Icon Energy Corp. (NASDAQ: ICON) reported it has raised $6.9 million in net proceeds through issuing common shares under its at-the-market program and standby equity purchase agreement in 2026, according to a company statement.

The Athens-based dry bulk shipping company issued shares at an average price of $2.82 per share, representing a 188% premium to the last reported sales price of $0.98 on the Nasdaq Capital Market on March 18, 2026.

The company operates a three-vessel fleet comprising the Panamax vessel Alfa, Kamsarmax vessel Bravo, and Ultramax vessel Charlie. All vessels are currently employed on index-linked time charters tied to Baltic shipping indices.

Icon expects its average gross hire rate for the first quarter of 2026 to reach approximately $14,000 per day, up 63% from $8,600 per day during the first quarter of 2025. The company projects first-quarter 2026 revenue between $3.5 million and $3.7 million, more than double the $1.5 million recorded in the corresponding 2025 period.

The earnings increase reflects both higher charter rates and a 50% year-on-year increase in operating days following the addition of the M/V Charlie to the fleet in June 2025.

Icon noted that none of its vessels are currently operating in or en route to the Strait of Hormuz amid ongoing geopolitical tensions between the United States and Iran. The company stated it maintains a proactive approach to risk management and prioritizes crew and vessel safety.

The vessel Charlie's charter expires between April and July 2026, while the Alfa and Bravo vessels operate under evergreen charters subject to three months' termination notice by either party.