Icon Energy snaps up its first kamsarmax

Nasdaq-listed Greek bulker outfit Icon Energy has acquired a Japanese-built kamsarmax for $17.57m.

The deal marks the Ismini Panagiotidi-led company’s first acquisition following a $5m initial public offering last month.

Icon Energy was set up in August last year and currently owns the 2006 Japanese-built 77,326 dwt panamax bulker Alfa (pictured) brought in from Pavimar in exchange for shares. 

The Athens-based company said the 2007-built kamsarmax would come from an unaffiliated third party and that it would finance the purchase with cash on hand and borrowings.

“With our addition of this asset, we will double the size of our fleet, consistent with our growth strategy and goal to create value for our shareholders,” said Panagiotidi, who also controls Pavimar, which acts as the commercial and technical manager of Icon’s fleet.