Icon Energy Corp. Provides Commercial Update

Athens, Greece, April 1, 2026

Icon Energy Corp. ("Icon" or the "Company") (Nasdaq: ICON), an international shipping company providing worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels, provides a commercial update.

Vessel Employment
In March 2026, we entered into an agreement with a reputable dry bulk operator to charter the M/V Charlie for a period of 16 to 20 months. Subject to certain customary conditions, the new charter is expected to commence immediately upon completion of the vessel's current charter at the end of April 2026 and to expire between August and December 2027.

Reflecting the continued support of our charterers, the vessel will remain fully utilized and continue earning hire at a floating daily hire rate linked to the Baltic Supramax Index, adding approximately $7.2 million to Icon's estimated minimum contracted revenue.

The index-linked mechanism enables the Company to capture additional value in a strengthening market, while preserving the option to convert to a fixed daily hire rate, at a time and for a period of its choosing, thereby locking in forward earnings. Lastly, the agreement provides for compensation related to fuel cost savings derived from the vessel's scrubber, creating multiple avenues for additional upside.

Fuel costs will be borne by the charterer, keeping the Company insulated from the direct impact of oil price volatility on its cost base, which is particularly relevant in light of recent swings in oil markets.

Fleet
We generate our revenues by chartering our vessels to regional and international dry bulk operators, commodity traders and end users, primarily on time charters ("TC") (either index-linked or fixed rate) or voyage charters, depending on market conditions, opportunities available to us, and other strategic and tactical considerations. As of the date hereof, our fleet comprised of the following dry bulk vessels:



(1) The charter continues indefinitely, subject to 3 months' termination notice by either party
(2) In addition to the daily hire rate, we are also entitled to receive part of the fuel cost savings to be realized by the charterer through the use of the vessel's scrubber

Key Performance Indicators used in this Press Release
Minimum Contracted Revenue. The amount of minimum contracted revenue is estimated by reference to the contracted period and hire rate, net of charterers' commissions but before brokerage and commercial management commissions, and assuming no unforeseen off-hire days. For index-linked contracts, minimum contracted revenue is estimated by reference to the average of the relevant index during the 15 days preceding the calculation date.

About Icon Energy Corp.
Icon is an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels. Icon maintains its principal executive office in Athens, Greece, and its common shares trade on the Nasdaq Capital Market under the symbol "ICON."

Icon Energy Corp. press release