Icon Energy raises Q3 daily hire rate 23% year over year

Icon Energy Corp. (Nasdaq: ICON), an Athens-based dry bulk shipping company, reported that its gross hire rate across its three-vessel fleet in the third quarter of 2026 is expected to average approximately $19,000 per vessel per day, up 23% from approximately $15,500 in the same quarter of 2025, according to a company press release.

The company said its fleet has achieved 100% vessel utilization during the quarter to date. With drydockings completed between December 2025 and June 2026, Icon said no further scheduled downtime or capital expenditures related to drydocking are anticipated until the second quarter of 2029.

Icon's fleet consists of three dry bulk vessels: the Panamax M/V Alfa, the Kamsarmax M/V Bravo, and the Ultramax M/V Charlie. The M/V Alfa is operating under a fixed rate time charter at $18,000 per day through December 2026, converted from an index-linked rate. The M/V Bravo and M/V Charlie remain on index-linked time charters. The company estimates minimum contracted revenue from these agreements at approximately $11 million.

Icon also disclosed a co-investment representing a 4.6% equity interest in a 2,000 TEU geared container feeder vessel built in 2008. That vessel is chartered to an investment-grade liner operator at a fixed rate of $26,500 per day, with the charter expiring no earlier than June 2028.

The Baltic Dry Index climbed to its highest level since December 2023 during the current quarter, supported by iron ore shipments from Brazil to China and bauxite exports from West Africa, the company said.

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