Icon Energy sees Q3 hire rates up 23% to $19K
Icon Energy Corp. (ICON), a dry bulk shipping company, provides a commercial update highlighting stronger charter performance and contracted revenue visibility.
Rhea-AI Filing Summary
Icon Energy Corp. (ICON), a dry bulk shipping company, provides a commercial update highlighting stronger charter performance and contracted revenue visibility. The fleet of three dry bulk vessels is employed on a mix of fixed-rate and index-linked time charters, with fuel costs under all contracts borne by charterers, limiting direct exposure to oil price volatility.
The company has exercised its option on the M/V Alfa, converting its index-linked hire to a fixed rate of $18,000 per day for June–December 2026, while the M/V Bravo and M/V Charlie remain on index-linked charters tied to the Baltic indices. As of the update date, Minimum Contracted Revenue from these contracts is estimated at approximately $11 million, and Icon also holds a 4.6% equity interest in a 2,000 TEU containership earning $26,500 per day on a fixed charter to at least June 2028.
For the third quarter of 2026, the fleet’s gross hire rate is expected to average about $19,000 per vessel per day, a 23% increase from roughly $15,500 in the same quarter of the prior year, with 100% Vessel Utilization achieved so far. All vessel drydockings were completed between December 2025 and June 2026, and no further scheduled downtime or related capital expenditures are anticipated until the second quarter of 2029, positioning the fleet to benefit from a firm dry bulk market.
Positive
- Icon expects an average gross hire rate of $19,000 per vessel per day in Q3 2026, a 23% increase from about $15,500 a year earlier, indicating materially stronger charter pricing.
- The fleet has achieved 100% Vessel Utilization so far in Q3 2026, maximizing revenue days across its vessels.
- All drydockings were completed between December 2025 and June 2026, and the company anticipates no further scheduled downtime or related capital expenditures until Q2 2029, supporting uninterrupted revenue generation.
- Minimum Contracted Revenue from existing contracts is estimated at approximately $11 million, providing enhanced near-term revenue visibility.
- A co-invested containership earns a fixed hire rate of $26,500 per day under charter to at least June 2028, adding a long-dated income stream alongside Icon’s core dry bulk business.
Negative
- None.
Filing Explained
The September 17 Form 6-K furnishes Icon’s commercial update and incorporates the release by reference into its Form F-3 registration statement; the filing reports commercial conditions rather than a completed ownership event.
Key Figures
Expected Q3 2026 gross hire rate: $19,000 per vessel per day
Q3 year-on-year hire rate increase: 23%
Prior-year Q3 gross hire rate: $15,500 per vessel per day
+5 more
8 metrics
Expected Q3 2026 gross hire rate
$19,000 per vessel per day
Average across Icon’s fleet for the third quarter of 2026
Q3 year-on-year hire rate increase
23%
Increase from approximately $15,500 per vessel per day in Q3 2025 to $19,000 in Q3 2026
Prior-year Q3 gross hire rate
$15,500 per vessel per day
Average gross hire rate in the third quarter of the prior year
Fixed rate for M/V Alfa
$18,000 per day
Converted from index-linked to fixed for the period June–December 2026
Minimum Contracted Revenue
$11 million
Estimated revenue to be recognized from current dry bulk contracts as of the update date
Containership fixed hire rate
$26,500 per day
Fixed-rate time charter on the 2,000 TEU containership co-investment
Containership equity interest
4.6%
Non-controlling equity interest held by Icon in the containership
Vessel Utilization in Q3 2026
100%
Fleet Vessel Utilization achieved so far during the third quarter of 2026
Key Terms
Minimum Contracted Revenue, Vessel Utilization, Ownership Days, Available Days, +2 more
6 terms
Minimum Contracted Revenue financial
"Minimum Contracted Revenue is estimated by reference to the contracted period"
Minimum contracted revenue is the amount of sales a company is legally guaranteed to receive under existing contracts, often coming from minimum purchase commitments, recurring service fees, or guaranteed payments. It matters to investors because it creates a predictable revenue floor that helps assess near-term cash flow reliability, reduce forecast uncertainty, and gauge how much future income depends on retaining or expanding contractual relationships — like a subscription that promises a base monthly payment.
Vessel Utilization financial
"Vessel Utilization is the ratio of Operating Days to Available Days"
Share of a shipping fleet’s available capacity that is actually used to carry cargo over a given period, usually expressed as a percentage of capacity, occupied cargo space (e.g., TEU or tonnes), or days the vessels are in commercial service. It matters to investors because higher vessel utilization generally means more revenue per ship and better coverage of fixed operating costs—like a bus running full rather than half-empty—which affects a shipping company’s profitability, cash flow and pricing power.
Ownership Days financial
"Ownership Days are the total days we owned our vessels"
Ownership days refer to the total number of days that an investor holds a particular asset or investment. It is a way to measure how long an investor has kept their investment before selling or changing it, similar to tracking how many days someone owns a car before trading it in. This measure helps assess investment behavior and can influence decisions related to taxes, performance, and strategy.
Available Days financial
"Available Days are the Ownership Days, less any days during which our vessels"
Operating Days financial
"Operating Days are the Available Days, less any days during which our vessels"
Operating days are the calendar days when a company or service is actively open and conducting normal business, typically excluding weekends and official holidays. For investors, operating days determine when deadlines, processing times, deliveries, and reporting schedules actually occur — like a school timetable that tells you which days classes meet and when assignments are due, they set the practical timing for corporate actions and cash flows.
index-linked time charters financial
"vessels currently employed on index-linked time charters, earn hire at floating rates"
A contract hiring a ship for a fixed period where the daily charter rate automatically moves up or down based on a published index (for example a fuel, freight or inflation index). Think of it like a subscription whose monthly fee adjusts with a commonly tracked price so both parties share market swings. For investors, these contracts affect a shipping company's future revenue stability, fuel and market risk exposure, and therefore cash flow and valuation.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How is Icon Energy Corp. (ICON) performing in Q3 2026 based on this update?
Icon expects an average gross hire rate of about $19,000 per vessel per day in Q3 2026, a 23% increase from roughly $15,500 in the same quarter of 2025, with the fleet achieving 100% Vessel Utilization so far in the quarter.
What contracted revenue does Icon Energy Corp. (ICON) report from its current charters?
Icon estimates Minimum Contracted Revenue from its current dry bulk charters at approximately $11 million, calculated based on contracted periods and hire rates, net of charterers’ commissions and assuming no unforeseen off-hire days.
What are the key charter terms for Icon Energy Corp.’s dry bulk fleet?
Icon’s three dry bulk vessels are on a mix of fixed-rate and index-linked time charters. The M/V Alfa has a fixed rate of $18,000 per day from June to December 2026, while the M/V Bravo and M/V Charlie remain on index-linked time charters tied to Baltic indices.
How is Icon Energy Corp. (ICON) exposed to fuel price movements under its contracts?
Under all current contracts, fuel costs are borne by the charterers, so Icon is insulated from the direct impact of oil price volatility on its cost base, which the company highlights as relevant given recent swings in oil markets.
What co-investment does Icon Energy Corp. (ICON) hold in the containership sector?
Icon holds a 4.6% equity interest in a 2,000 TEU geared container feeder built in 2008, on a fixed-rate time charter to an investment-grade liner operator at $26,500 per day, with charter expiration in June 2028 at the earliest.
When are Icon Energy Corp.’s next scheduled drydockings expected?
Icon states that all vessel drydockings were completed between December 2025 and June 2026, and it does not anticipate further scheduled downtime or related capital expenditures until the second quarter of 2029.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 September 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 ☐
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
On September 17, 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: September 17, 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, September 17, 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.
Fleet
Icon generates revenue by chartering its 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, available opportunities, and other strategic and tactical considerations. As of the date hereof, Icon’s 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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Charter 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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Fixed rate TC(1)
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December 2026
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Evergreen(2)
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||||
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Bravo
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Kamsarmax
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Index-linked TC
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Evergreen(2)
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Evergreen(2)
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Charlie
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Ultramax
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Index-linked TC(3)
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August 2027
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December 2027
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Icon’s vessels currently employed on index-linked time charters, earn hire at floating rates linked to the Baltic Panamax Index and the Baltic Supramax Index. This strategy enables Icon to maintain
high fleet utilization while preserving exposure to market upside.
Icon also has the option to convert each floating hire rate to a fixed rate, at a time and for a period of its choosing, thereby locking in forward earnings. As of the date hereof, Icon has exercised
this option for the M/V Alfa, whose floating, index-linked, hire rate was converted to a fixed rate of $18,000 per day for the seven-month period from June to December 2026. The M/V Bravo and the M/V Charlie continue to earn hire at index-linked rates, resulting in a charter portfolio that blends fixed and floating rate exposure to provide cash flow
visibility and upside potential.
Under all contracts, fuel costs are borne by the charterers, keeping Icon 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.
As of the date hereof, the Minimum Contracted Revenue expected to be recognized by Icon from these contracts is estimated at approximately $11 million.
Co-Investment Strategy
Icon complements its core dry bulk business through selective co-investments in adjacent maritime opportunities alongside experienced industry partners. As of the date hereof, Icon has made the
following co-investments under this strategy:
(1) Index-linked daily hire rate converted to a fixed rate of $18,000 from June to December 2026
(2) The charter continues indefinitely, subject to 3 months’ termination notice by either party
(3) In addition to the daily hire rate, Icon is also entitled to receive part of the fuel cost savings to be realized by the charterer through the use of the vessel’s scrubber
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Sector
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Vessel description
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Charter type
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Charter
expiration
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Investment
type
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Containership
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2,000 TEU geared
container feeder with
high reefer capacity,
built in 2008
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Fixed rate TC to an
investment-grade liner
operator at a fixed hire
rate of $26,500 per day
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June 2028 at
the earliest
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4.6% equity
interest
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Icon expects future co-investments under this framework, 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.
Earnings update
The gross hire rate across Icon’s fleet in the third quarter of 2026 is expected to average approximately $19,000 per vessel per day, a 23% increase from approximately $15,500 in the same quarter last
year.
Additionally, the fleet has achieved 100% Vessel Utilization during the quarter so far. With all vessel drydockings completed between December 2025 and June 2026, no further scheduled downtime or
related capital expenditures are anticipated until the second quarter of 2029. This positions the fleet to capitalize on the prevailing strength in the dry bulk market and to generate revenue on an uninterrupted basis for the remainder of the year
and beyond.
Market Commentary
While global attention remains largely focused on the conflict between the United States and Iran, the developments in the Strait of Hormuz, and their impact on the oil tanker markets, the dry bulk
market has continued to gain momentum and has remained firm through the current point in the third quarter of 2026, led by broad-based gains in the larger vessel segments and extending into the smaller sizes.
The Baltic Dry Index climbed to its highest level since December 2023, propelled by resilient commodity flows and strong demand across key trade routes. Robust iron ore shipments from Brazil to China
and surging bauxite exports from West Africa underpinned the momentum, and near record corn exports from Argentina helped offset disrupted Ukrainian supplies.
Looking ahead, volatility is expected to remain elevated amid persistent global geopolitical uncertainty. Nevertheless, the near-term outlook is supported by the fourth quarter’s historically strong
seasonal market performance, and the medium-to-long-term fundamentals remain constructive as industry research points to a secular tightening of supply-demand dynamics, driven by evolving trade flows and stable commodity demand that are expected to
outpace fleet growth.
Key Performance Indicators used in this Press Release
Minimum Contracted Revenue. 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.
Ownership Days. Ownership Days are the total days we owned our vessels (or right-of-use asset under finance lease) during the relevant
period. We use this to measure the size of our fleet over a period. Vessels in which the Company holds non-controlling interests are not included in this calculation.
Available Days. Available Days are the Ownership Days, less any days during which our vessels were unable to be used for their intended
purpose as a result of scheduled maintenance, upgrades, modifications, drydockings, special or intermediate surveys, or changes in ownership logistics, including positioning for and repositioning from such events. We use this to measure the number
of days in a period during which our vessels should be capable of generating revenues.
Operating Days. Operating Days are the Available Days, less any days during which our vessels were unable to be used for their intended
purpose as a result of unforeseen events and circumstances. We use this to measure the number of days in a period during which our vessels actually generated revenues.
Vessel Utilization. Vessel Utilization is the ratio of Operating Days to Available Days, measuring the days during which our vessels
actually generated revenues as a percentage of the days during which our vessels should be capable of generating revenues.
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 made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.” Forward-looking statements include, but
are not limited to, statements regarding our or our management’s expectations, hopes, beliefs, intentions, or strategies regarding the future such as vessel employment or charter types or co-investments, amongst other things, and are therefore
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, 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 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. For more discussion of the risks that could impact forward-looking statements, you are encouraged to review the discussion under the title “Risk Factors” in the Company’s most recent Annual Report on Form 20-F
and other factors and risks 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.
Contact Information
Icon Energy Corp.
Dennis Psachos
Chief Financial Officer
+30 211 88 81 300
ir@icon-nrg.com
www.icon-nrg.com