dollar über einen Zeitraum von drei Jahren. Icon hat die Option, das Schiff am Ende des Zeitraums für 18,0 Millionen Dollar zu kaufen.
Darüber hinaus hat Icon einen 9-12-monatigen Zeitchartervertrag mit einem nicht verbundenen Betreiber von Schüttgut abgeschlossen, der eine variable tägliche Mietrate enthält, die an den Baltic Supramax Index gekoppelt ist, sowie zusätzliche Einnahmen durch Einsparungen bei den Kraftstoffkosten durch den Scrubber des Schiffes. Die Lieferung wird zwischen Mai und August 2025 erwartet.
- Immediate revenue generation upon delivery through secured time charter contract
- Additional earnings stream from scrubber fuel cost savings
- Flexible purchase option at $18M after 3 years
- Modern vessel (2020-built) with eco-friendly features reducing operational costs
- Significant initial capital outlay ($5.5M total in advance and delivery payments)
- Additional financing needed for potential vessel purchase
- Fixed $7,500 daily bareboat costs regardless of market conditions
Insights
Icon Energy's fleet expansion strategy reveals a sophisticated approach to asset acquisition in the dry bulk sector. By securing a bareboat charter with purchase option for a 2020-built Ultramax vessel, the company gains operational capacity without the immediate capital burden of outright ownership. The vessel's specifications - scrubber-fitted and eco-design - are particularly noteworthy in today's regulatory environment.
The immediate time charter-out arrangement demonstrates excellent operational planning by securing employment before delivery. The contract structure linking rates to the Baltic Supramax Index provides a market-responsive revenue stream while the additional compensation for scrubber fuel savings represents incremental value. This dual-charter approach (bareboat in, time charter out) effectively transforms a capital-intensive asset into an operationally efficient revenue generator with minimal initial investment.
The 63,668 dwt capacity vessel fits strategically within the versatile Ultramax segment, capable of calling at a wider range of ports than larger vessels while carrying more cargo than Supramaxes. The 9-12 month charter duration provides predictable near-term revenue while maintaining flexibility to capitalize on potentially improved market conditions after the initial charter concludes.
This transaction demonstrates Icon's ability to leverage industry relationships to structure creative capacity expansion with immediate revenue generation, representing efficient fleet growth execution rather than merely expanding physical assets.
This transaction showcases a capital-efficient growth approach through a structured financing arrangement. The bareboat charter with purchase option effectively creates a lease-to-own model requiring only $5.5 million upfront (
The concurrent time charter-out contract creates immediate revenue generation upon vessel delivery, effectively reducing the net carrying cost of the bareboat arrangement. The floating rate linked to the Baltic Index introduces some earnings variability but allows participation in any market strength while the scrubber benefit-sharing provides additional upside in high fuel price environments.
From a balance sheet perspective, this transaction initially represents a relatively modest commitment with the major capital decision (
This deal structure represents the maritime equivalent of a test drive with revenue - Icon gains operational control of a modern asset while generating income, with the flexibility to walk away or commit permanently after evaluating performance. The transaction reveals sophisticated financial planning that balances growth objectives with capital preservation, creating a pathway for fleet expansion with controlled financial risk.
ATHENS, Greece, March 24, 2025 (GLOBE NEWSWIRE) -- Icon Energy Corp. (“Icon” or the “Company”) (Nasdaq: ICON), an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels, announced today that it has entered, through a separate wholly-owned subsidiary, into (i) a definitive agreement with an unaffiliated third party to bareboat charter-in, with the option to eventually purchase, a 2020-built, scrubber-fitted, Eco, Ultramax, dry bulk carrier with a carrying capacity of 63,668 dwt, as well as (ii) a time charter-out contract with an unaffiliated dry bulk operator, securing the employment of the same vessel for a period of 9 to 12 months. Icon intends to operate the vessel under the name Charlie.
Expansion. Icon expects to take delivery of the M/V Charlie between May and August 2025, subject to the satisfaction of certain customary closing conditions. Icon has made an advance payment of
Charter. Icon has secured a time charter for the M/V Charlie, whereby the vessel will be employed by a reputable dry bulk operator for a period of 9 to 12 months, at a floating daily hire rate linked to the Baltic Supramax Index. In addition to the daily hire rate, Icon will also receive part of the fuel cost savings to be realized by the charterer through the use of the vessel’s scrubber. The time charter is expected to commence immediately upon delivery of the M/V Charlie to Icon, subject to the satisfaction of certain customary closing conditions.
Ismini Panagiotidi, Chairwoman and Chief Executive Officer of Icon, Commented:
“We are pleased to grow Icon’s fleet with the addition of the M/V Charlie, a modern, eco and versatile dry bulk carrier that will integrate with our existing vessels to expand our operational capacity and strengthen our ability to serve our customers. Leveraging our strong industry relationships, we have already secured a time charter and the vessel is expected to commence generating revenue immediately upon delivery to Icon. We look forward to welcoming the M/V Charlie into Icon’s fleet.”
About Icon Energy Corp.
Icon is an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels. Icon maintains its principal executive office in Athens, Greece, and its common shares trade on the Nasdaq Capital Market under the symbol “ICON.”
Forward Looking Statements
This communication contains “forward-looking statements.” Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions that are other than statements of historical fact are forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant risks, uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, the Company cannot provide assurance that it will achieve or accomplish these expectations, beliefs or projections. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). As a result, you are cautioned not to unduly rely on any forward-looking statements, which speak only as of the date of this communication.
Factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, among other things: the Company’s future operating or financial results; the Company’s liquidity, including its ability to service any indebtedness; changes in shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war) or international hostilities; risks associated with pandemics; and other factors listed from time to time in the Company’s filings with the SEC. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. You should, however, review the factors and risks the Company describes in the reports it files and furnishes from time to time with the SEC, which can be obtained free of charge on the SEC’s website at www.sec.gov.
Contact Information
Icon Energy Corp.
Dennis Psachos
Chief Financial Officer
+30 211 88 81 300
ir@icon-nrg.com
www.icon-nrg.com
FAQ
What are the financial terms of ICON's new vessel bareboat charter agreement?
When will ICON take delivery of the M/V Charlie vessel?
What is the duration and terms of ICON's time charter contract for M/V Charlie?
What are the specifications of ICON's new chartered vessel?
