Icon Energy Corp. (“
Icon” or the
“
Company”) (Nasdaq: ICON), an international
shipping company that provides worldwide seaborne transportation
services for dry bulk cargoes via its fleet of oceangoing vessels,
is pleased to announce the successful delivery of the Kamsarmax dry
bulk carrier, M/V Bravo, and the signing of a term loan facility
for up to $91.5 million.
Vessel Delivery
On September 23, 2024, Icon successfully took
delivery of the M/V Bravo, the Kamsarmax dry bulk carrier it had
agreed to acquire from an unaffiliated third-party, as previously
announced on August 8, 2024.
Icon has secured a time charter for the M/V
Bravo, whereby the vessel will be employed by an international
commodity trading conglomerate for a period of 11 to 14 months, at
a floating daily hire rate linked to the Baltic Panamax Index,
which is expected to commence in the coming days, upon completion
of the customary change of ownership logistics.
Financing Update
We signed a new term loan facility for up to
$91.5 million with a leading international financial institution,
pursuant to the financing term sheet announced on August 23,
2024.
On September 19, 2024, we borrowed an amount of
$16.5 million under the term loan facility to finance a portion of
the purchase price of the M/V Bravo and to leverage Icon’s existing
Panamax dry bulk carrier, the M/V Alfa. The term loan facility is
secured by a first priority mortgage on the vessels, an assignment
of earnings and insurances, and a pledge of the earnings accounts
for the vessels, among other customary security, and contains
financial and other covenants customary for transactions of this
type. The term loan facility has a four-year tenor, and outstanding
amounts thereunder bear interest at 3.95% over SOFR.
The balance amount of $75 million may be made
available to us, in whole or in parts, to finance future vessel
acquisitions. This balance amount remains uncommitted, free of
interest or other fees, and we are not obliged to borrow it, or any
part thereof. The terms of borrowing the balance amount, or any
part thereof, will be determined at the time it is requested.
Ismini Panagiotidi, Chairwoman and Chief
Executive Officer of Icon, commented:
“We are pleased to welcome the M/V Bravo to
Icon’s fleet and wish her fair winds and calm seas. Icon remains
committed to grow through disciplined and opportunistic vessel
acquisitions. In our first steps towards that goal, we are thrilled
to enjoy the support of our charterers in the employment of M/V
Bravo, as well as the trust of our financiers, not only in
financing our existing fleet, but also in providing upsize options
to fuel our further growth.”
About Icon
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.”
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
(including COVID-19); 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 PsachosChief Financial Officer+30 211 88
81 300ir@icon-nrg.comwww.icon-nrg.com
Icon Energy (NASDAQ:ICON)
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