Icon Energy Corp., an international shipping company providing worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels, provides a commercial update.
Fleet
We generate our revenues by chartering our vessels to regional and international dry bulk operators, commodity traders and end users, primarily on time charters (either index-linked or fixed rate) or voyage charters, depending on market conditions, opportunities available to us, and other strategic and tactical considerations. As of the date hereof, our fleet comprised of the following dry bulk vessels:
| Charter expiration | ||||||||
| Vessel name | Vessel type | Employment type | Earliest | Latest | ||||
| Alfa | Panamax | Index-linked time charter | July 2026 | Evergreen(1) | ||||
| Bravo | Kamsarmax | Index-linked time charter | June 2026 | Evergreen(1) | ||||
| Charlie | Ultramax | Index-linked time charter(2) | April 2026 | July 2026 | ||||
Earnings Guidance
All of our vessels are currently employed on time charters, earning hire at floating daily rates linked to the Baltic Panamax Index and the Baltic Supramax Index, a strategy that enables us to maintain high fleet utilization while preserving exposure to market upside.
The average gross hire rate for each of our vessels in the first quarter of 2026 is expected to be approximately $14,000 per day, up 63% from $8,600 per day during the first quarter of 2025. Earnings growth is amplified by the addition of the M/V Charlie to our fleet in June 2025, which is expected to drive a 50% year-on-year increase in Operating Days. As a result, revenue, net during the first three months of 2026 is expected to be between $3.5 million and $3.7 million, more than doubling from $1.5 million during the corresponding period in 2025.
Market Commentary
In recent months, global attention has been largely focused on the escalating conflict between the United States and Iran and the developments in the Strait of Hormuz. While the most immediate impact has been observed in tanker markets, the region also holds strategic relevance for the dry bulk sector.
Although the broader implications remain uncertain, historical patterns suggest that disruptions to commodity supply chains can create supportive dynamics for dry bulk shipping. Such conditions often lead to vessel rerouting and increased voyage distances, effectively tightening vessel availability and enhancing ton-mile demand. In this context, periods of geopolitical disruption have, at times, translated into firmer freight markets and improved earnings potential.
Icon closely monitors developments in the region and maintains a proactive approach to risk management, prioritizing the safety of its crews and vessels. As of the date of this press release, none of our vessels are operating in, or en route to, the Strait of Hormuz.
Other Business Updates
We are optimistic that the contrast between global geopolitical uncertainty and healthy dry bulk supply-demand fundamentals will create growth opportunities, and, therefore, Icon is positioning to capitalize on these conditions. Accordingly, to date in 2026, Icon has further strengthened its liquidity by raising $6.9 million in net proceeds by issuing common shares under its at-the-market program and standby equity purchase agreement at an average price of $2.82 per share, representing a premium of 188% to the last reported sales price of our common shares on the Nasdaq Capital Market on March 18, 2026.