Profile

ICON is an international shipping company that provides seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels. We maintain our principal executive office in Athens, Greece, and our common shares trade on the Nasdaq Capital Market under the symbol “ICON”.

We generate revenue by chartering our vessels to international dry bulk operators, commodity traders and end users, transporting a variety of cargoes worldwide to connect producing nations with consuming regions and support global infrastructure, energy production, and the food supply chain.

MAIN CARGOES CARRIED BY ICON’S VESSELS

GRAINS
MINERALS
IRON ORE
COAL
BAUXITE

Mission

Create an agile shipping investment platform
Grow through disciplined and opportunistic vessel acquisitions
Combine stable cash flows and high vessel utilization rates, with flexibility to capitalize on market upswings
Capture our industry’s inherent volatility to generate alpha for our shareholders

Team

Vessel Management

Our Board of Directors has organized the provision of certain services through Pavimar and ICON expects to capitalize on Pavimar’s accumulated experience and long-standing relationships

Pavimar is a reputable ship-management group founded in 2014, which has successfully managed over 50 vessels across the dry bulk, tanker and container sectors.

EFFICIENT VESSEL OPERATIONS

We expect Pavimar will afford us economies of scale, promote the efficient, safe and environmentally responsible operation of our vessels, support our commitment to regulatory compliance, ensure recruitment and retention of skilled seafarers, and help us achieve operational excellence.

BROAD INDUSTRY RELATIONSHIPS

We believe Pavimar’s deep industry knowledge and global network complements our strengths, and provides us with access to high quality charterers, financial institutions, and other key participants in our industry.

Corporate governance

Our Board of Directors and executive officers oversee and supervise our operations. Our Board of Directors is elected annually on a staggered basis, and each director holds office for a three-year term or until his or her successor is duly elected and qualified. Officers are elected from time to time by vote of our Board of Directors and hold office until a successor is elected.

Our Board of Directors has established the following committees:

AUDIT COMMITTEE

Our audit committee consists of Mr. Vellas and Mr. Macris. Our Board of Directors has determined that Mr. Vellas is an “Audit Committee Financial Expert” according to Commission rules and that the members of the audit committee meet the applicable independence requirements of the Commission and the Nasdaq Stock Market Rules. The audit committee has powers and performs the functions customarily performed by such a committee (including those required of such a committee by Nasdaq and the Commission). The audit committee is responsible for selecting and meeting with our independent registered public accounting firm regarding, among other matters, audits and the adequacy of our accounting and control systems.
COMPENSATION COMMITTEE

Our compensation committee consists of Mr. Vellas and Mr. Macris each of whom is an independent director. The compensation committee reviews and makes recommendations to the Board on the compensation of our directors and executive officers.
NOMINATING COMMITTEE

Our nominating committee consists of Mr. Vellas and Mr. Macris, each of whom is an independent director. The nominating committee is responsible for overseeing the selection of persons to be nominated to serve on our Board of Directors.

The Board of Directors has also adopted a Code of Business Conduct and Ethics, intended to:

promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest;
promote the full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the U.S. Securities and Exchange Commission (the “SEC”), as well as in other public communications made by or on behalf of the Company;
promote the protection of Company assets, including corporate opportunities and confidential information;
promote compliance with applicable governmental laws, rules, and regulations;
deter wrongdoing; and
require prompt internal reporting of breaches of and accountability for adherence to this Code.

Milestones

2024

July

Successful closing of $5.0m IPO

August

Declaration of $0.08 dividend per common share

September

Acquisition of Kamsarmax dry bulk carrier M/V “Bravo”

New term loan facility of up to $91.5 million, consisting of a committed portion of up to $16.5 million and an uncommitted upsize option of up to another $75 million

November

Declaration of $0.085 dividend per common share
2025

January

Successful closing of $12.0m upsized public offering