ICONNasdaqDeep Sea Foreign Transportation of FreightUS GAAP · USD

Icon Energy Corp

Icon Energy Corp is a Marshall Islands-incorporated, Athens-based international shipping company that transports dry bulk cargoes on oceangoing vessels. Its business is built around chartering its fleet to commodity traders, regional and international dry bulk operators, and end users on time-charter and voyage-charter contracts.

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Revenue1.7m USD
+3,786.0 %y/y
Operating profit (EBIT)0.2m USD
+5.9 %y/y
EBIT margin10.8%
−384.6 ppy/y
Net income-4.2m USD
−1,898.6 %y/y
Free cash flow-5.3m USD
+69.2 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

012345m USD2022: EBIT 4.2 m USD20222023: EBIT 1.1 m USD20232024: 0.04 m USD2024: EBIT 0.17 m USD20242025: 1.7 m USD2025: EBIT 0.18 m USD20251.70.18
RevenueOperating profit (EBIT)
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Business

Share of revenue
Dry bulk vessel chartering100 %

Charter hire from oceangoing bulk carriers used to move dry bulk commodities worldwide.

Customers

Icon's customers are shipping operators, commodity traders, and cargo end users that need bulk tonnage to move commodities across international routes. These customers contract for capacity because they need reliable vessel availability, route coverage, and access to market-linked or fixed-rate freight terms.

Commodity traders

They charter vessels to move traded dry bulk cargoes between origin and destination markets.

Regional dry bulk operators

They use Icon's ships to supplement fleet capacity or cover specific voyages and periods.

Industrial end users

They contract for transport of raw materials and bulk inputs needed in their supply chains.

Strategy

Icon's strategy centers on keeping its fleet employed through a mix of index-linked and fixed-rate charters while retaining exposure to freight market upside. The company also emphasizes disciplined fleet deployment, charter selection, and opportunistic expansion of maritime knowledge and adjacent-sector relationships.

Keep vessels employed on suitable chartersShort term

Utilization is the core driver of revenue in shipping and reduces idle-vessel risk.

Balance market exposure with contract coverageMedium term

A blend of fixed and floating freight exposure helps manage earnings volatility while preserving upside.

Expand selectively into adjacent maritime opportunitiesMedium term

Passive co-investments and broader industry relationships can diversify knowledge without diluting focus.

Geography

Icon's business is international by nature, with cargoes transported on worldwide seaborne routes rather than within a single domestic market. The company is managed from Athens, Greece, while its common shares trade on Nasdaq in the United States, and its vessels serve global dry bulk trade lanes exposed to regional freight cycles.

Risks

Icon is exposed to freight-rate volatility, vessel supply/demand imbalances, and broad macro or geopolitical disruptions that affect dry bulk trade flows. As a shipping company, it also faces charter-counterparty risk, operating risk from vessel downtime, and refinancing or capital-market sensitivity typical of asset-intensive maritime businesses.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Dry bulk freight-rate volatility1Charter renewal and utilization risk2Geopolitical and regulatory disruption3Counterparty credit risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Dry bulk freight-rate volatilityImpact: HighLikelihood: High

    Revenue depends on market charter levels, which move with commodity cycles and vessel supply-demand balance.

    Exposure: Time-charter and voyage-charter earnings

  2. Charter renewal and utilization riskImpact: HighLikelihood: Medium

    When charters expire, vessels must be re-employed at prevailing market terms, which may be weaker.

    Exposure: Fleet earnings

  3. Geopolitical and regulatory disruptionImpact: HighLikelihood: Medium

    Global shipping routes are affected by sanctions, port restrictions, conflict, and trade policy changes.

    Exposure: Worldwide seaborne cargo flows

  4. Counterparty credit riskImpact: MediumLikelihood: Medium

    Customers may default or delay payment on charter hire, especially in stressed freight markets.

    Exposure: Charter receivables

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Accounting

Judgemental items
Charter revenue recognition

Time-charter hire and voyage charter revenue may be recognized differently based on contract terms and service timing.

Impact: Affects revenue timing and quarterly comparability

Vessel depreciation and useful lives

Oceangoing vessels are long-lived assets whose depreciation depends on management assumptions.

Impact: Affects operating profit and asset carrying values

Vessel impairment

Weak market conditions can trigger write-downs if recoverable value falls below book value.

Impact: Can create large non-cash charges

Charter commitments and lease-style obligations

Shipping contracts can create future payment obligations that affect liquidity analysis.

Impact: Affects leverage and cash-flow assessment

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Last updated: 28/09/2026

Icon Energy Corp (ICON) Revenue, Earnings & Financials 2025 – Clarifo