Icon Energy Corp. Reports Financial Results for the Nine-Month Period Ended September 30, 2024, and Declares Cash Dividend of $0.085 per Common Share
Icon Energy Corp. (NASDAQ: ICON) reported financial results for the nine months ended September 30, 2024, showing revenue of $3.6 million, up 10% year-over-year. The company posted net income of $0.6 million, down from $0.8 million in 2023, and EBITDA remained stable at $1.5 million. Key developments include the delivery of the Kamsarmax vessel M/V Bravo, securing a $91.5 million term loan facility, and declaring a quarterly dividend of $0.085 per share. The company completed its IPO in July 2024, raising $5 million, and maintains two vessels under index-linked time charters with minimum contracted revenue of $8.8 million.
Icon Energy Corp. (NASDAQ: ICON) ha riportato i risultati finanziari per i nove mesi terminati il 30 settembre 2024, mostrando ricavi di 3,6 milioni di dollari, in aumento del 10% rispetto all'anno precedente. L'azienda ha registrato un reddito netto di 600.000 dollari, in calo rispetto agli 800.000 dollari del 2023, mentre l'EBITDA è rimasto stabile a 1,5 milioni di dollari. I principali sviluppi includono la consegna della nave Kamsarmax M/V Bravo, l'ottenimento di una linea di prestito a termine di 91,5 milioni di dollari e la dichiarazione di un dividendo trimestrale di 0,085 dollari per azione. L'azienda ha completato la sua IPO a luglio 2024, raccogliendo 5 milioni di dollari, e gestisce due navi con contratti di noleggio a tempo indicizzati che garantiscono ricavi minimi di 8,8 milioni di dollari.
Icon Energy Corp. (NASDAQ: ICON) reportó resultados financieros para los nueve meses que terminaron el 30 de septiembre de 2024, mostrando ingresos de 3.6 millones de dólares, un aumento del 10% interanual. La empresa publicó un ingreso neto de 600,000 dólares, una disminución respecto a 800,000 dólares en 2023, y el EBITDA se mantuvo estable en 1.5 millones de dólares. Los desarrollos clave incluyen la entrega del buque Kamsarmax M/V Bravo, la obtención de una línea de crédito a plazo de 91.5 millones de dólares y la declaración de un dividendo trimestral de 0.085 dólares por acción. La empresa completó su OPI en julio de 2024, recaudando 5 millones de dólares, y mantiene dos embarcaciones bajo contratos de fletamento a tiempo vinculados a índices con ingresos mínimos contratados de 8.8 millones de dólares.
아이콘 에너지 Corp. (NASDAQ: ICON)는 2024년 9월 30일로 끝나는 9개월 동안의 재무 실적을 보고하며 360만 달러의 수익을 기록하여 전년 대비 10% 증가했다고 밝혔습니다. 이 회사는 2023년 80만 달러에서 감소한 60만 달러의 순이익을 게시했으며, EBITDA는 150만 달러로 안정세를 유지했습니다. 주요 개발 사항으로는 Kamsarmax 선박 M/V Bravo의 인도, 9,150만 달러의 만기 대출 시설 확보, 주당 0.085달러의 분기 배당금 선언이 포함됩니다. 이 회사는 2024년 7월 상장 공모를 완료하고 500만 달러를 모금했으며, 최소 계약 수익이 880만 달러인 두척의 선박을 지수 연동 시간 차터 하에 운영하고 있습니다.
Icon Energy Corp. (NASDAQ: ICON) a publié ses résultats financiers pour les neuf mois se terminant le 30 septembre 2024, affichant des revenus de 3,6 millions de dollars, en hausse de 10 % par rapport à l'année précédente. La société a enregistré un bénéfice net de 600 000 dollars, en baisse par rapport à 800 000 dollars en 2023, et l'EBITDA est resté stable à 1,5 million de dollars. Parmi les développements clés, on note la livraison du navire Kamsarmax M/V Bravo, l'obtention d'un prêt à terme de 91,5 millions de dollars et la déclaration d'un dividende trimestriel de 0,085 dollar par action. La société a terminé son introduction en bourse en juillet 2024, levant 5 millions de dollars, et gère deux navires sous des contrats de temps indexés avec un revenu minimum contracté de 8,8 millions de dollars.
Icon Energy Corp. (NASDAQ: ICON) hat die Finanzzahlen für die neun Monate bis zum 30. September 2024 veröffentlicht und erwirtschaftete einen Umsatz von 3,6 Millionen US-Dollar, was einem Anstieg von 10 % im Vergleich zum Vorjahr entspricht. Das Unternehmen verzeichnete einen Nettogewinn von 600.000 US-Dollar, das von 800.000 US-Dollar im Jahr 2023 sank, und das EBITDA blieb stabil bei 1,5 Millionen US-Dollar. Wichtige Entwicklungen umfassen die Auslieferung des Kamsarmax-Schiffes M/V Bravo, die Sicherung einer Terminkreditlinie über 91,5 Millionen US-Dollar und die Erklärung einer vierteljährlichen Dividende von 0,085 US-Dollar pro Aktie. Das Unternehmen hat im Juli 2024 seinen Börsengang abgeschlossen und 5 Millionen US-Dollar eingenommen und betreibt zwei Schiffe unter indexgebundenen Zeitcharterverträgen mit einem garantierten Mindestumsatz von 8,8 Millionen US-Dollar.
- Revenue increased 10% to $3.6 million YoY
- Secured $91.5 million term loan facility with $75 million reserved for future acquisitions
- Daily TCE increased 16% to $13,258
- Successfully completed IPO raising $5 million
- Expanded fleet with acquisition of M/V Bravo vessel
- Increased quarterly dividend to $0.085 from $0.08 per share
- Net income declined 25% to $0.6 million from $0.8 million YoY
- Operating profit decreased to $0.6 million from $0.7 million YoY
- Operating days decreased to 250.8 from 273.0 YoY
- Increased general and administrative expenses due to public company obligations
- Higher voyage expenses due to vessel positioning and delivery costs
Insights
Icon Energy's Q3 2024 results show mixed performance with some concerning trends.
Key metrics reveal operational challenges: Daily TCE improved to
The addition of the Kamsarmax M/V Bravo diversifies Icon's fleet profile and increases earning potential. The index-linked time charter strategy provides market exposure while ensuring baseline revenue stability. Minimum contracted revenue of
The vessel's Japanese build quality and relatively young age (2007) suggests good operational reliability. The successful drydocking of M/V Alfa and competitive daily OPEX of
ATHENS, Greece, Nov. 11, 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, announces its financial results for the nine-month period ended September 30, 2024, (the “Reporting Period”) and declares cash dividend of
Financial Highlights for the Reporting Period
- Revenue, net of
$3.6 million , up$0.4 million from the first nine months of 2023 - Operating profit of
$0.6 million , compared to$0.7 million during the nine-month period ended September 30, 2023 - Net income of
$0.6 million , compared to$0.8 million during the nine-month period ended September 30, 2023 - EBITDA(1) of
$1.5 million , equal to the same period last year
Operational Highlights
- Delivery of our recently acquired Kamsarmax dry bulk carrier, M/V Bravo, in September 2024, and commencement of her period employment
- Successful closing of a
$91.5 million term loan facility, of which$16.5 million was drawn and the balance of$75 million is reserved for future vessel acquisitions
Quarterly Cash Dividend
- Icon’s Board of Directors approved a cash dividend of
$0.08 5 per common share for the third quarter of 2024. The cash dividend will be paid on or around December 27, 2024, to all of its common shareholders of record as of December 16, 2024 - The previously declared cash dividend of
$0.08 per common share for the second quarter of 2024 was paid on September 30, 2024 - Icon expects to pay quarterly cash dividends on its common shares during the one-year period following its initial public offering, in an aggregate amount of approximately
$500,000 for the year
Ismini Panagiotidi, Chairwoman and Chief Executive Officer of Icon, commented:
“We are pleased to announce our financial results for the first nine months of 2024, reflecting the completion of our initial public offering in July 2024 and the progress we have made in executing our strategic priorities since then.
The successful delivery and commencement of employment of Icon’s second vessel, M/V Bravo, marks our first step toward realizing our growth ambitions, while the recent
In addition, staying true to our stated dividend policy and following the
Financial Performance Summary
| Nine-month period ended September 30, | ||||||
| (in thousands of U.S. dollars, except daily figures) | | | 2024 (unaudited) | | | 2023 (unaudited) |
| Income statement data | ||||||
| Revenue, net | | $ | 3,582 | $ | 3,248 | |
| Operating profit | 567 | 710 | ||||
| Net income | | | 562 | 752 | ||
| Non-GAAP financial measures (2) | | | | | ||
| EBITDA | $ | 1,492 | $ | 1,484 | ||
| Daily TCE | | | 13,258 | | | 11,462 |
| Daily OPEX | | | 5,064 | | | 5,136 |
Throughout the first nine months of 2024 and 2023, Icon’s vessels operated under index-linked time charters, benefitting from the year-on-year increase in the dry bulk charter market rates. The resulting increase in revenue, net was partly offset by the fewer Operating Days during the Reporting Period (see “Fleet Employment and Operational Data” section below). Overall, revenue, net increased by
The increase in revenue, net was primarily offset by costs associated with positioning the M/V Alfa for her scheduled drydocking and with the delivery of the M/V Bravo, which resulted in a
Operating profit during the nine-month period ended September 30, 2024, was
EBITDA remained consistent between the two periods at
Fleet Employment and Operational Data
| Nine-month period ended September 30, | ||||||
| | | 2024 | | | 2023 | |
| Fleet operational data (3) | | | | | ||
| Ownership Days | | | 281.8 | 273.0 | ||
| Available Days | | | 250.8 | 273.0 | ||
| Operating Days | | | 250.8 | 273.0 | ||
| Vessel Utilization | | | | | ||
| Average Number of Vessels | | | 1.0 | | | 1.0 |
Ownership days for the nine-month period ended September 30, 2024, increased to 281.8 from 273.0 the previous year, due to the addition of Icon’s second vessel, the Kamsarmax dry bulk carrier M/V Bravo, delivered on September 23, 2024. Available days decreased from 273.0 to 250.8, primarily because the M/V Alfa was temporarily taken out of service for her scheduled drydocking. Utilization remained consistent at
| Vessel name | Type | Built | Employment | Earliest charter expiration | ||||
| Alfa | Panamax | Japan, 2006 | Index-linked time charter | October 2025 | ||||
| Bravo | Kamsarmax | Japan, 2007 | Index-linked time charter | August 2025 | ||||
As of September 30, 2024, Icon owned two vessels, both time-chartered by an international commodity trading conglomerate and earning floating daily hire rates linked to the Baltic Panamax Index. The minimum contracted revenue(4) expected, as of September 30, 2024, to be generated by these contracts between September 30, 2024, and their respective earliest expiration dates is
Key Developments
Initial public offering. On July 15, 2024, Icon successfully closed the initial public offering of 1,250,000 of its common shares, at an offering price of
Vessel Acquisition. On August 2, 2024, Icon entered into an agreement with an unaffiliated third-party to acquire a Kamsarmax dry bulk carrier for a purchase price of
Vessel Charter. On August 29, 2024, Icon entered into an agreement with an international commodity trading conglomerate to time charter the M/V Bravo for a period of 11 to 14 months, at a floating daily hire rate linked to the Baltic Panamax Index. The charter commenced shortly after the vessel’s delivery to Icon.
Vessel Drydocking. On September 2, 2024, the M/V Alfa completed her scheduled drydocking, undergoing routine repairs and maintenance to ensure continued operational efficiency, safety, and compliance with class requirements.
Financing. On September 19, 2024, we borrowed an amount of
An additional amount of up to
Dividends. On September 30, 2024, we paid a cash dividend of
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
(Please refer to Exhibit I, attached, for supplementary information)
Exhibit I
Interim Consolidated Statements of Income
| Nine-month period ended September 30, | ||||||
| (in thousands of U.S. dollars, except for share data and earnings per share) | 2024 (unaudited) | | | 2023 (unaudited) | ||
| Revenue, net | $ | 3,582 | $ | 3,248 | ||
| Voyage expenses, net | (257) | (119) | ||||
| Vessel operating expenses | (1,427) | (1,402) | ||||
| Management fees | (293) | (205) | ||||
| General and administrative expenses | (111) | (37) | ||||
| Depreciation expense | (547) | (508) | ||||
| Amortization of deferred drydocking costs | (380) | (267) | ||||
| Operating Profit | $ | 567 | $ | 710 | ||
| Interest and finance costs | (61) | (2) | ||||
| Interest income | 58 | 45 | ||||
| Other costs, net | (2) | (1) | ||||
| Net Income | $ | 562 | $ | 752 | ||
| Accrued dividends on Series A Preferred Shares | (526) | - | ||||
| Net income attributable to common shareholders | $ | 36 | $ | 752 | ||
| Earnings per common share, basic and diluted | $ | 0.06 | $ | 3.76 | ||
| Weighted average number of shares, basic and diluted | 555,839 | 200,000 | ||||
Condensed Interim Consolidated Balance Sheet Data
| (in thousands of U.S. dollars) | September 30, 2024 (unaudited) | December 31, 2023(5) | ||||
| Assets | ||||||
| Cash, cash equivalents and restricted cash | $ | 1,823 | $ | 2,702 | ||
| Other current assets | 1,202 | 320 | ||||
| Vessels, net | 26,662 | 9,181 | ||||
| Other non-current assets | 864 | 679 | ||||
| Total assets | $ | 30,551 | $ | 12,882 | ||
| Liabilities and shareholders’ equity | ||||||
| Total long-term debt, net of deferred financing costs | $ | 16,206 | $ | - | ||
| Other liabilities | 1,704 | 3,713 | ||||
| Total shareholders’ equity | 12,641 | 9,169 | ||||
| Total liabilities and shareholders’ equity | $ | 30,551 | $ | 12,882 | ||
Summarized Cash Flow Data
| Nine-month period ended September 30, | ||||||
| (in thousands of U.S. dollars) | | | 2024 (unaudited) | | | 2023 (unaudited) |
| Cash provided by operating activities | | $ | 588 | $ | 1,533 | |
| Cash used in investing activities | | | (18,006) | - | ||
| Cash provided by/(used in) financing activities | | | 16,539 | (3,307) | ||
| Net decrease in cash, cash equivalents and restricted cash | | $ | (879) | $ | (1,774) | |
| Cash, cash equivalents and restricted cash at the beginning of the period | | | 2,702 | 3,551 | ||
| Cash, cash equivalents and restricted cash at the end of the period | | $ | 1,823 | $ | 1,777 | |
Significant Accounting Policies and Recent Accounting Pronouncements
A discussion of the Company’s significant accounting policies and recent accounting pronouncements can be found in Note 2 of the Company’s Consolidated Financial Statements for the years ended December 31, 2023 and 2022, included in the Company’s most recent registration statement, filed with the SEC on Form F-1 which can be obtained free of charge on the SEC’s website at www.sec.gov. There have been no material changes to these policies in the Reporting Period.
Non-GAAP Financial Measures Definitions and Reconciliation to GAAP
To supplement our financial information presented in accordance with the United States generally accepted accounting principles (“U.S. GAAP”), we may use certain “non-GAAP financial measures” as such term is defined in Regulation G promulgated by the SEC. Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We believe non-GAAP financial measures provide investors with greater transparency and supplemental data relating to our financial condition and results of operations and, therefore, a more complete understanding of our business and financial performance than the comparable U.S. GAAP measures alone. However, non-GAAP financial measures should only be used in addition to, and not as substitutes for, the financial results presented in accordance with U.S. GAAP. Although we believe the following definitions and calculation methods are consistent with industry standards, our non-GAAP financial measures may not be directly comparable to similarly titled measures of other companies.
Earnings before Interest, Tax, Depreciation and Amortization (“EBITDA”). EBITDA is a financial measure we calculate by deducting interest and finance costs, interest income, taxes, depreciation and amortization, from net income. EBITDA assists our management by carving out the effects that non-operating expenses and non-cash items have on our financial results. We believe this also enhances the comparability of our operating performance between periods and against companies that may have varying capital structures, other depreciation and amortization policies, or that may be subject to different tax regulations. The following table reconciles EBITDA to the most directly comparable U.S. GAAP financial measure:
| Nine-month period ended September 30, | ||||||
| (in thousands of U.S. dollars) | | | 2024 (unaudited) | | | 2023 (unaudited) |
| Net income | | $ | 562 | $ | 752 | |
| Plus: Depreciation expense | | | 547 | 508 | ||
| Plus: Amortization of deferred drydocking costs | | | 380 | 267 | ||
| Plus: Interest and finance costs | 61 | 2 | ||||
| Less: Interest income | | | (58) | (45) | ||
| EBITDA | | $ | 1,492 | $ | 1,484 | |
Time Charter Equivalent (“TCE”). TCE is a measure of revenue generated over a period that accounts for the effect of the different charter types under which our vessels may be employed. TCE is calculated by deducting voyage expenses from revenue and making any other adjustments that may be required to approximate the revenue that would have been generated, had the vessels been employed under time charters. TCE is typically expressed on a daily basis (“Daily TCE”) by dividing it by Operating Days, to eliminate the effect of changes in fleet composition between periods. The following table reconciles TCE and Daily TCE to the most directly comparable U.S. GAAP financial measure:
| Nine-month period ended September 30, | ||||||
| (in thousands of U.S. dollars, except fleet operational data and daily figures) | | | 2024 (unaudited) | | | 2023 (unaudited) |
| Revenue, net | | $ | 3,582 | $ | 3,248 | |
| Less: Voyage expenses | | | (257) | (119) | ||
| TCE | | $ | 3,325 | $ | 3,129 | |
| Divided by: Operating Days | | | 250.8 | 273.0 | ||
| Daily TCE | | $ | 13,258 | $ | 11,462 | |
Daily Vessel Operating Expenses (“Daily OPEX”). Daily OPEX, is a measure of the vessel operating expenses incurred over a period divided by Ownership Days, to eliminate the effect of changes in fleet composition between periods. The following table reconciles Daily OPEX to vessel operating expenses:
| Nine-month period ended September 30, | ||||||
| (in thousands of U.S. dollars, except fleet operational data and daily figures) | | | 2024 (unaudited) | | | 2023 (unaudited) |
| Vessel operating expenses | | $ | 1,427 | $ | 1,402 | |
| Divided by: Ownership Days | | | 281.8 | 273.0 | ||
| Daily OPEX | | $ | 5,064 | $ | 5,136 | |
Other Definitions and Methodologies
This press release refers to the terms and methodologies described below. Although we believe the following definitions and calculation methods are consistent with industry standards, these measures may not be directly comparable to similarly titled measures of other companies.
Ownership Days. Ownership Days are the total days we owned our vessels during the relevant period. We use this to measure the size of our fleet over a period.
Available Days. Available Days are the Ownership Days, less any days during which our vessels were unable to be used for their intended purpose as a result of scheduled maintenance, upgrades, modifications, drydockings, special or intermediate surveys, or due to change of ownership logistics, including positioning for and repositioning from such events. We use this to measure the number of days in a period during which our vessels should be capable of generating revenues.
Operating Days. Operating Days are the Available Days, less any days during which our vessels were unable to be used for their intended purpose as a result of unforeseen events and circumstances. We use this to measure the number of days in a period during which our vessels actually generated revenues.
Vessel Utilization. Vessel Utilization is the ratio of Operating Days to Available Days.
Average Number of Vessels. Average Number of Vessels is the ratio of Ownership Days to calendar days in a period.
Minimum contracted revenue. The amount of minimum contracted revenue is estimated by reference to the contracted period and hire rate, net of charterers’ commissions but before reduction for brokerage commissions and assuming no unforeseen off-hire days. For index-linked contracts, minimum contracted revenue is estimated by reference to the average of the relevant index during the 15 days preceding the calculation date.
1 EBITDA is a non-GAAP financial measure. For the definitions of non-GAAP financial measures and their reconciliation to the most directly comparable financial measures calculated and presented in accordance with the United States generally accepted accounting principles, please refer to “Exhibit I—Non-GAAP Financial Measures Definitions and Reconciliation to GAAP.”
2 EBITDA, Daily TCE, and Daily OPEX, are non-GAAP financial measures. For the definitions of non-GAAP financial measures and their reconciliation to the most directly comparable financial measures calculated and presented in accordance with the United States generally accepted accounting principles, please refer to “Exhibit I—Non-GAAP Financial Measures Definitions and Reconciliation to GAAP.”
3 For the definitions of fleet operational measures please refer to “Exhibit I—Other Definitions and Methodologies.”
4 For the contracted revenue calculation methodology please refer to “Exhibit I—Other Definitions and Methodologies.”
5 Balance sheet data derives from the audited consolidated financial statements as of that date
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