Icon Energy Corp. Provides Commercial Update

Icon Energy Corp. issued a press release on September 17, 2026, providing a commercial update. The company operates a fleet of dry bulk vessels, primarily on time charters. As of the update, Icon’s fleet consists of three vessels: Alfa (Panamax, Fixed rate TC), Bravo (Kamsarmax, Index-linked TC), and Charlie (Ultramax, Index-linked TC). The company has converted the M/V Alfa’s charter to a fixed rate of $18,000 per day for the period of June to December 2026, while M/V Bravo and M/V Charlie continue on index-linked rates. Fuel costs are borne by charterers. The minimum contracted revenue is estimated at approximately $11 million. Icon also engages in co-investments in adjacent maritime opportunities, holding a 4.6% equity interest in a containership. The gross hire rate for Q3 2026 is expected to average $19,000 per vessel per day, a 23% increase from the previous year, with 100% vessel utilization achieved so far. The dry bulk market remains strong, driven by commodity flows and demand, with a positive near-term and medium-to-long-term outlook despite geopolitical uncertainties.