Icon Energy Corp. Announces Share Repurchase Program

Rhea-AI Summary

Icon Energy Corp (Nasdaq: ICON) announced a share repurchase program authorizing repurchases of up to $1.0 million of its outstanding common shares through December 31, 2026. Repurchases may occur in privately negotiated or open market transactions or through plans intended to qualify under Rule 10b-18 or Rule 10b5-1 of the Securities Exchange Act.

The company said the amount and timing of any repurchases will be at its sole discretion and will depend on legal requirements, market conditions, available liquidity and prevailing market price. The Program does not obligate the company to buy any shares and may be suspended or discontinued at any time.

Positive

• $1.0 million authorization to repurchase common shares through 12/31/2026
• Repurchases may use Rule 10b-18/10b5-1 trading plans to execute purchases

Negative

• Program does not obligate any repurchases or specific dollar amount
• Repurchases are contingent on liquidity and market conditions and may be suspended

Key Figures

Share repurchase size $1.0 million Authorized buyback capacity through December 31, 2026

Program end date December 31, 2026 Share repurchase program authorization period

SEPA size $20 million Investor obligated to purchase up to this amount over three years

Shares sold under SEPA 132,144 shares Common shares sold at average price of $1.86

SEPA average price $1.86 per share Average sale price for 132,144 shares under SEPA

SEPA term 3 years Duration over which investor may purchase up to $20M of shares

M/V Charlie charter term 9-12 months Time charter-out period linked to Baltic Supramax Index

52-week range $0.55 – $96.00 ICON trading at $0.5636, near 52-week low

Market Reality Check

$0.7540 Last Close

Volume Volume 174,122 vs 20-day average 2,055,208 (relative volume 0.08) indicates muted trading ahead of this buyback news. low

Technical Price at 0.5636, trading below 200-day MA of 2.15 and near 52-week low of 0.55.

Peers on Argus 1 Up

ICON was down 7.59% pre-news while peers were mixed: OP up 7.81%, CTRM up 2.35%, CISS and USEA down modestly. No clear sector-wide trend in Marine Shipping.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 24	Capital access update	Neutral	+14.0%	Disclosure of SEPA share sales and overall $20M equity purchase capacity.
Jun 24	Fleet expansion	Positive	+3.8%	Delivery and chartering of M/V Charlie, a modern eco Ultramax carrier.

Pattern Detected

Limited history, but the last two announcements were followed by positive price reactions, suggesting news flow has recently coincided with upward moves.

Recent Company History

Over the last six months, Icon Energy reported a fleet expansion and a flexible equity funding arrangement. On Jun 24, 2025, delivery of the scrubber-fitted Ultramax M/V Charlie and its time charter led to a 3.76% gain. On Nov 24, 2025, disclosure of selling 132,144 shares under a $20 million SEPA at $1.86 coincided with a 13.96% rise. Today’s share repurchase authorization contrasts with that prior equity issuance capacity.

Market Pulse Summary

The stock moved +7.0% in the session following this news. A strong positive reaction aligns with the inherently shareholder-friendly nature of a buyback, as the company had authorization to repurchase up to $1.0 million of common shares through December 31, 2026. Past announcements around capital structure and fleet growth coincided with gains, as shown by prior moves of 3.76% and 13.96%. Investors would still need to weigh execution of the program, prior SEPA-driven issuance, and thin trading volume when assessing durability.

Key Terms

rule 10b-18 regulatory

"including through trading plans intended to qualify under Rule 10b-18 and/or Rule 10b5-1"

Rule 10b-18 is a regulation that sets strict rules for how a company's executives and employees can buy back their own company's stock from the market. It helps ensure that these buybacks happen in a fair and transparent way, reducing the chance of market manipulation. This is important for investors because it offers protection against unfair practices and promotes confidence in the integrity of the stock market.

rule 10b5-1 regulatory

"including through trading plans intended to qualify under Rule 10b-18 and/or Rule 10b5-1"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

standby equity purchase agreement financial

"under its Standby Equity Purchase Agreement (SEPA) at an average price"

A standby equity purchase agreement is a contract in which an investor or group agrees to buy a company’s newly issued shares on demand, giving the company a ready source of cash it can tap when needed. Think of it like a line of credit made with stock instead of a loan: it provides financial backup but can increase the number of shares outstanding, diluting existing owners and affecting per‑share value, so investors watch these deals for their impact on ownership and earnings per share.

baltic supramax index technical

"for 9-12 months at a floating daily rate linked to the Baltic Supramax Index"

The Baltic Supramax Index measures daily rental rates for medium-sized dry bulk cargo ships (supramax class) on major global routes, published by the Baltic Exchange. It works like a thermometer for shipping costs of commodities such as grain, coal and iron ore: when the index rises, shipping becomes more expensive, signaling stronger demand for moving bulk goods and potentially affecting freight company earnings, commodity prices and inflation expectations for investors.

form 6-k regulatory

"Icon Energy (NYSE: ICON) submitted a Form 6-K furnishing its 24 June 2025 press release"

A Form 6-K is a report that companies listed in certain countries file to provide important updates, such as financial results, corporate changes, or other significant information, to regulators and investors. It functions like an official company update or news release, helping investors stay informed about developments that could affect their investment decisions.

schedule 13d regulatory

"[SCHEDULE 13D] Icon Energy Corp. Common stock SEC Filing"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

bareboat charter-in technical

"following a previously announced bareboat charter-in agreement from March 2025"

A "bareboat charter-in" is when a company rents a vessel or asset from another party without any crew or additional services included. The company then takes responsibility for operating and maintaining the asset as if it were their own. For investors, it can signal a company’s strategy to expand its fleet or assets without immediate large capital expenses, potentially affecting its financial position and future cash flows.

time chartered-out technical

"The vessel has been immediately time chartered-out to a dry bulk operator"

A vessel that is "time chartered-out" has been leased by its owner to another party for a fixed period; the lessee decides where the ship goes and what cargo it carries while paying a set daily or periodic fee. For investors, time charters matter because they create predictable revenue and reduce exposure to volatile spot rates, while shifting some operating costs and commercial control to the charterer — like renting out a delivery truck for a season rather than taking every one-off job yourself.

AI-generated analysis. Not financial advice.

ATHENS, Greece, Dec. 18, 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, announced today that its Board of Directors has authorized a program under which the Company may, from time to time, repurchase up to an aggregate of $1.0 million of its outstanding common shares through December 31, 2026 (the “Program”).

Repurchases of common shares under the Program may be made, from time to time, in privately negotiated transactions, in open market transactions, or by other means, including through trading plans intended to qualify under Rule 10b-18 and/or Rule 10b5-1 of the U.S. Securities Exchange Act of 1934, as amended. The amount and timing of any repurchases made under the Program will be in the Company’s sole discretion and will depend on a variety of factors, including legal requirements, market conditions, other investment opportunities, available liquidity, and the prevailing market price of the common shares. The Program does not obligate the Company to repurchase any dollar amount or number of common shares, and the Program may be suspended or discontinued at any time at the Company’s discretion.

About Icon Energy Corp.

Icon is an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels. Icon maintains its principal executive office in Athens, Greece, and its common shares trade on the Nasdaq Capital Market under the symbol “ICON.”

Cautionary Note Regarding Forward Looking Statements

This communication contains “forward-looking statements.” Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions that are other than statements of historical fact are forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant risks, uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, the Company cannot provide assurance that it will achieve or accomplish these expectations, beliefs or projections. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). As a result, you are cautioned not to unduly rely on any forward-looking statements, which speak only as of the date of this communication. Factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, among other things: the Company’s future operating or financial results; the Company’s liquidity, including its ability to service any indebtedness; changes in shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war) or international hostilities; risks associated with pandemics; and other factors listed from time to time in the Company’s filings with the SEC. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. You should, however, review the factors and risks the Company describes in the reports it files and furnishes from time to time with the SEC, which can be obtained free of charge on the SEC’s website at www.sec.gov.

Contact Information

Icon Energy Corp.
Dennis Psachos
Chief Financial Officer
+30 211 88 81 300
ir@icon-nrg.com
www.icon-nrg.com

FAQ

What amount did Icon (ICON) authorize for its share repurchase program on December 18, 2025?

Icon authorized repurchases of up to $1.0 million of common shares through December 31, 2026.

How long is Icon's (ICON) buyback program effective?

The Program is effective through December 31, 2026.

How will Icon (ICON) execute share repurchases under the Program?

Repurchases may be made in privately negotiated transactions, open market trades, or via trading plans intended to qualify under Rule 10b-18 and/or Rule 10b5-1.

Is Icon (ICON) required to repurchase shares under the Program?

No. The Program does not obligate the company to repurchase any dollar amount or number of shares.

What factors will determine if Icon (ICON) buys back shares?

The company said purchases depend on legal requirements, market conditions, other investment opportunities, available liquidity, and the prevailing market price.

Can Icon (ICON) stop the repurchase program before December 31, 2026?

Yes. The Program may be suspended or discontinued at any time at the company's discretion.