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Icon Energy Corp. Announces Fleet Expansion with and Time Charter Contract for a 2020-Built, Scrubber-Fitted, Eco, Ultramax, Dry Bulk Carrier
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,
About this update from Icon Energy Corp.
[{"type":"image","alt":"Icon Energy Corp.","displaySize":"","headline":null,"caption":"Icon Energy Corp.","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":106,"url":"https://media.zenfs.com/en/globenewswire.com/bcc59a3ff8d606856658d5c2c300602c"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/wsSfxWIYfqyTemT3n9bOTA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTE0ODtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/bcc59a3ff8d606856658d5c2c300602c","width":300,"height":106}},"lazy":false},{"type":"text","content":"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.","length":790,"tagName":"p"},{"type":"text","content":"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 $2.75 million and will pay an additional $2.75 million upon delivery, followed by a hire rate of $7,500 per day over a three-year bareboat charter period. At the end of that period, Icon has the option to purchase the vessel for $18.0 million. Icon expects to finance those payments with a combination of cash on hand and cash from operations, as well as proceeds from loan agreements or other financing arrangements it will seek to enter into closer to the potential exercise of the purchase option.","length":694,"tagName":"p"},{"type":"text","content":"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...