Icon Energy Corp. Provides Commercial Update

Rhea-AI Summary

Icon Energy (Nasdaq: ICON) provided a commercial update on vessel employment and quarterly results for 2025. All vessels are on index-linked time charters tied to the Baltic Panamax and Supramax indices.

Key metrics: Q3 2025 gross hire avg ≈ $15,450/day (+41% vs prior quarter; +21% YoY). Q3 2025 revenue $4.2M (vs $2.0M prior quarter and $0.9M Q3 2024). Fleet expanded with M/V Charlie added June 2025 and M/V Bravo added August 2024. M/V Alfa time charter extended on an evergreen basis (earliest expiry July 2026).

Positive

• Gross hire +41% QoQ (≈ $15,450/day in Q3 2025)
• Revenue Q3 2025 $4.2M (more than double prior quarter)
• Fleet expansion with M/V Charlie added June 2025 and M/V Bravo added August 2024
• Charter extension for M/V Alfa on evergreen terms (not earlier than July 2026)

Negative

• None.

Key Figures

Q3 2025 avg hire $15,450 per day Average gross hire rate per vessel in Q3 2025

Q2 2025 avg hire $10,900 per day Average gross hire rate per vessel in preceding quarter

Q3 2024 avg hire $12,800 per day Average gross hire rate per vessel in Q3 2024

Q3 2025 revenue $4.2 million Total revenues in Q3 2025

Q2 2025 revenue $2.0 million Total revenues in preceding quarter

Q3 2024 revenue $0.9 million Total revenues in Q3 2024

Q4 2025 avg hire so far $15,750 per day Average gross hire rate per vessel so far in Q4 2025

SEPA capacity $20 million Maximum common shares purchase obligation under SEPA over three years

Market Reality Check

$3.22 Last Close

Volume Volume 170,370 is only 0.08x the 20-day average of 2,047,576, indicating muted trading interest before this update. low

Technical Shares at 0.6099 were trading below the 200-day MA of 2.17, reflecting a longer-term downtrend despite improving commercial metrics.

Peers on Argus 1 Down

ICON was down 9.79% while several dry bulk peers such as OP, CISS, USEA, and CTRM showed gains between 0.94% and 9.08%, and GLBS declined 4.55%, suggesting ICON’s weakness was more stock-specific than broad sector pressure.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 24	Equity facility update	Positive	+14.0%	Disclosed SEPA share sale and access to up to $20M equity funding.
Jun 24	Fleet expansion	Positive	+3.8%	Announced delivery and chartering of M/V Charlie Ultramax carrier.

Pattern Detected

Recent news events have been operational/financing-positive and were followed by positive price reactions, indicating the stock historically aligned with constructive announcements.

Recent Company History

Over the last six months, Icon reported a SEPA-related share sale on Nov 24, 2025 and the delivery of the scrubber-fitted Ultramax M/V Charlie on Jun 21, 2025. Both events involved either balance-sheet flexibility or fleet expansion and were followed by positive price moves of 13.96% and 3.76%, respectively. Today’s update builds on that trajectory, emphasizing index-linked employment, higher average hire rates, and revenue growth driven by the expanded fleet.

Market Pulse Summary

The stock moved -7.6% in the session following this news. A negative reaction despite stronger Q3 vessel earnings and revenues of $4.2 million would contrast with past instances where positive fleet or financing updates saw gains of 3.76% and . The stock traded well below its 200-day MA with depressed volume beforehand, indicating fragile confidence.

Key Terms

time charter technical

"we extended the time charter of the M/V Alfa with an international"

A time charter is an agreement where a ship owner rents out their vessel to a customer for a set period, during which the customer has control over the ship’s use and operation. This arrangement matters to investors because it provides a steady income stream for the ship owner and indicates ongoing demand for shipping services, reflecting the health of global trade and transportation markets.

Baltic Panamax Index technical

"continue earning hire at a floating daily hire rate linked to the Baltic Panamax Index."

A Baltic Panamax Index is a regularly published number that tracks average daily charter rates for Panamax-size dry bulk ships — the mid-sized cargo vessels that carry coal, grain and other raw materials. It acts like a price tag for renting these sea “trucks,” and moves with supply and demand for global commodity shipments; investors use it as a real-time gauge of shipping costs, commodity trade activity and broader economic momentum.

Baltic Supramax Index technical

"linked to the Baltic Panamax Index and the Baltic Supramax Index, a strategy that allowed"

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.

scrubber technical

"fuel cost savings to be realized by the charterer through the use of the vessel’s scrubber"

A scrubber is a device or system installed on industrial equipment or smokestacks to remove harmful gases, dust, or chemicals from exhaust before they are released into the air. For investors, scrubbers matter because they are often required by environmental rules and can represent significant equipment costs, ongoing operating expenses, or reduce regulatory and legal risk—think of them like a filter that protects both public health and a company’s license to operate.

AI-generated analysis. Not financial advice.

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 months’ notice by either party but not earlier than July 2026. Enjoying the continued support of our charterers, the vessel will remain fully utilized and continue earning hire at a floating daily hire rate linked to the Baltic Panamax Index.

Fleet

We generate revenues by chartering our vessels to regional and international dry bulk operators, commodity traders and end users. 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*
Bravo		Kamsarmax		Index-linked time charter		March 2026		Evergreen*
Charlie		Ultramax		Index-linked time charter**		March 2026		July 2026

*   There is no set maximum period and the charter expires upon 3 months’ notice by either party
**  In addition to the floating daily hire rate, we also receive part of the fuel cost savings to be realized by the charterer through the use of the vessel’s scrubber

Market Commentary

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 allowed us to benefit directly from the strengthening of the charter market during 2025.

As a result, the gross hire rate earned by each of our vessels during the third quarter of 2025 averaged approx. $15,450 per day, up 41% from approx. $10,900 in the preceding quarter and up 21% from approx. $12,800 in the third quarter of 2024.

This translated into higher vessel earnings and, coupled with the expansion of our fleet with the addition of the M/V Charlie in June 2025 and the M/V Bravo in August 2024, drove revenues to $4.2 million in the third quarter of the year — more than double the $2.0 million recorded in the preceding quarter and close to five times the $0.9 million generated during the third quarter of 2024.

So far in the fourth quarter of 2025, our vessels have been earning an average gross hire rate of approx. $15,750 per vessel per day. Market sentiment and dry bulk supply-demand fundamentals remain healthy, and we are optimistic that the current uptrend will extend into 2026, further improving cash flow generation and encouraging our continued pursuit of accretive growth opportunities.

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 were Icon Energy's reported gross hire rates in Q3 2025 (ICON)?

Icon reported an average gross hire of approximately $15,450 per day per vessel in Q3 2025.

How much revenue did ICON generate in Q3 2025 and how did it compare to prior quarters?

ICON reported $4.2 million revenue in Q3 2025, more than double the $2.0 million in the preceding quarter and up from $0.9 million in Q3 2024.

Which vessels joined Icon Energy's fleet in 2024–2025 (ICON)?

ICON added the M/V Bravo in August 2024 and the M/V Charlie in June 2025.

What is the employment structure for ICON vessels as of Dec 17, 2025?

All ICON vessels are employed on index-linked time charters tied to the Baltic Panamax and Baltic Supramax indices.

Has ICON extended any time charters recently and when do they expire (ICON)?

ICON extended the M/V Alfa time charter on evergreen terms, with earliest expiry in July 2026 and termination on three months' notice.

What average hire rate did ICON report for Q4 2025 so far (ICON)?

So far in Q4 2025, ICON's vessels have been earning an average gross hire of approximately $15,750 per vessel per day.