Icon Energy (NASDAQ: ICON) books new M/V Charlie charter, lifting $7.2M contracted revenue
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Icon Energy Corp. has secured a new time charter for its Ultramax vessel M/V Charlie, running for about 16 to 20 months after the current charter ends in April 2026. The contract is expected to add approximately $7.2 million to the company’s estimated minimum contracted revenue.
The vessel will earn a floating daily hire rate linked to the Baltic Supramax Index, giving Icon exposure to market upside and an option to switch to a fixed rate later. Fuel costs will be paid by the charterer, while Icon shares in scrubber-related fuel savings, which can enhance earnings.
Positive
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Insights
New charter modestly strengthens Icon’s revenue visibility and operating leverage to freight markets.
Icon Energy secured a 16–20 month index-linked charter for M/V Charlie, adding about $7.2 million to estimated minimum contracted revenue. Index-linked time charters tie earnings to the Baltic Supramax Index, allowing revenue to adjust with market rates.
The structure preserves an option to convert to a fixed daily rate, giving management flexibility if they want to lock in future earnings. Fuel is paid by the charterer, while Icon participates in scrubber-related fuel savings, potentially lifting margins. Overall, this looks like a constructive but routine commercial development.
Key Figures
Added minimum contracted revenue: $7.2 million
Charter duration window: 16 to 20 months
Earliest charter expiry: August 2027
+2 more
5 metrics
Added minimum contracted revenue
$7.2 million
Estimated from new M/V Charlie charter
Charter duration window
16 to 20 months
New M/V Charlie time charter term
Earliest charter expiry
August 2027
M/V Charlie index-linked time charter
Latest charter expiry
December 2027
M/V Charlie index-linked time charter
Fleet size
3 vessels
Alfa, Bravo, Charlie dry bulk fleet
Key Terms
index-linked TC, Baltic Supramax Index, Minimum Contracted Revenue, time charters, +2 more
6 terms
index-linked TC financial
"Alfa | Panamax | Index-linked TC | Evergreen"
Baltic Supramax Index financial
"floating daily hire 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.
Minimum Contracted Revenue financial
"Key Performance Indicators used in this Press Release Minimum Contracted Revenue"
time charters financial
"primarily on time charters (“TC”) (either index-linked or fixed rate)"
Time charters are contracts in which a ship owner rents a vessel to a renter for a set period of time; the renter directs where the ship goes and pays for fuel and voyage costs, while the owner provides the crew and handles maintenance. Investors care because time charters turn uncertain spot-market sales into more predictable revenue and cash flow, reducing near-term exposure to volatile freight rates—like renting a truck for months instead of selling single deliveries.
scrubber technical
"fuel cost savings derived from the vessel’s scrubber, creating multiple avenues"
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.
forward-looking statements regulatory
"This communication contains “forward-looking statements.”"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2026
Commission File Number: 001-42174
Icon Energy Corp.
(Translation of registrant’s name into English)
c/o Pavimar Shipping Co.
17th km National Road
Athens-Lamia & Foinikos Str.
14564, Nea Kifissia
Athens, Greece
+30 211 88 81 300
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F:
| Form 20-F ☒ |
Form 40-F ☐
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INFORMATION CONTAINED IN THIS FORM 6-K REPORT
On April 1, 2026, Icon Energy Corp. (the “Company”) issued a press release entitled “Icon Energy Corp. Provides Commercial Update.” A copy of this press release is furnished as Exhibit 99.1 herewith.
Notwithstanding the foregoing, the information in the press release regarding the Company’s commercial update is incorporated by reference into the Company’s registration statement on Form F-3
(File No. 333-291988), and shall be a part thereof, to the extent not superseded by documents or reports subsequently filed or furnished.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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ICON ENERGY CORP.
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Date: April 1, 2026
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By:
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/s/ Dennis Psachos
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Name:
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Dennis Psachos
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Title:
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Chief Financial Officer
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Exhibit 99.1
Icon Energy Corp. Provides Commercial Update
Athens, Greece, April 1, 2026 (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.
Vessel Employment
In March 2026, we entered into an agreement with a reputable dry bulk operator to charter the M/V Charlie for a period of 16 to 20 months. Subject to certain customary
conditions, the new charter is expected to commence immediately upon completion of the vessel’s current charter at the end of April 2026 and to expire between August and December 2027.
Reflecting 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 Supramax Index, adding approximately $7.2 million
to Icon’s estimated minimum contracted revenue.
The index-linked mechanism enables the Company to capture additional value in a strengthening market, while preserving the option to convert to a fixed daily hire rate, at a time and for a period of its choosing,
thereby locking in forward earnings. Lastly, the agreement provides for compensation related to fuel cost savings derived from the vessel’s scrubber, creating multiple avenues for additional upside.
Fuel costs will be borne by the charterer, keeping the Company insulated from the direct impact of oil price volatility on its cost base, which is particularly relevant in light of recent swings in oil markets.
Fuel costs will be borne by the charterer, keeping the Company insulated from the direct impact of oil price volatility on its cost base, which is particularly relevant in light of recent swings in oil markets.
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 (“TC”) (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:
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Charter expiration
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Vessel name
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Vessel type
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Employment type
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Earliest
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Latest
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Alfa
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Panamax
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Index-linked TC
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Evergreen(1)
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Bravo
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Kamsarmax
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Index-linked TC
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Evergreen(1)
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Charlie
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Ultramax
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Index-linked TC(2)
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August 2027
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December 2027
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Key Performance Indicators used in this Press Release
Minimum Contracted Revenue. The amount of minimum contracted revenue is estimated by reference to the contracted period and hire rate, net of charterers’
commissions but before brokerage and commercial management commissions, and assuming no unforeseen off-hire days. For index-linked contracts, minimum contracted revenue is estimated by reference to the average of the relevant index during the 15
days preceding the calculation date.
(1) The charter continues indefinitely, subject to 3 months’ termination notice by either party
(2) In addition to the daily hire rate, we are also entitled to receive part of the fuel cost savings to be realized by the charterer through the use of the vessel’s scrubber
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, including the conflict between the United States and Iran; 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 commercial update did Icon Energy Corp. (ICON) announce?
Icon Energy announced a new time charter for its Ultramax vessel M/V Charlie, starting after the current charter ends in April 2026. The contract adds an estimated $7.2 million in minimum contracted revenue and features an index-linked hire rate with optional conversion to a fixed rate.
How much minimum contracted revenue does the new M/V Charlie charter add for ICON?
The new M/V Charlie charter is expected to add approximately $7.2 million to Icon Energy’s estimated minimum contracted revenue. This figure reflects the contracted period and rate, net of charterers’ commissions, assuming no unforeseen off-hire days and using recent index averages for index-linked terms.
What is the duration of the new M/V Charlie charter for Icon Energy (ICON)?
The new charter for M/V Charlie runs for about 16 to 20 months, commencing after the current charter ends in April 2026. It is expected to expire between August 2027 and December 2027, depending on final redelivery timing under the agreed window.
How is the hire rate structured under Icon Energy’s new M/V Charlie charter?
The M/V Charlie charter uses a floating daily hire rate linked to the Baltic Supramax Index. This lets Icon benefit if freight markets strengthen while retaining the option to convert the charter to a fixed daily rate later, for a period the company chooses.
Who bears fuel costs under the new M/V Charlie charter for Icon Energy Corp.?
Under the new charter, the charterer pays the fuel costs, insulating Icon Energy from direct oil price swings on this vessel. Icon also receives compensation related to fuel cost savings generated by the vessel’s scrubber, providing an additional potential earnings contribution from efficiency.
What does Icon Energy’s current fleet look like according to the update?
Icon Energy reports a fleet of three dry bulk vessels: Alfa (Panamax), Bravo (Kamsarmax), and Charlie (Ultramax). All are employed on index-linked time charters, with Alfa and Bravo on evergreen arrangements and Charlie covered by the new term charter window into 2027.