ATHENS, Greece, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Icon Energy Corp. (“Icon Energy” or the “Company”) (Nasdaq: ICON), an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes, announces that on August 2, 2024, it entered, through a separate wholly-owned subsidiary, into an agreement with an unaffiliated third-party to acquire a Kamsarmax dry bulk carrier, built in November 2007 in Japan, for a purchase price of $17.57 million. The Company expects to finance the purchase price of the vessel with a combination of cash on hand and borrowings under a new senior secured facility that the Company anticipates it will enter into prior to taking delivery of the vessel.

The acquisition is subject to the satisfaction of certain customary closing conditions and is expected to be concluded upon taking delivery of the vessel between September and November of 2024.

Ismini Panagiotidi, Chairman and Chief Executive Officer of Icon Energy commented:

“We are pleased to announce our first vessel acquisition since the completion of our Initial Public Offering. With our addition of this asset, we will double the size of our fleet, consistent with our growth strategy and goal to create value for our shareholders.”

About Icon Energy

Icon Energy is an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes through the ownership, chartering and operation of oceangoing vessels. Icon Energy maintains its principal executive office in Athens, Greece, and its common shares trade on the Nasdaq Capital Market under the symbol “ICON”.

Forward Looking Statements

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