Icon Energy
Nasdaq-listed Greek dry bulk owner Icon Energy is branching out beyond its core market, taking a minority stake in a feeder containership employed on a long-term charter.
The Ismini Panagiotidi-led outfit has agreed to acquire about 5% of an entity being formed to purchase a 2,000 teu geared feeder vessel built in 2008.
The ship will be chartered to an investment-grade liner operator at a fixed rate of $26,500 per day for a period of 24 to 26 months, generating minimum contracted revenue of about $19m over the charter period.
The vessel is being acquired by a consortium of maritime investors led by an established containership owner and operator, which will also handle the ship’s commercial and technical management.
Icon said the investment will be funded from cash on hand, with the transaction expected to close by the end of June, subject to customary conditions.
The move marks the first disclosed transaction under what the company describes as an opportunistic co-investment strategy aimed at complementing its core dry bulk operations, where it currently counts three vessels.
Rather than acquiring and operating vessels directly in other sectors, Icon said it intends to pursue selective minority investments alongside experienced shipping partners, allowing it to gain exposure to opportunities outside dry bulk while maintaining its existing business focus.
The company added that future investments, if pursued, would be structured as passive, non-controlling positions and sized conservatively to preserve financial flexibility.
source: splash247.com
