Icon Energy Corp. Expands Fleet with $17.57 Million Acquisition of Kamsarmax Dry Bulk Carrier

Published / Modified Aug 08 2024
CSIMarket Team / CSIMarket.com

Breaking News: Icon Energy Corp.
Makes Strategic Acquisition in Shipping Sector

ATHENS, Greece, Aug.
08, 2024 ? Icon Energy Corp.
(Nasdaq: ICON), an international shipping leader specializing in worldwide transportation services for dry bulk commodities, has announced a significant expansion of its fleet.
On August 2, 2024, the company, through its wholly-owned subsidiary, entered into an agreement to acquire a Kamsarmax dry bulk carrier.
Built in November 2007 in Japan, the vessel has been purchased for a total of $17.57 million.

In a statement released today, Icon Energy expressed confidence in the strategic value of this acquisition, highlighting its commitment to enhancing operational capabilities and expanding market reach.
The company plans to finance the purchase through a judicious combination of cash on hand and expected borrowings under a new senior secured facility.
This financial arrangement is anticipated to be finalized prior to the delivery of the vessel.

This acquisition is a vital step in our growth strategy as we aim to strengthen our position in the global shipping market, said Icon Energy spokesperson.
The Kamsarmax class vessel is a highly sought-after asset that will allow us to meet the increasing demand for dry bulk transportation services.

In related news, the Iconix Brand Group Inc.
(NASDAQ: ICON), engaged in the Apparel, Footwear & Accessories sector, reported today that it has 31.628 million shares outstanding, with a current trading price of $2.1539.

As the global shipping industry continues to recover from recent challenges, Icon Energy?s strategic move is poised to elevate its operational efficiency and support its long-term growth objectives.
The delivery timeline for the newly acquired vessel remains undetermined, pending the completion of necessary financing arrangements.
Investors and stakeholders alike are watching closely as Icon Energy embarks on this promising venture in maritime logistics.

Stay tuned for further updates on this developing story.,