Icon Energy Corp. Welcomes M/V Bravo and Secures Funding
Icon Energy Corp. Celebrates M/V Bravo Delivery and Financing
Icon Energy Corp. (“Icon”) (Nasdaq: ICON), a global shipping entity that specializes in transporting dry bulk cargoes, has successfully welcomed its newest addition to the fleet, the M/V Bravo, along with substantial financing to support future growth. The delivery of this state-of-the-art Kamsarmax dry bulk carrier symbolizes a significant milestone in Icon's operational strategy and future expansion plans.
M/V Bravo Joins the Fleet
The delivery of the M/V Bravo marks a pivotal moment for Icon. This vessel, purchased from an unaffiliated third-party, enhances our operational capabilities and reinforces our commitment to efficient seaborne transportation services. Icon has secured a time charter agreement with a multi-national commodity trading corporation, wherein the M/V Bravo will operate under a floating charter rate linked to the Baltic Panamax Index for an anticipated duration of 11 to 14 months.
Financing for Future Growth
Icon recently finalized a new term loan facility of up to $91.5 million, which will play a critical role in financing further fleet expansions. This loan was secured in coordination with a reputable international financial institution, ensuring that Icon is well-positioned to capitalize on additional growth opportunities as they arise.
As part of this financing, Icon borrowed $16.5 million to help cover the costs associated with acquiring the M/V Bravo and to leverage its existing Panamax dry bulk carrier, the M/V Alfa. This term loan facility includes favorable terms, with a four-year tenor and an interest rate of 3.95% above SOFR, which positions the company advantageously for the future.
CEO Remarks on the Deliveries and Finance Initiatives
Ismini Panagiotidi, Icon's Chairwoman and CEO, expressed enthusiasm for the recent developments: “The inclusion of the M/V Bravo into our fleet represents not only a strategic expansion of our transportation capabilities, but also our dedication to providing reliable shipping services worldwide. We are also grateful for the support from our financial partners, ensuring that we maintain the flexibility to pursue future vessel acquisitions.”
Overview of Icon Energy Corp.
As an established international shipping company, Icon Energy Corp. is committed to delivering efficient and reliable transportation solutions for dry bulk cargo through its expansive fleet of oceangoing vessels. With its main offices in Athens, Greece, Icon is listed on the Nasdaq Capital Market under the symbol “ICON,” representing a robust presence in the shipping industry.
Frequently Asked Questions
What is the significance of the M/V Bravo for Icon Energy Corp.?
The M/V Bravo enhances Icon’s fleet capabilities and supports their operational strategy in the dry bulk cargo market.
How much financing has Icon secured recently?
Icon has secured a term loan facility for up to $91.5 million, aimed at financing future vessel acquisitions and operational needs.
Who is the CEO of Icon Energy Corp.?
The CEO of Icon Energy Corp. is Ismini Panagiotidi, who has expressed optimism about the company’s recent developments.
What is the duration of the charter for the M/V Bravo?
The M/V Bravo is chartered for a period of 11 to 14 months at a rate linked to the Baltic Panamax Index.
Where does Icon Energy Corp. operate?
Icon operates internationally, providing seaborne transportation services for dry bulk cargo from its base in Athens, Greece.
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