Icon Energy Secures 16-20 Month Charter for M/V Charlie, Adds $7.2M
Icon Energy signed a 16-to-20-month charter for M/V Charlie starting April 2026 and ending between August and December 2027 at a floating Baltic Supramax Index-linked hire rate. The agreement adds about $7.2 million in minimum contracted revenue, shifts fuel costs to the charterer and grants compensation for scrubber-based savings.
1. Charter Agreement Details
In March 2026 Icon Energy signed a charter for its Ultramax vessel M/V Charlie for a period of 16 to 20 months, commencing upon the vessel’s current charter completion at the end of April 2026 and expiring between August and December 2027.
2. Indexed Hire and Revenue Impact
The charter provides a floating daily hire rate linked to the Baltic Supramax Index, adding approximately $7.2 million to Icon’s estimated minimum contracted revenue, with the option to convert to a fixed hire rate to lock in forward earnings.
3. Fuel Cost and Scrubber Savings
Under the agreement fuel costs are borne by the charterer, insulating Icon from oil price volatility, and Icon is entitled to compensation for fuel cost savings generated by the vessel’s scrubber system, creating additional upside potential.
4. Fleet Composition and Charter Profile
Icon’s fleet now includes three index-linked time-chartered dry bulk vessels: Alfa (Panamax) and Bravo (Kamsarmax) on evergreen charters, and Charlie (Ultramax) under the newly extended term through late 2027.