Core Viewpoint - Icon Energy Corp. has reported significant growth in earnings and vessel employment, driven by a strong charter market and an expanding fleet [1][6]. Vessel Employment Updates - In December 2025, the time charter for the M/V Alfa was extended with an international commodity trading conglomerate for an indefinite period, with a minimum notice period of three months, ensuring continued utilization and earnings linked to the Baltic Panamax Index [2][3]. Fleet Overview - The fleet consists of several dry bulk vessels, including the M/V Alfa, M/V Bravo, and M/V Charlie, all under index-linked time charters with flexible expiration terms [3][4]. Market Commentary - All vessels are currently employed on time charters, benefiting from the strengthening charter market in 2025, which has positively impacted earnings [4][5]. Earnings Performance - The average gross hire rate for vessels in Q3 2025 was approximately $15,450 per day, reflecting a 41% increase from the previous quarter and a 21% increase from Q3 2024 [5][6]. - Revenues for Q3 2025 reached $4.2 million, more than double the $2.0 million from the preceding quarter and nearly five times the $0.9 million from Q3 2024 [6]. Current Quarter Performance - In Q4 2025, vessels have been earning an average gross hire rate of approximately $15,750 per day, with positive market sentiment and healthy supply-demand fundamentals expected to continue into 2026 [7].