Icon Energy (ICON) Registration filing summary

Company overview and business model

• Incorporated in August 2023 in the Marshall Islands to acquire, own, charter, and operate dry bulk vessels, currently owning one Panamax vessel (M/V Alfa, 77,326 dwt, built 2006).

• Provides global seaborne transportation for major and minor dry bulk cargoes, generating revenue through time and voyage charters.

• Management and technical operations are outsourced to Pavimar Shipping Co., controlled by the Chairwoman and CEO.

• Plans to expand fleet through disciplined secondhand vessel acquisitions and potentially newbuilds.

• Operates with a multi-class capital structure: common shares, Series A Preferred Shares (convertible, non-voting), and Series B Preferred Shares (super-voting, non-convertible).

Financial performance and metrics

• 2023 revenue: $4.5 million, down from $7.2 million in 2022 due to lower charter rates.

• Net income for 2023: $1.2 million, down from $4.2 million in 2022.

• Daily TCE (Time Charter Equivalent) for 2023: $11,822; Daily OPEX: $5,151.

• Cash and cash equivalents as of December 31, 2023: $2.7 million.

• No outstanding debt as of year-end 2023; total shareholders’ equity: $9.2 million.

Use of proceeds and capital allocation

• Estimated net proceeds of $4.6 million ($5.5 million if over-allotment is exercised), based on a $5.00/share IPO price.

• Proceeds intended for general corporate purposes, including working capital and fleet expansion; no specific vessel acquisitions identified at this time.

• Management retains significant discretion over allocation of proceeds.