24/7 Market News Snapshot 24 March, 2025 – Icon Energy Corp. Common stock (NASDAQ:ICON)

March 24, 2025

DENVER, Colo., 24 March, 2025 (247marketnews.com) – (NASDAQ:ICON) are discussed in this article.
Icon Energy Corp (ICON) has recently garnered significant attention in the pre-market session, showcasing a remarkable price increase of 32.97% to reach $0.121 per share, up from its previous close of $0.091. This surge highlights a burgeoning bullish trend for the company, evidenced by a substantial trading volume of 13.64 million shares. The heightened activity signals growing investor interest and potential momentum, prompting analysts to monitor ICON closely for further price appreciation.

In a strategic move to bolster its operational capabilities, Icon Energy Corp has also announced a definitive agreement to bareboat charter-in the modern, eco-friendly M/V Charlie, a 2020-built Eco Ultramax dry bulk carrier with a capacity of 63,668 dwt. This acquisition enables Icon to expand its fleet and enhance its service offerings in the dry bulk transportation sector. The company has secured a 9 to 12-month time charter-out contract with a prominent dry bulk operator, ensuring immediate revenue generation from the vessel upon its anticipated delivery between May and August 2025.

To facilitate this acquisition, Icon has committed to an advance payment of $2.75 million, with an additional payment of the same amount due upon delivery. Funding for these payments will be drawn from existing cash reserves, operational revenue, and potential financing arrangements. The charter agreement stipulates a daily hire rate of $7,500, which is linked to the Baltic Supramax Index, and includes a provision for shared fuel savings attributed to the vessel’s advanced scrubber technology.

Ismini Panagiotidi, Chairwoman and CEO of Icon, expressed optimism regarding the M/V Charlie’s addition to the fleet, emphasizing its alignment with the company’s growth strategy and commitment to sustainability within the shipping industry. This strategic expansion reinforces Icon’s position in the market, reinforcing its focus on operational excellence and environmental responsibility.

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