Icon’s fleet consists of three dry bulk vessels: the Panamax Alfa and the Kamsarmax Bravo, each on index-linked time charters expiring in July 2026 and June 2026 respectively, and the Ultramax Charlie under an index-linked time charter through July 2026. All vessels earn floating daily rates tied to the Baltic Panamax and Supramax indices.

The company expects an average gross hire rate of approximately $14,000 per day per vessel in Q1 2026, a 63% increase year-over-year from $8,600 per day in Q1 2025. The addition of Charlie in June 2025 raised operating days by 50%, supporting projected net revenue of $3.5 million to $3.7 million, more than doubling the $1.5 million earned in the first quarter of 2025.

To strengthen liquidity, Icon raised net proceeds of $6.9 million in early 2026 by issuing common shares at an average price of $2.82 each, representing a 188% premium to the prior share price. The company maintains an at-the-market share issuance program and a standby equity purchase agreement to fund ongoing operations and fleet expansion.

Geopolitical tensions in the Strait of Hormuz region have tightened vessel availability and increased ton-mile demand, enhancing freight market dynamics for dry bulk shipping. Icon currently has no vessels operating in or en route to the Strait, and it continues to monitor developments for risk management and crew safety.