Icon Energy, a Greek company active in maritime transport, has recently announced that it continues to expand its investments in container ships. The company has achieved this goal by agreeing to purchase 2.8% of a container ship built in 2023.
Details of the New Investment
This ship, with a capacity of 1,800 TEU (twenty-foot equivalent units), features an ecological design and has been leased to a major maritime transport operator for 5 years. This contract, worth $24,750 per day until at least February 2028, will generate over $12 million in revenue for the ship during its remaining employment period. Icon Energy has not yet disclosed the purchase price of this share or the name of the ship.
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Impacts of This Move on Future Activities
The financial resources for this investment will be provided from the company's current cash reserves, and this deal is expected to be completed by the end of October 2023. Additionally, this ship is being purchased by a consortium led by a reputable owner and operator of container ships, and its commercial and technical management will also be entrusted to this consortium. Icon Energy has the right to appoint a representative to the board of directors of the ship-owning company.
This move marks Icon Energy's second step towards the container transport industry this year. In June, the company had agreed to acquire about 5% of a company dedicated to purchasing a container ship with a capacity of 2,000 TEU built in 2008.
Although Icon Energy's main activity is in dry transport, the company continues to expand the scope of its investments in various maritime transport sectors. This approach reflects the company's efforts to diversify and improve revenue generation in the changing global markets.
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