Icon Energy Corp. (NASDAQ: ICON) announced it has converted the M/V Alfa's floating charter rate to a fixed rate of $18,000 per day for seven months from June through December 2026.

The Athens-based dry bulk shipping company said the fixed-rate conversion will contribute approximately $3.7 million to its minimum contracted revenue through year-end. The M/V Alfa operates under a time charter with an international commodity trading company for an indefinite period, with either party able to terminate upon three months' notice but not before July 2026.

Icon's fleet consists of three vessels: the Panamax M/V Alfa, the Kamsarmax M/V Bravo, and the Ultramax M/V Charlie. The M/V Bravo and M/V Charlie continue operating under index-linked charter rates. The M/V Charlie's charter extends from August 2027 to December 2027, while the M/V Bravo operates under an evergreen charter similar to the M/V Alfa.

The company generates revenue by chartering its vessels to regional and international dry bulk operators, commodity traders and end users through time charters or voyage charters. Charter arrangements include either index-linked or fixed rates depending on market conditions.

Icon maintains its principal executive office in Athens, Greece, and provides worldwide seaborne transportation services for dry bulk cargoes. The information was disclosed in a company press release.