Icon Energy (ICON) Registration filing summary

Company overview and business model

• Growth-oriented shipping company providing global seaborne transportation for dry bulk cargoes via a fleet of three vessels (Panamax, Kamsarmax, Ultramax).

• Revenue generated by chartering vessels to regional and international dry bulk operators, commodity traders, and end users, primarily on time or voyage charters.

• Fleet management and operations are handled by Pavimar Shipping Co., controlled by the Chairwoman and CEO, leveraging expertise from Pavimar S.A.

Financial performance and metrics

• As of June 30, 2025: $4.5 million in cash, $36.4 million in long-term debt, and $20.5 million in shareholders' equity.

• Adjusted for full SEPA utilization: $24.1 million in cash, $36.2 million in long-term debt, and $40.2 million in shareholders' equity.

• Outstanding debt includes $14.8 million under a loan agreement and $21.6 million in bareboat lease obligations for one vessel.

Use of proceeds and capital allocation

• May receive up to $20 million in gross proceeds from sales of Advance Shares under the SEPA.

• Proceeds intended for general corporate purposes, including working capital, debt repayment, and fleet renewal or expansion.

• Management retains significant discretion over allocation of proceeds.