Icon Energy Corp. Announces the Acquisition of a Kamsarmax Dry Bulk Carrier
Icon Energy Corp. (Nasdaq: ICON) has announced the acquisition of a Kamsarmax dry bulk carrier for $17.57 million. The vessel, built in November 2007 in Japan, will be purchased through a wholly-owned subsidiary from an unaffiliated third party. Icon Energy plans to finance the acquisition using a combination of cash on hand and borrowings from a new senior secured facility. The transaction is expected to close between September and November 2024, subject to customary closing conditions.
This acquisition marks Icon Energy's first vessel purchase since its Initial Public Offering and will double the size of its fleet. CEO Ismini Panagiotidi stated that this move aligns with the company's growth strategy and aim to create shareholder value.
Icon Energy Corp. (Nasdaq: ICON) ha annunciato l'acquisizione di un nave bulk carrier Kamsarmax per 17,57 milioni di dollari. La nave, costruita nel novembre 2007 in Giappone, sarà acquistata tramite una sussidiaria interamente controllata da una terza parte non affiliata. Icon Energy prevede di finanziare l'acquisizione utilizzando una combinazione di liquidità disponibile e prestiti da un nuovo finanziamento garantito senior. Si prevede che la transazione si chiuda tra settembre e novembre 2024, soggetta a condizioni di chiusura consuete.
Questa acquisizione segna il primo acquisto di nave da parte di Icon Energy dopo la sua Offerta Pubblica Iniziale e raddoppierà la dimensione della sua flotta. Il CEO Ismini Panagiotidi ha dichiarato che questa mossa è in linea con la strategia di crescita dell'azienda e mira a creare valore per gli azionisti.
Icon Energy Corp. (Nasdaq: ICON) ha anunciado la adquisición de un buque de carga seca Kamsarmax por 17,57 millones de dólares. El buque, construido en noviembre de 2007 en Japón, será comprado a través de una subsidiaria de propiedad total de una tercera parte no afín. Icon Energy planea financiar la adquisición utilizando una combinación de efectivo disponible y préstamos de una nueva facilidad de crédito senior garantizada. Se espera que la transacción se cierre entre septiembre y noviembre de 2024, sujeta a condiciones de cierre habituales.
Esta adquisición representa la primera compra de un buque por parte de Icon Energy desde su Oferta Pública Inicial y duplicará el tamaño de su flota. La CEO Ismini Panagiotidi declaró que este movimiento está alineado con la estrategia de crecimiento de la compañía y su objetivo de crear valor para los accionistas.
Icon Energy Corp. (Nasdaq: ICON)는 1,757만 달러에 Kamsarmax 대량 화물선을 인수한다고 발표했습니다. 이 선박은 2007년 11월 일본에서 건조된 것으로, 비제휴 제3자로부터 전액 출자된 자회사 통해 구매됩니다. Icon Energy는 현금 보유액과 대출의 조합을 통해 인수를 자금을 조달할 계획입니다. 이 거래는 2024년 9월과 11월 사이에 마감될 것으로 예상되며, 일반적인 마감 조건이 적용됩니다.
이번 인수는 Icon Energy가 상장 이후 처음으로 선박을 구매한 것이며, 플릿 크기를 두 배로 늘릴 것입니다. CEO 이스미니 파나기오티디는 이번 조치가 회사의 성장 전략과 주주 가치를 창출하려는 목표에 부합한다고 밝혔습니다.
Icon Energy Corp. (Nasdaq: ICON) a annoncé l'acquisition d'un navire de transport de matières sèches Kamsarmax pour 17,57 millions de dollars. Le navire, construit en novembre 2007 au Japon, sera acheté par l'intermédiaire d'une filiale entièrement détenue à un tiers non affilié. Icon Energy prévoit de financer l'acquisition grâce à une combinaison de liquidités disponibles et d'emprunts d'un nouveau financement senior sécurisé. La transaction devrait être finalisée entre septembre et novembre 2024, sous réserve des conditions classiques de clôture.
Cette acquisition marque le premier achat de navire par Icon Energy depuis son introduction en bourse et doublera la taille de sa flotte. La PDG Ismini Panagiotidi a déclaré que cette décision s'inscrit dans la stratégie de croissance de l'entreprise et vise à créer de la valeur pour les actionnaires.
Icon Energy Corp. (Nasdaq: ICON) hat den Erwerb eines Kamsarmax- Trockenbulk-Transporters für 17,57 Millionen Dollar bekannt gegeben. Das Schiff, das im November 2007 in Japan gebaut wurde, wird über eine hundertprozentige Tochtergesellschaft von einem nicht verbundenen Dritten gekauft. Icon Energy plant, den Erwerb durch eine Kombination aus Bargeld und Darlehen aus einer neuen gesicherten senioren Finanzierung zu finanzieren. Der Abschluss der Transaktion wird zwischen September und November 2024 erwartet, vorbehaltlich der üblichen Abschlussbedingungen.
Dieser Erwerb stellt den ersten Schiffsankauf von Icon Energy seit dem Börsengang dar und wird die Größe der Flotte verdoppeln. CEO Ismini Panagiotidi erklärte, dass dieser Schritt mit der Wachstumsstrategie des Unternehmens und dem Ziel, den Aktionärswert zu steigern, im Einklang steht.
- Acquisition will double the size of Icon Energy's fleet
- First vessel acquisition since the company's Initial Public Offering
- Aligns with the company's growth strategy
- Potential to create value for shareholders
- Significant capital expenditure of $17.57 million
- Potential increase in debt due to borrowings for vessel financing
- Vessel age (built in 2007) may require higher maintenance costs
Insights
The acquisition of a Kamsarmax dry bulk carrier for
- The vessel's age (built in 2007) may impact operational efficiency and maintenance costs.
- The financing structure, combining cash and new debt, could affect the company's balance sheet and liquidity position.
- The timing of delivery (September to November 2024) introduces a degree of uncertainty.
While expansion is positive, the true impact on profitability and shareholder value remains to be seen, depending on market conditions and the vessel's performance.
Icon Energy's acquisition of a Kamsarmax vessel is strategically sound in the current dry bulk market. Kamsarmax ships, with their versatility and optimal size for various ports, are in demand. Key points to consider:
- The
$17.57 million price tag seems reasonable for a 17-year-old vessel, reflecting current market values. - Doubling fleet size could lead to economies of scale, potentially improving operational efficiency.
- The Japanese-built vessel likely ensures quality construction, which could mitigate some age-related concerns.
However, the success of this acquisition will largely depend on freight rate trends and Icon Energy's operational management capabilities.
This acquisition signals Icon Energy's commitment to growth following its IPO, which could boost investor confidence. However, several market factors warrant consideration:
- The dry bulk shipping market is cyclical and currently facing uncertainties due to global economic conditions.
- The company's ability to secure favorable charter rates for the new vessel will be important for ROI.
- Potential oversupply in the market could impact profitability if demand doesn't keep pace with fleet expansion.
Investors should monitor how this acquisition affects Icon Energy's market position and financial performance in the coming quarters, particularly in comparison to industry peers.
ATHENS, Greece, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Icon Energy Corp. (“Icon Energy” or the “Company”) (Nasdaq: ICON), an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes, announces that on August 2, 2024, it entered, through a separate wholly-owned subsidiary, into an agreement with an unaffiliated third-party to acquire a Kamsarmax dry bulk carrier, built in November 2007 in Japan, for a purchase price of
The acquisition is subject to the satisfaction of certain customary closing conditions and is expected to be concluded upon taking delivery of the vessel between September and November of 2024.
Ismini Panagiotidi, Chairman and Chief Executive Officer of Icon Energy commented:
“We are pleased to announce our first vessel acquisition since the completion of our Initial Public Offering. With our addition of this asset, we will double the size of our fleet, consistent with our growth strategy and goal to create value for our shareholders.”
About Icon Energy
Icon Energy is an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes through the ownership, chartering and operation of oceangoing vessels. Icon Energy 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 (including COVID-19); 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
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