Icon Energy Corp., an international shipping company providing worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels, announced that it has agreed to acquire a non-controlling interest in a containership employed under a long-term contract with a major liner operator.
The Transaction
The vessel is a 1,800 TEU ECO container feeder, built in 2023. The vessel is chartered to a major liner operator, at a fixed hire rate of $24,750 per day through February 2028 at the earliest, generating approximately $12 million of Minimum Contracted Revenue. The vessel will be acquired by a consortium of professional maritime investors led by a reputable containership owner and operator, which will also undertake the vessel’s commercial and technical management.
Icon has agreed to acquire an approximately 2.8% equity interest in the entity formed to own the vessel. The investment is expected to be funded from cash on hand and to close by the end of October 2026, subject to definitive documentation and customary closing conditions.
In connection with this co-investment, Icon will also be entitled to appoint a representative to the board of directors of the entity formed to own the vessel.
Co-Investment Strategy
The transaction follows Icon’s strategy to complement its core dry bulk business through selective co-investments in adjacent maritime opportunities alongside experienced industry partners. As of the date hereof, including this transaction, Icon has made the following co-investments under this strategy:
| Sector | Vessel description | Charter type | Charter expiration | Investment type | ||||
| Containership | 2,000 TEU geared container feeder with high reefer capacity, built in 2008 | Fixed rate TC to a major liner operator at a fixed hire rate of $26,500/day | June 2028 at the earliest | 4.6% equity interest | ||||
| Containership | 1,800 TEU ECO container feeder, built in 2023 | Fixed rate TC to a major liner operator at a fixed hire rate of $24,750/day | February 2028 at the earliest | 2.8% equity interest (1) |
(1) In connection with this co-investment, Icon will also be entitled to appoint a representative to the board of directors of the entity formed to own the vessel.
Icon expects future co-investments under this strategy, if any, to be pursued opportunistically and with disciplined sizing as passive, non-controlling positions, seeking to enhance returns while preserving Icon’s operational focus. In addition, this strategy is expected to expand market intelligence, broaden Icon’s network, and provide access to the expertise, insights and perspectives of other skilled investors and operators. It is also expected to deepen Icon’s understanding of adjacent maritime sectors and reveal potential areas for future strategic expansion.