ATHENS, Greece, Dec. 17, 2025 (GLOBE NEWSWIRE) -- Icon Energy Corp. (“Icon” or the “Company”) (Nasdaq: ICON), an international shipping company providing worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels, provides a commercial update on earnings and vessel employment. Vessel Employment Updates In December 2025, we extended the time charter of the M/V Alfa with an international commodity trading conglomerate for an indefinite period, expiring upon three month ...

Core Viewpoint - Icon Energy Corp. has successfully sold 132,144 shares under the Standby Equity Purchase Agreement (SEPA) at an average price of $1.86 per share, indicating a strategic move to raise capital for growth opportunities [1][2][3] Group 1: SEPA Details - Icon entered into the SEPA with an investor on August 27, 2025, allowing the company to issue up to $20 million worth of common shares over three years [2] - The SEPA provides Icon with a flexible and efficient source of capital, enabling the company to pursue growth opportunities and support strategic initiatives [3] Group 2: Company Overview - Icon Energy Corp. is an international shipping company that specializes in worldwide seaborne transportation services for dry bulk cargoes through its fleet of oceangoing vessels [3] - The company is headquartered in Athens, Greece, and its common shares are traded on the Nasdaq Capital Market under the symbol "ICON" [3]

Core Viewpoint - Icon Energy Corp. reported its financial results for the year ended December 31, 2024, highlighting a revenue increase but a net loss, alongside the declaration of a cash dividend of $0.07 per common share [1][3][24]. Financial Highlights - Revenue for 2024 was $5.3 million, a 19% increase from $4.5 million in 2023 [7][8]. - Operating profit decreased to $0.2 million from $1.1 million in 2023 [8][9]. - The company reported a net loss of $0.2 million compared to a net income of $1.2 million in 2023 [8][11]. - EBITDA for 2024 was $1.8 million, down from $2.1 million in 2023 [8][11]. Operational Highlights - The fleet expanded with the delivery of the Kamsarmax dry bulk carrier, M/V Bravo, which began an 11- to 14-month charter [5][15]. - The average number of vessels increased to 1.3 in 2024 from 1.0 in 2023 [12]. - Vessel utilization remained at 100% for both years [12]. Cash Dividend - A cash dividend of $0.07 per common share was declared for the fourth quarter of 2024, payable on or around May 30, 2025 [3][24]. Nasdaq Compliance - The company regained compliance with Nasdaq Listing Rule 5550(a)(2) after the closing bid price of its common shares remained at $1.00 or greater for ten consecutive trading days [4][20]. Key Events - Icon completed an initial public offering in July 2024, raising $5.0 million [15]. - A new term loan facility of $91.5 million was established, with $16.5 million drawn for vessel acquisitions [5][17]. - A public offering in January 2025 generated gross proceeds of approximately $12.0 million [19]. Fleet Employment and Operational Data - Ownership Days increased to 465.8 in 2024 from 365.0 in 2023 due to the addition of the M/V Bravo [12]. - Minimum Contracted Revenue expected from current contracts is $4.1 million [14]. Recent Developments - An agreement was made to charter-in a new vessel, M/V Charlie, with an option to purchase, expected to be delivered between May and August 2025 [21][22].

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].