Dry bulk shipping company Icon Energy has announced an extension of the time charter for its Panamax vessel, Alfa, with an unnamed international commodity trading conglomerate.
The agreement is for an indefinite period, with a notice requirement that places the earliest expiration in July 2026. The vessel will continue to earn a floating daily hire rate linked to the Baltic Panamax index.
The Athens-based company currently employs its entire fleet of three vessels on index-linked time charters.
In addition to the Alfa, the fleet includes the Kamsarmax Bravo and the Ultramax Charlie. The Charlie, acquired in June 2025, generates additional income through a share of fuel cost savings realised by its scrubber system.
Icon Energy reported that revenues for the third quarter of 2025 rose to $4.2 million, a significant increase from the $2 million recorded in the preceding quarter and $0.9 million in the third quarter of 2024.
The company attributed this growth to fleet expansion and improved market rates. The average gross hire rate for the third quarter was approximately $15,450 per day, a 41 per cent increase from the second quarter.
For the fourth quarter of 2025 to date, the fleet has achieved an average gross hire rate of approximately $15,750 per day.