Form 20-F ☒
|
Form 40-F ☐ |
ICON ENERGY CORP. | ||
By:
|
/s/ Dennis Psachos
|
|
Name:
|
Dennis Psachos
|
|
Title:
|
Chief Financial Officer
|
|
Date: September 10, 2024 |
•
|
Revenue, net of $2.7 million, an 18% increase compared to the six-month period ended June 30, 2023
|
• |
Net income of $1.0 million, a 43% increase compared to the six-month period ended June 30, 2023
|
• |
EBITDA(1) of $1.5 million, a 26% increase compared to the six-month period ended June 30, 2023
|
• |
Operating profit of $1.0 million, a 46% increase compared to the six-month period ended June 30, 2023
|
(in thousands of U.S. dollars,
except daily figures)
|
Six-month
period ended
June 30, 2024
(unaudited)
|
Six-month
period ended
June 30, 2023
(unaudited)
|
||||||
Income statement data
|
||||||||
Revenue, net
|
$ |
2,719
|
$
|
2,309
|
||||
Operating profit
|
962
|
657
|
||||||
Net income
|
987
|
688
|
||||||
Non-GAAP financial measures (2)
|
||||||||
EBITDA
|
$
|
1,477
|
$
|
1,168
|
||||
Daily TCE
|
14,324
|
12,325
|
||||||
Daily OPEX
|
4,962
|
5,066
|
|
Six-month
period ended
June 30, 2024
|
Six-month
period ended
June 30, 2023
|
||||||
Fleet operational data (3)
|
||||||||
Ownership Days
|
182.0
|
181.0
|
||||||
Available Days
|
182.0
|
181.0
|
||||||
Operating Days
|
182.0
|
180.9
|
||||||
Vessel Utilization
|
100.0
|
%
|
100.0
|
%
|
||||
Average Number of Vessels
|
1.0
|
1.0
|
• |
an aggregate amount of up to $16 million (the “Initial Advance”) is expected to be borrowed to finance a portion of the purchase price of the M/V Bravo, and
to leverage Icon’s existing Panamax dry bulk carrier, M/V Alfa; and
|
• |
an additional aggregate amount of up to $75 million (the “Upsize Advance”) may be made available to Icon, in whole or in parts, to finance future vessel acquisitions. This amount will remain
uncommitted and equally, Icon will not be obliged to borrow it, or any part thereof.
|
(in thousands of U.S. dollars,
except for share data and earnings per share)
|
Six-month
period ended
June 30, 2024
(unaudited)
|
Six-month
period ended
June 30, 2023
(unaudited)
|
||||||
Revenue, net
|
$
|
2,719
|
$
|
2,309
|
||||
Voyage expenses, net
|
(112
|
)
|
(79
|
)
|
||||
Vessel operating expenses
|
(903
|
)
|
(917
|
)
|
||||
Management fees
|
(213
|
)
|
(136
|
)
|
||||
General and administrative expenses
|
(12
|
)
|
(6
|
)
|
||||
Depreciation expense
|
(339
|
)
|
(337
|
)
|
||||
Amortization of deferred drydocking costs
|
(178
|
)
|
(177
|
)
|
||||
Operating Profit
|
$
|
962
|
$
|
657
|
||||
Finance costs
|
(3
|
)
|
(1
|
)
|
||||
Interest income
|
27
|
34
|
||||||
Other income/(costs), net
|
1
|
(2
|
)
|
|||||
Net Income
|
$
|
987
|
$
|
688
|
||||
Accrued dividends on preferred shares
|
(75
|
)
|
—
|
|||||
Net income attributable to common shareholders
|
$
|
912
|
$
|
688
|
||||
Earnings per common share, basic and diluted
|
$
|
4.56
|
$
|
3.44
|
||||
Weighted average number of shares, basic and diluted
|
200,000
|
200,000
|
(in thousands of U.S. dollars)
|
June 30, 2024
(unaudited)
|
December 31,
2023(5)
|
||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
477
|
$
|
2,702
|
||||
Other current assets
|
474
|
320
|
||||||
Vessel, net
|
8,842
|
9,181
|
||||||
Other non-current assets
|
1,510
|
679
|
||||||
Total assets
|
$
|
11,303
|
$
|
12,882
|
||||
Liabilities and shareholders’ equity
|
||||||||
Total current liabilities
|
$
|
1,147
|
$
|
3,713
|
||||
Total shareholders’ equity
|
10,156
|
9,169
|
||||||
Total liabilities and shareholders’ equity
|
$
|
11,303
|
$
|
12,882
|
(in thousands of U.S. dollars)
|
Six-month
period ended
June 30, 2024
(unaudited)
|
Six-month
period ended
June 30, 2023
(unaudited)
|
||||||
Cash provided by operating activities
|
$ |
957
|
$
|
1,068
|
||||
Cash used in investing activities
|
(2
|
)
|
-
|
|||||
Cash used in financing activities
|
(3,180
|
)
|
(907
|
)
|
||||
Net (decrease)/increase in cash and cash equivalents
|
$ |
(2,225
|
)
|
$
|
161
|
|||
Cash and cash equivalents at the beginning of the period
|
2,702
|
3,551
|
||||||
Cash and cash equivalents at the end of the period
|
$ |
477
|
$
|
3,712
|
(in thousands of U.S. dollars)
|
Six-month
period ended
June 30, 2024
(unaudited)
|
Six-month
period ended
June 30, 2023
(unaudited)
|
||||||
Net income
|
$ |
987
|
$
|
688
|
||||
Plus: Depreciation expense
|
339
|
337
|
||||||
Plus: Amortization of deferred drydocking costs
|
178
|
177
|
||||||
Less: Interest income
|
(27
|
)
|
(34
|
)
|
||||
EBITDA
|
$
|
1,477
|
$
|
1,168
|
(in thousands of U.S. dollars,
except fleet operational data and daily figures)
|
Six-month
period ended
June 30, 2024
(unaudited)
|
Six-month
period ended
June 30, 2023
(unaudited)
|
||||||
Revenue, net
|
$ |
2,719
|
$
|
2,309
|
||||
Less: Voyage expenses
|
(112
|
)
|
(79
|
)
|
||||
TCE
|
$ |
2,607
|
$
|
2,230
|
||||
Divided by: Operating Days
|
182
|
180.9
|
||||||
Daily TCE
|
$ |
14,324
|
$
|
12,327
|
(in thousands of U.S. dollars,
except fleet operational data and daily figures)
|
Six-month
period ended
June 30, 2024
(unaudited)
|
Six-month
period ended
June 30, 2023
(unaudited)
|
||||||
Vessel operating expenses
|
$
|
903
|
$
|
917
|
||||
Divided by: Ownership Days
|
182
|
181
|
||||||
Daily OPEX
|
$ |
4,962
|
$
|
5,066
|