Icon Energy Corp. Announces the Delivery of M/V Bravo and the Signing of a Term Loan Facility for up to $91.5 million
Icon Energy Corp. (Nasdaq: ICON) has announced two significant developments: the delivery of the Kamsarmax dry bulk carrier M/V Bravo and the signing of a term loan facility for up to $91.5 million. The M/V Bravo, delivered on September 23, 2024, has been secured with a time charter for 11 to 14 months at a floating daily hire rate linked to the Baltic Panamax Index. The company has already borrowed $16.5 million from the new term loan facility to partially finance the M/V Bravo and leverage its existing Panamax carrier, M/V Alfa. The loan has a four-year tenor with an interest rate of 3.95% over SOFR. The remaining $75 million is available for future vessel acquisitions, subject to terms to be determined at the time of request.
Icon Energy Corp. (Nasdaq: ICON) ha annunciato due sviluppi significativi: la consegna del cargo secco Kamsarmax M/V Bravo e la firma di una linea di prestito a termine fino a $91,5 milioni. Il M/V Bravo, consegnato il 23 settembre 2024, è stato assicurato con un contratto di noleggio temporaneo di 11-14 mesi a una tariffa giornaliera variabile collegata all'Indice Panamax di Baltico. L'azienda ha già preso in prestito $16,5 milioni dalla nuova linea di prestito a termine per finanziare parzialmente il M/V Bravo e sfruttare la sua esistente nave Panamax, M/V Alfa. Il prestito ha una durata di quattro anni con un tasso di interesse del 3,95% sopra SOFR. I restanti $75 milioni sono disponibili per future acquisizioni di navi, soggette a termini che saranno determinati al momento della richiesta.
Icon Energy Corp. (Nasdaq: ICON) ha anunciado dos desarrollos significativos: la entrega del transportador de carga seca Kamsarmax M/V Bravo y la firma de una línea de crédito a plazo de hasta $91,5 millones. El M/V Bravo, entregado el 23 de septiembre de 2024, ha sido asegurado con un contrato de alquiler por tiempo de 11 a 14 meses a una tarifa diaria flotante vinculada al Índice Panamax de Báltico. La empresa ya ha tomado prestados $16,5 millones de la nueva línea de crédito a plazo para financiar parcialmente el M/V Bravo y aprovechar su transportador Panamax existente, el M/V Alfa. El préstamo tiene un plazo de cuatro años con una tasa de interés del 3,95% sobre SOFR. Los restantes $75 millones están disponibles para futuras adquisiciones de embarcaciones, sujetos a términos que serán determinados en el momento de la solicitud.
아이콘 에너지 주식회사 (나스닥: ICON)는 두 가지 중요한 개발 사항을 발표했습니다: 카msarmax 건조 벌크 캐리어 M/V Bravo의 인도와 최대 $91.5 백만의 기간 대출 시설 서명입니다. 2024년 9월 23일에 인도된 M/V Bravo는 발틱 판막스 지수에 연동된 변동 일일 임대료로 11개월에서 14개월간의 시간 용선으로 확보되었습니다. 이 회사는 M/V Bravo를 부분적으로 자금 조달하고 기존 판막스 캐리어인 M/V Alfa를 활용하기 위해 새 대출 시설에서 이미 $16.5 백만을 차입했습니다. 이 대출은 SOFR 위에 3.95%의 이자율로 4년의 만기를 가지고 있습니다. 나머지 $75 백만은 요청 시 정해지는 조건에 따라 향후 선박 인수를 위해 이용 가능합니다.
Icon Energy Corp. (Nasdaq: ICON) a annoncé deux développements significatifs : la livraison du vraquier Kamsarmax M/V Bravo et la signature d'une facilité de prêt à terme d'un montant allant jusqu'à 91,5 millions $. Le M/V Bravo, livré le 23 septembre 2024, a été sécurisé par un affrètement à temps de 11 à 14 mois à un tarif journalier flottant lié à l'Indice Panamax de la mer Baltique. La société a déjà emprunté 16,5 millions $ de la nouvelle facilité de prêt à terme pour financer partiellement le M/V Bravo et tirer parti de son navire Panamax existant, le M/V Alfa. Le prêt a une durée de quatre ans avec un taux d'intérêt de 3,95 % au-dessus du SOFR. Les 75 millions $ restants sont disponibles pour de futures acquisitions de navires, sous réserve de conditions à définir au moment de la demande.
Icon Energy Corp. (Nasdaq: ICON) hat zwei bedeutende Entwicklungen bekannt gegeben: die Lieferung des Kamsarmax-Supertankers M/V Bravo und die Unterzeichnung einer Terminkreditfazilität von bis zu 91,5 Millionen USD. Der M/V Bravo, der am 23. September 2024 geliefert wird, wurde mit einem Zeitcharter für 11 bis 14 Monate zu einem variablen Tagesmietpreis, der an den Baltic Panamax Index gekoppelt ist, gesichert. Das Unternehmen hat bereits 16,5 Millionen USD aus der neuen Terminkreditfazilität aufgenommen, um den M/V Bravo teilweise zu finanzieren und sein bestehendes Panamax-Schiff, den M/V Alfa, zu nutzen. Das Darlehen hat eine Laufzeit von vier Jahren mit einem Zinssatz von 3,95 % über SOFR. Die restlichen 75 Millionen USD stehen für zukünftige Schiffsakquisitionen zur Verfügung, vorbehaltlich der zum Zeitpunkt der Anfrage festzulegenden Bedingungen.
- Successful delivery of M/V Bravo, expanding the company's fleet
- Secured time charter for M/V Bravo with an international commodity trading conglomerate
- Signed a new term loan facility for up to $91.5 million
- Borrowed $16.5 million to finance M/V Bravo and leverage M/V Alfa
- Additional $75 million available for future vessel acquisitions
- Increased debt with $16.5 million borrowed from the term loan facility
- Potential interest rate risk with floating rate loan (3.95% over SOFR)
ATHENS, Greece, Sept. 23, 2024 (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, is pleased to announce the successful delivery of the Kamsarmax dry bulk carrier, M/V Bravo, and the signing of a term loan facility for up to
Vessel Delivery
On September 23, 2024, Icon successfully took delivery of the M/V Bravo, the Kamsarmax dry bulk carrier it had agreed to acquire from an unaffiliated third-party, as previously announced on August 8, 2024.
Icon has secured a time charter for the M/V Bravo, whereby the vessel will be employed by an international commodity trading conglomerate for a period of 11 to 14 months, at a floating daily hire rate linked to the Baltic Panamax Index, which is expected to commence in the coming days, upon completion of the customary change of ownership logistics.
Financing Update
We signed a new term loan facility for up to
On September 19, 2024, we borrowed an amount of
The balance amount of
Ismini Panagiotidi, Chairwoman and Chief Executive Officer of Icon, commented:
“We are pleased to welcome the M/V Bravo to Icon’s fleet and wish her fair winds and calm seas. Icon remains committed to grow through disciplined and opportunistic vessel acquisitions. In our first steps towards that goal, we are thrilled to enjoy the support of our charterers in the employment of M/V Bravo, as well as the trust of our financiers, not only in financing our existing fleet, but also in providing upsize options to fuel our further growth.”
About Icon
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 (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
FAQ
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