ATHENS, Greece, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Icon Energy Corp. ("Icon" or the "Company") (NASDAQ:ICON), an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes through the ownership, chartering and operation of oceangoing vessels, announces its financial results for the six-month period ended June 30, 2024 (the "Reporting Period").
Financial Highlights for the Reporting Period
Revenue, net of $2.7 million, an 18% increase compared to the six-month period ended June 30, 2023
Net income of $1.0 million, a 43% increase compared to the six-month period ended June 30, 2023
EBITDA(1) of $1.5 million, a 26% increase compared to the six-month period ended June 30, 2023
Operating profit of $1.0 million, a 46% increase compared to the six-month period ended June 30, 2023
Ismini Panagiotidi, Chairwoman and Chief Executive Officer of Icon, commented:
"We are pleased to report that our financial results for the first half of 2024 have surpassed last year's performance across all key metrics, providing tailwinds to our transition to a public company with the successful listing of our common shares on the Nasdaq in July 2024.
Since then, we have announced our first dividend and first vessel acquisition as a public company, consistent with both our dividend policy and growth strategy. In addition, we have secured employment for our soon-to-be acquired vessel and have entered into an innovative financing term sheet with upsize potential to fuel our further growth, all with top-tier counterparties.
We are thrilled by this positive momentum and are honored by the trust demonstrated by our charterers and financiers during Icon's early stages, supporting our goal to create value for our shareholders."
Financial Performance Summary
(in thousands of U.S. dollars,except daily figures)
Six-monthperiod endedJune 30, 2024(unaudited)
Six-monthperiod endedJune 30, 2023(unaudited)
Income statement data
Revenue, net
$
2,719
$
2,309
Operating profit
962
657
Net income
987
688
Non-GAAP financial measures (2)
EBITDA
$
1,477
$
1,168
Daily TCE
14,324
12,325
Daily OPEX
4,962
5,066
During the six-month period ended June 30, 2024, revenue, net, amounted to $2.7 million, an increase of $0.4 million, or 18%, compared to the first six months of 2023. Icon's sole vessel operated under similar index-linked charters and was 100% utilized during both periods. The increase in revenues, net, is attributable to the higher charter rates prevailing in the market during the first half of 2024 compared to the same period of 2023, resulting in a $0.3 million, or 46%, increase in operating profit and a $0.3 million, or 43%, increase in net income.
Fleet Employment and Operational Data
Six-monthperiod endedJune 30, 2024
Six-monthperiod endedJune 30, 2023
Fleet operational data (3)
Ownership Days
182.0
181.0
Available Days
182.0
181.0
Operating Days
182.0
180.9
Vessel Utilization
100.0%
100.0%
Average Number of Vessels
1.0
1.0
As of June 30, 2024, Icon owned one vessel, the M/V Alfa, which is employed by an international commodity trading conglomerate on a time charter expiring between October 2025 and February 2026, earning a floating daily hire rate linked to the Baltic Panamax Index. The minimum contracted revenue(4) expected as of June 30, 2024, to be generated by this contract between June 30, 2024, and its earliest expiration date is $6.7 million.
Key Developments Subsequent to the Reporting Period
Initial public offering. On July 15, 2024, Icon successfully completed the initial public offering of 1,250,000 of its common shares, at an offering price of $4.00 per share, for gross proceeds of approximately $5,000,000, before deducting underwriting discounts and offering expenses. Icon's common shares began trading on the Nasdaq Capital Market on July 12, 2024, under the symbol "ICON."
Dividend. On August 23, 2024, Icon declared a cash dividend of $0.08 per common share, payable on or around September 30, 2024, to all of its common shareholders of record as of September 15, 2024. Icon expects to pay quarterly cash dividends on its common shares during the one-year period following its initial public offering, in an aggregate amount of approximately $500,000 for the year (including the dividend declared on August 23, 2024).
Vessel Acquisition. On August 2, 2024, Icon entered into an agreement with an unaffiliated third-party to acquire a Kamsarmax dry bulk carrier, built in November 2007 in Japan, for a purchase price of $17.57 million, to be renamed M/V Bravo (the "Vessel Acquisition"). The Vessel Acquisition is subject to the satisfaction of certain customary closing conditions and is anticipated to conclude with the vessel's delivery to Icon between September and November of 2024.
Vessel Charter. On August 29, 2024, Icon entered into an agreement with an international commodity trading conglomerate to time charter the M/V Bravo for a period of 11 to 14 months, at a floating daily hire rate linked to the Baltic Panamax Index (the "New Time Charter"). The New Time Charter is subject to the satisfaction of certain customary closing conditions and is anticipated to commence shortly after the completion of the Vessel Acquisition.
Financing Term Sheet. On August 22, 2024, Icon entered into a non-binding term sheet with a leading international financial institution for a new senior secured credit facility in an aggregate amount of up to $91 million (the "New Credit Facility") of which:
an aggregate amount of up to $16 million (the "Initial Advance") is expected to be borrowed to finance a portion of the purchase price of the M/V Bravo, and to leverage Icon's existing Panamax dry bulk carrier, M/V Alfa; and
an additional aggregate amount of up to $75 million (the "Upsize Advance") may be made available to Icon, in whole or in parts, to finance future vessel acquisitions. This amount will remain uncommitted and equally, Icon will not be obliged to borrow it, or any part thereof.
The Initial Advance is expected to contain security and covenants customary for transactions of this type, to have a four-year tenor, and to bear interest at 3.95% over SOFR. The terms of each Upsize Advance will be determined at the time it is requested. No interest or other fees are expected to apply on any amount that remains uncommitted. The New Credit Facility is subject to important conditions, including the negotiation and execution of definitive documentation and the satisfaction of certain customary closing conditions, and is anticipated to conclude on or prior to the completion of the Vessel Acquisition.
About Icon
Icon is an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes through the ownership, chartering and operation 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
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