Icon Energy Corp is a growth-oriented shipping company providing worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels. The company generates its revenues by chartering its vessels to regional and international dry bulk operators, commodity traders, and end users primarily on time charters or voyage charters depending on market conditions.

Revenue is derived from chartering vessels under time charter arrangements where charterers pay a daily hire rate and are responsible for voyage expenses, or under voyage charters where a lump sum is paid for a single voyage. The company serves customers in the dry bulk shipping market transporting commodities such as iron ore coal grains bauxite steel sugar fertilizers cement and scrap metal.

The company operates through the following segments.

• Icon Energy Corp operates as a single business segment providing worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels with no separate reportable operational segments identified in the filing.

Icon Energy Corp operates in a highly competitive and fragmented dry bulk shipping market where competition arises from other independent and state-owned vessel owners based on vessel price location size age condition and operator acceptability. The company believes no single competitor or cartel has a dominant position in the markets it serves.

The company's customers are regional and international dry bulk operators commodity traders and end users. Currently the vessels are employed by two different charterers who provide all of the company's revenue.