Icon Energy Corp. (NASDAQ: ICON) entered into a charter agreement for its M/V Charlie vessel with a dry bulk operator for 16 to 20 months, according to a press release statement. The charter is expected to begin at the end of April 2026 following completion of the vessel's current charter and expire between August and December 2027.

The Athens-based shipping company said the agreement adds approximately $7.2 million to its minimum contracted revenue. The charter features a floating daily hire rate linked to the Baltic Supramax Index, with an option to convert to a fixed rate. The agreement includes compensation for fuel cost savings from the vessel's scrubber technology, with fuel costs borne by the charterer.

Icon operates a three-vessel fleet providing dry bulk cargo transportation services. The company's fleet includes the Panamax vessel Alfa and Kamsarmax vessel Bravo, both operating under index-linked time charters with indefinite terms subject to three-month termination notice by either party. The Ultramax vessel Charlie operates under the newly announced index-linked charter.

The company generates revenue by chartering vessels to regional and international dry bulk operators, commodity traders and end users through time charters or voyage charters. Icon maintains its principal executive office in Athens, Greece.