Icon Energy Corp. Announces Fleet Expansion with and Time Charter Contract for a 2020-Built, Scrubber-Fitted, Eco, Ultramax, Dry Bulk Carrier

Core Viewpoint - Icon Energy Corp. has entered into a definitive agreement to charter-in a modern dry bulk carrier, the M/V Charlie, which is expected to enhance its operational capacity and revenue generation capabilities [1][4]. Group 1: Agreement Details - Icon has signed a bareboat charter-in agreement for a 2020-built, scrubber-fitted, Eco, Ultramax dry bulk carrier with a carrying capacity of 63,668 dwt [1]. - The company 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 charter period [2]. - At the end of the charter period, Icon has the option to purchase the vessel for $18.0 million [2]. Group 2: Charter Employment - Icon has secured a time charter for the M/V Charlie with a reputable dry bulk operator for a period of 9 to 12 months, with a floating daily hire rate linked to the Baltic Supramax Index [3]. - In addition to the daily hire rate, Icon will receive part of the fuel cost savings realized by the charterer through the vessel's scrubber [3]. Group 3: Strategic Implications - The addition of the M/V Charlie is expected to expand Icon's operational capacity and strengthen its ability to serve customers [4]. - The vessel is anticipated to commence generating revenue immediately upon delivery, leveraging existing industry relationships [4].