# EDGAR Filing Document

**Accession Number:** 0001995574
**File Stem:** 0001140361-26-024659
**Filing Date:** 2026-6
**Character Count:** 326274
**Document Hash:** ed2d955d188432c214a3f92756d22029
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-024659.hdr.sgml**: 20260609

**ACCESSION NUMBER**: 0001140361-26-024659

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20260609

**FILED AS OF DATE**: 20260609

**DATE AS OF CHANGE**: 20260609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Icon Energy Corp
- **CENTRAL INDEX KEY:** 0001995574
- **STANDARD INDUSTRIAL CLASSIFICATION:** DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** 1T

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42174
- **FILM NUMBER:** 261076912

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 17TH KM NATIONAL ROAD
- **STREET 2:** ATHENS-LAMIA & FOINIKOS STR.
- **CITY:** NEA KIFISSIA, ATHENS
- **PROVINCE COUNTRY:** J3
- **ZIP:** 14564
- **BUSINESS PHONE:** 30 211 888 0200

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 17TH KM NATIONAL ROAD
- **STREET 2:** ATHENS-LAMIA & FOINIKOS STR.
- **CITY:** NEA KIFISSIA, ATHENS
- **PROVINCE COUNTRY:** J3
- **ZIP:** 14564

------

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### Form 6-K

#### REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

#### UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of June 2026

Commission File Number: 001-42174

## Icon Energy Corp.
(Translation of registrant's name into English)

#### c/o Pavimar Shipping Co.

#### 17th km National Road

#### Athens-Lamia & Foinikos Str.

#### 14564, Nea Kifissia

#### Athens, Greece

#### +30 211 88 81 300
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports

under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

------

#### INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this report on Form 6-K (this "Report") as [Exhibit 99.1](ef20075725_ex99-1.htm) and [Exhibit 99.2](ef20075725_ex99-2.htm) are the unaudited interim condensed consolidated financial statements and related management's discussion and analysis of financial condition and results of operations of Icon Energy Corp. (the "Company") as of March 31, 2026, and for the three-month period then ended.

Furthermore, on June 9, 2026, the Company issued a press release entitled "Icon Energy Corp. Announces Investment in a Long-Term Chartered Containership." A copy of this press release is furnished as [Exhibit 99.3](ef20075725_ex99-3.htm) herewith.

Additionally, on June 5, 2026, the Company and Pavimar Shipping Co. ("Pavimar") executed a new agreement (the "Master Management Agreement") to supersede and expand upon the existing arrangements to reflect the level of commitment, resources, and operational involvement the Company anticipates from Pavimar. The Master Management Agreement is retroactively effective from April 1, 2026, being the date the Company's Board of Directors approved entering into such agreement with all prior services and management agreements being terminated and with all termination fees and other amounts otherwise payable in connection with such terminations being waived. Pursuant to the Master Management Agreement and under the Company's direction, Pavimar provides the Company with a range of corporate management and administration services (the "Corporate Services"), including, but not limited to, accounting, representation, tax administration, clerical and secretarial support, corporate officer services (including the services of our Chief Executive Officer, Chief Financial Officer and Corporate Secretary), third party professional services coordination, investment administration, financial advisory and treasury services. In exchange for the Corporate Services, unless otherwise agreed on a case by case basis, Pavimar charges a quarterly fee of $25,000 per vessel plus $125,000 for the group as a whole, a 1.00% capital raising commission on all gross capital raised by the Company in capital and debt markets, an annual investment administration fee equal to 1.00% of the net asset value of the Company's passive investments, and a contingent fee equal to 15% of realized net profits, if any, from the Company's passive investments. In addition, Pavimar provides the Company with vessel commercial and technical management services (the "Ship Management Services"), including, but not limited to, securing employment, post-fixture support, handling vessel sale and purchases, arranging and supervising crew, repairs and maintenance, insurance, provisions, bunkering, day to day vessel operations, and ancillary services. In exchange for the Ship Management Services, unless otherwise agreed on a case by case basis, Pavimar charges a daily management fee of $800 per vessel, a performance incentive of 1.25% on all gross income arising out of or in connection with the use or operations of the Company's vessels, and a commission of 1.00% on the gross sale or purchase price on each vessel sale or purchase transaction. The Master Management Agreement also provides for annual inflation adjustments to fixed fees, reimbursement of out-of-pocket costs and expenses, extraordinary fees for incremental services that may be requested by the Company, and allows for incentive compensation at such times, amounts, and forms as may be determined by the Company's Board of Directors. The Master Management Agreement has a term of eight years, renewing annually, and provides for payment of a termination fee equal to the fixed fees that would otherwise be payable over the remaining term of the Master Management Agreement.

The foregoing description of the Master Management Agreement is qualified in its entirety by reference to such document, which is attached hereto as [Exhibit 10.1](ef20075725_ex10-1.htm).

This Report, including all exhibits hereto, is incorporated by reference into the Company's registration statement on Form F-3 (File No. 333-291988) and shall be a part of such registration statement from the date on which this Report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

------

#### SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **ICON ENERGY CORP.** | **ICON ENERGY CORP.** |
| Date: June 9, 2026 | By: | /s/ Dennis Psachos |
|  | Name: | Dennis Psachos |
|  | Title: | Chief Financial Officer |

---

------

## Exhibit 99.1

------

#### Exhibit 99.1

#### INDEX TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED

#### FINANCIAL STATEMENTS OF ICON ENERGY CORP.

---

| | |
|:---|:---|
| [Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025 (audited)](#BALANCESHEETS) | 2 |
| [Unaudited Interim Consolidated Statements of Income/(Loss) for the three-month periods ended March 31, 2026 and 2025](#STATEMENTSOFINCOME) | 3 |
| [Unaudited Interim Consolidated Statements of Changes in Shareholders' Equity for the three-month periods ended March 31, 2026 and 2025](#SHAREHOLDERSEQUITY) | 4 |
| [Unaudited Interim Consolidated Statements of Cash Flows for the three-month periods ended March 31, 2026 and 2025](#CASHFLOWS) | 5 |
| [Notes to the Unaudited Interim Condensed Consolidated Financial Statements](#NOTES) | 6 |

---

------

#### ICON ENERGY CORP.

#### INTERIM CONSOLIDATED BALANCE SHEETS

---

| | | | |
|:---|:---|:---|:---|
|  *(in thousands of U.S. dollars except for share data)* | **Notes** | **March 31, 2026**<br>(unaudited) | **December 31, 2025**<br>(audited) |
|  **Assets** |  |  |  |
|  **Current assets** |  |  |  |
|  Cash and cash equivalents |  | $8979 | $3880 |
|  Restricted cash |  | 200 | 200 |
|  Trade receivables |  | 418 | 278 |
|  Due from manager |  | 464 |  |
|  Inventories |  | 238 | 314 |
|  Prepayments and advances |  | 352 | 329 |
|  Other current assets |  | 15 | 32 |
|  **Total current assets** |  | $**10666** | $**5033** |
|  **Non-current assets** |  |  |  |
|  Vessels, net | 4 | 50411 | 51268 |
|  Restricted cash | 7 | 500 | 500 |
|  Deferred drydocking costs, net | 5 | 1419 | 1409 |
|  Deferred issuance costs |  | 370 | 234 |
|  **Total non-current assets** |  | $**52700** | $**53411** |
|  **Total assets** |  | $**63366** | $**58444** |
|  **Liabilities and shareholders' equity** |  |  |  |
|  **Current liabilities** |  |  |  |
|  Current portion of long term debt, net of deferred financing costs | 7 | 2676 | 2280 |
|  Due to manager | 3 |  | 178 |
|  Accounts payable |  | 952 | 1363 |
|  Deferred revenue |  | 89 | 140 |
|  Accrued liabilities |  | 428 | 626 |
|  **Total current liabilities** |  | $**4145** | $**4587** |
|  **Non-current liabilities** |  |  |  |
|  Non-current portion of long term debt, net of deferred financing costs | 7 | 31619 | 32479 |
|  **Total non-current liabilities** |  | $**31619** | $**32479** |
|  **Total liabilities** |  | $**35764** | $**37066** |
|  Commitments and contingencies | 6 |  |  |
|  **Shareholders' equity** |  |  |  |
|  Common shares: authorized 750,000,000 shares with a $0.001 par value, 3,214,069 shares issued and outstanding as of March 31, 2026 and 691,977 shares issued and outstanding as of December 31, 2025 | 8 | 3 | 1 |
|  Preferred Shares: authorized 250,000,000 shares with $0.001 par value, 18,954 Series A Preferred Shares issued and outstanding as of March 31, 2026 and December 31, 2025, 1,500,000 Series B Preferred Shares, and nil Series C Preferred Shares issued and outstanding as of March 31, 2026 and December 31, 2025 | 8 | 2 | 2 |
|  Additional paid-in capital | 8 | 31249 | 25444 |
|  Accumulated Deficit |  | (3652) | (4069) |
|  **Total shareholders' equity** |  | $**27602** | $**21378** |
|  **Total shareholders' equity and liabilities** |  | $**63366** | $**58444** |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

------

#### ICON ENERGY CORP.

#### UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF INCOME/(LOSS)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Three-month period ended** | **Three-month period ended** |
|  *(in thousands of U.S. dollars except for share and per share data)* | **Notes** | **March 31, 2026** | **March 31, 2025** |
|  Revenue, net | 2 | $3646 | $1525 |
|  Voyage expenses |  | (165) | (75) |
|  Vessels operating expenses |  | (1425) | (928) |
|  Management fees | 3 | (216) | (144) |
|  General and administrative expenses |  | (709) | (490) |
|  Depreciation and amortization expenses | 4 | (857) | (572) |
|  Amortization of deferred drydocking costs | 5 | (233) | (129) |
|  **Operating profit/(loss)** |  | $**41** | $**(813)** |
|  Interest and finance costs | 78 | (689) | (1654) |
|  Interest income |  | 42 | 34 |
|  Gain/(loss) on equity-linked instruments, net | 8 | 1023 | (537) |
|  Other costs, net |  |  | (7) |
|  **Net income/(loss)** |  | $**417** | $**(2977)** |
|  Cumulative dividends on Series A Preferred Shares | 38 | (1218) | (636) |
|  **Net loss attributable to common shareholders** |  | $**(801)** | $**(3613)** |
|  **Loss per common share, basic and diluted** | 9 | $(0.33) | $(23.64) |
|  **Weighted average number of shares, basic and diluted** | 9 | 2434348 | 152833 |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

------

#### ICON ENERGY CORP.

#### UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred Shares** | **Preferred Shares** | **Common Shares** | **Common Shares** | | | |
|  *(in thousands of U.S. dollars except for share data)* | **No. of**<br>**Shares** | **Par**<br>**Value** | **No. of**<br>**Shares** | **Par**<br>**Value** | **Additional**<br>**Paid in**<br>**Capital** | **Retained**<br>**Earnings/**<br>**(Accumulated**<br>**Deficit)** | **Total** |
|  **Balance January 1, 2025** | **1515000** | **2** | **7250** | **—** | $**11616** | $**128** | $**11746** |
|  Issuance of common shares and Placement Agent's Warrant (Note 8) |  |  | 429796 | **—** | 12565 |  | 12565 |
|  Net loss for the period |  |  |  |  |  | (2977) | (2977) |
|  **Balance March 31, 2025** | **1515000** | **2** | **437046** | **—** | $**24181** | $**(2849)** | $**21334** |
|  **Balance January 1, 2026** | **1518954** | **2** | **691977** | **1** | $**25444** | $**(4069)** | $**21378** |
|  Issuance of common shares, net of deferred issuance costs (Note 8) |  |  | 2522092 | 2 | 5805 |  | 5807 |
|  Net income for the period |  |  |  |  |  | 417 | 417 |
|  **Balance March 31, 2026** | **1518954** | **2** | **3214069** | **3** | $**31249** | $**(3652)** | $**27602** |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

------

#### ICON ENERGY CORP.

#### UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | | |
|:---|:---|:---|:---|
|  | | **Three-month period ended** | **Three-month period ended** |
|  *(in thousands of U.S. dollars—except for share data)* | **Notes** | **March 31, 2026** | **March 31, 2025** |
|  **Cash flows from operating activities** |  |  |  |
|  Net Income/(Loss) |  | $417 | $(2977) |
|  *Adjustments to reconcile net income/(loss) to net cash provided by operating activities* |  |  |  |
|  Depreciation and amortization expenses | 4 | 857 | 572 |
|  Amortization of financing costs |  | 19 | 23 |
|  Issuance costs and (gain)/loss on equity-linked instruments, net |  | (1023) | 1830 |
|  Amortization of deferred drydocking costs | 5 | 233 | 129 |
|  *(Increase)/decrease in:* |  |  |  |
|  Trade receivables |  | (140) |  |
|  Due from manager | 3 | (464) | (286) |
|  Inventories |  | 76 | (54) |
|  Prepayments and advances |  | (23) | 15 |
|  Other current assets |  | 17 | (4) |
|  *Increase/(decrease) in:* |  |  |  |
|  Due to manager | 3 | (178) | (169) |
|  Accounts payable |  | 550 | 133 |
|  Deferred revenue |  | (51) | 40 |
|  Accrued liabilities |  | (241) | 187 |
|  Payments for drydocking | 5 | (1104) |  |
|  **Net cash used in operating activities** |  | $**(1055**) | $**(561**) |
|  **Cash flows from investing activities** |  |  |  |
|  Vessel acquisitions and improvements | 4 |  | (2750) |
|  **Net cash used in investing activities** |  | $— | $**(2750)** |
|  **Cash flows from financing activities** |  |  |  |
|  Proceeds from issuance of common shares | 8 | 6869 | 11085 |
|  Finance and issuance costs paid | 78 | (231) | (303) |
|  Repayment of long-term debt | 7 | (484) | (700) |
|  **Net cash provided by financing activities** |  | $**6154** | $**10082** |
|  **Net increase in cash, cash equivalents and restricted cash** |  | $**5099** | $**6771** |
|  Cash, cash equivalents and restricted cash at the beginning of the period |  | 4580 | 1446 |
|  **Cash, cash equivalents and restricted cash at the end of the period** |  | $**9679** | $**8217** |
|  **Supplemental cash flow information** |  |  |  |
|  Cash paid for interest |  | $656 | $335 |
|  *Non-cash financing activities* |  |  |  |
|  Issuance costs paid in kind | 8 | $100 |  |
|  **Reconciliation of Cash, cash equivalents and restricted cash** |  |  |  |
|  Cash and cash equivalents |  | $8979 | $7717 |
|  Restricted cash, current |  | 200 |  |
|  Restricted cash, non-current |  | 500 | 500 |
|  **Total cash, cash equivalents and restricted cash** |  | $**9679** | $**8217** |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

------

#### ICON ENERGY CORP.

#### NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
*(Expressed in thousands of U.S. dollars—except for share and per share data)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Basis of Presentation and General Information:** 

Icon Energy Corp. ("Icon" and together with its subsidiaries, the "Company") was incorporated on August 30, 2023, under the laws of the Republic of the Marshall Islands and provides worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels. Icon generates revenues by chartering its vessels to regional and international dry bulk operators, commodity traders and end users. As of March 31, 2026, Icon's fleet comprised of the following dry bulk vessels:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Vessel** <br> **Name** | **Vessel Type** | **Year Built** | **Charter Type** | **Earliest Charter** <br> **Expiration** | **Latest Charter <br> Expiration** |
| Alfa | Panamax | 2006 | Index-linked time charter<sup>(3)</sup> | December 2026 | Evergreen<sup>(1)</sup> |
| Bravo | Kamsarmax | 2007 | Index-linked time charter | Evergreen<sup>(1)</sup> | Evergreen<sup>(1)</sup> |
| Charlie | Ultramax | 2020 | Index-linked time charter<sup>(2)</sup> | August 2027 | December 2027 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The charter continues indefinitely, subject to 3 months' termination notice by either party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In addition to the daily hire rate, the Company is also entitled to receive part of the fuel cost savings to be realized by the charterer through the use of the vessel's scrubber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Subsequent to the reporting period, converted to a fixed daily hire rate of $18,000 for the seven-month period from June to December 2026.

***Formation of the Company.*** On June 11, 2024, Icon acquired all of the outstanding shares of the investment holding company Maui Shipping Co. ("Maui") in exchange for 15,000 Series A Cumulative Convertible Perpetual Preferred Shares (the "Series A Preferred Shares"), 1,500,000 Series B Perpetual Preferred Shares (the "Series B Preferred Shares"), and 1,000 common shares of Icon. Maui was incorporated on October 27, 2022, under the laws of the Republic of Marshall Islands and, on May 3, 2023, entered into a deed of transfer of shares with the shareholders of the shipowning company Positano Marine Inc. ("Positano"), whereby all outstanding shares of Positano were transferred to Maui. For further information, including a description of the main characteristics of the Series A Preferred Shares and Series B Preferred Shares, see Note 8 "*Capital Structure—Formation of the Company*."

The transactions described above were treated as reorganizations of companies under common control and have been accounted for in a manner similar to the pooling of interests method, as each entity was controlled by the Company's Chairwoman and Chief Executive Officer. Accordingly, the Company's unaudited interim condensed consolidated financial statements have been presented by giving retroactive effect to the transactions described above, using historical carrying values of the assets and liabilities of Maui and Positano. The Company's unaudited interim consolidated statements of income/(loss) present the results of operations for the period in which the transfers occurred as if the transfers of shares and exchange of equity interests had occurred on the date Positano was incorporated and as if Positano and Maui were consolidated subsidiaries of the Company from their date of incorporation. Results of operations and cash flows during the presented periods, comprise those of the previously separate entities consolidated. The equity accounts of the entities are combined and the difference between the consideration paid and the net assets acquired is reflected as an equity transaction and has been given retroactive effect as of the earliest period presented.

***Initial public offering.*** On July 15, 2024, Icon completed the initial public offering of its common shares, which began trading on the Nasdaq Capital Market on July 12, 2024, under the symbol "ICON." For further information see Note 8 "*Capital Structure—Initial public offering*."

***Reverse stock split***. Unless otherwise stated, all share and per share amounts in these unaudited interim condensed consolidated financial statements have been retroactively adjusted, as of the earliest period presented, to reflect the one-for-forty reverse stock split of the Company's common shares effected on April 1, 2025 (the "April 2025 Reverse Stock Split") and the one-for-five reverse stock split of the Company's common shares effected on January 8, 2026 (the "January 2026 Reverse Stock Split" and together with the April 2025 Reverse Stock Split, the "Reverse Stock Splits"). For further information see Note 8, "*Capital Structure—Reverse Stock Splits*."

------

***Subsidiaries.*** The accompanying unaudited interim condensed consolidated financial statements include the accounts of Icon and its subsidiaries:

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Activity** | **Incorporation country** | **Vessel name** |
| Icon Energy Corp. | Parent | Marshall Islands |  |
| Maui Shipping Co.<sup>(1)</sup> | Intermediate holding | Marshall Islands |  |
| Positano Marine Inc.<sup>(1)</sup> | Shipowning | Marshall Islands | *M/V Alfa* |
| Reef Shiptrade Ltd.<sup>(1)</sup> | Shipowning | Marshall Islands | *M/V Bravo* |
| Charlie Marine Ltd.<sup>(1)</sup> | Bareboat charterer | Marshall Islands | *M/V Charlie* |
| Icon Investment Holdings Ltd. <sup>(1)(2)</sup> | Investment holding | Marshall Islands |  |

---

<sup>(1)</sup> Wholly owned subsidiaries

<sup>(2)</sup> Incorporated after the end of the reporting period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Significant Accounting Policies and Recent Accounting Pronouncements:** 

A discussion of the Company's significant accounting policies and recent accounting pronouncements can be found in Note 2 "*Significant Accounting Policies and Recent Accounting Pronouncements*" of the Company's consolidated financial statements for the year ended December 31, 2025, included in the Company's annual report on Form 20-F for the year ended December 31, 2025. There have been no material changes to these policies in the three-month period ended March 31, 2026, other than updates to reflect the passage of time and align with the financial data as of March 31, 2026, and for the three-month period then ended, as well as to include accounting policies that became significant to the Company as of March 31, 2026, and during the three-month period then ended, which are discussed below:

***Segmental reporting***. The Company transports dry bulk cargoes along global shipping routes through the ownership and operation of dry bulk vessels. The Company has identified its Chairwoman and Chief Executive Officer as the Chief Operations Decision Maker ("CODM") in accordance with ASC 280 "*Segment Reporting*." The CODM manages the business on a consolidated basis and uses the net income/(loss) as reported on the consolidated statements of income/(loss) to allocate resources, make operating decisions and assess performance, without discrete financial information for each charter type, customer, vessel or vessel type. The Company's vessels serve the same type of customers, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Also, when the Company charters a vessel, the charterer is generally free to trade such vessel worldwide or within broad geographical limits and, therefore, the disclosure of geographical information is impracticable. As a result, the Company has identified one single reportable segment and the assets of such segment are presented under the caption "Total Assets" in the consolidated balance sheets. The significant expense category of the Company's sole reportable segment is vessel operating expenses as reported on the consolidated statements of income/(loss). Based on the principles of ASC 280 "*Segment Reporting*," the Company believes that disaggregating into more than one reportable segment, would not be meaningful or informative.

***Revenue, net***. For the three-month periods ended March 31, 2026 and 2025, all of the Company's revenue derived from lease contracts where the Company is the lessor. During the same periods, the Company's major charterers that individually accounted for more than 10% of the Company's revenue, were as follows:

---

| | | |
|:---|:---|:---|
|  | **% of Company's revenue during**<br> **the three-month periods ended** | **% of Company's revenue during**<br> **the three-month periods ended** |
| **Charterer** | **March 31, 2026** | **March 31, 2025** |
| A |  | 100% |
| B | 65% |  |
| C | 35% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Transactions with Related Parties:** 

***Pavimar Shipping Co. (Ship management)***. On November 1, 2023, the Company entered into a management agreement with Pavimar Shipping Co. ("Pavimar"), a ship management company incorporated in the Republic of the Marshall Islands, with a branch office in Greece established under the provisions of Greek Law 27 of 1975. Pavimar is controlled by the Company's Chairwoman and Chief Executive Officer. The management agreement with Pavimar became effective on January 18, 2024, and under its terms, Pavimar provides the Company with vessel commercial and technical management services including, but not limited to, securing employment, post-fixture support, handling vessel sale and purchases, arranging and supervising crew, repairs and maintenance, insurance, provisions, bunkering, day to day vessel operations, and ancillary services.

------

In the event of termination of the management agreement for any reason other than Pavimar's default, or if a vessel is lost, sold or otherwise disposed of, the management fee payable to Pavimar continues to be payable for a further period of three calendar months as from the termination date or, if greater than three months, for as long as the Company requires the services of Pavimar to finalize all outstanding matters. In addition, in the event of termination of the management agreement due to the Company's default, change of control, or due to the Company tendering a termination notice for any reason other than Pavimar's default, a termination fee of $584 per vessel shall become due and payable to Pavimar.

Pavimar shall be under no liability whatsoever to the Company for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but not limited to loss of profit arising out of or in connection with detention of or delay to the vessels) and howsoever arising in the course of performance of the management services unless same is proved to have resulted from the gross negligence or willful default of Pavimar, Pavimar's employees, agents or subcontractors, in which case Pavimar's liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of $1,000 per vessel.

Total charges by Pavimar during the three-month periods ended March 31, 2026 and 2025, comprise of technical management fees of $216 and $144, respectively, and commercial management commissions of $62 and $19, respectively. These amounts are included in "management fees" and "voyage expenses," respectively, in the accompanying unaudited interim consolidated statements of income/(loss). Further, to enable Pavimar to make payments relating to vessel operating expenses on behalf of the Company, the Company makes monthly working capital advances to Pavimar. Occasional and extraordinary funding needs, including those in relation to drydockings, are covered upon request or reimbursed at cost. Under that management agreement, the outstanding balance as of March 31, 2026, was $464 due from Pavimar and $178 due to Pavimar as of December 31, 2025. These amounts are reflected in "Due from manager" and "Due to manager" respectively in the accompanying unaudited interim consolidated balance sheet as of March 31, 2026 and the accompanying consolidated balance sheet as of December 31, 2025. See also Note 12 "*Subsequent Events*" for transactions with Pavimar after the end of the reporting period.

***Pavimar Shipping Co. (Services agreement)***. Pursuant to the services agreement dated October 1, 2023, as amended and restated on April 1, 2024, Pavimar provides the Company with the services of its Chief Executive Officer, Chief Financial Officer and Corporate Secretary. The related fees for the three-month periods ended March 31, 2026 and 2025, amounted to $4 and $4, respectively and are included in "General and administrative expenses" in the accompanying unaudited interim consolidated statements of income/(loss). Under that services agreement, the outstanding balance due to Pavimar as of both March 31, 2026 and December 31, 2025 was $nil. See also Note 12 "*Subsequent Events*" for transactions with Pavimar after the end of the reporting period.

***Atlantis Holding Corp***. The sole holder of the Series A Preferred Shares and Series B Preferred Shares is Atlantis Holding Corp., an entity incorporated in the Republic of the Marshall Islands, controlled by the Company's Chairwoman and Chief Executive Officer.

Dividends accrued on Series A Preferred Shares for the three month period ended March 31, 2026 and 2025, amounted to $1,218 and $636, respectively, and are presented in the accompanying unaudited interim consolidated statements of income/(loss) as a deduction from the net income/(loss) of the relevant periods to derive the net loss attributable to common shareholders. The accumulated dividends on Series A Preferred Shares as of March 31, 2026 and December 31, 2025, amounted to $1,218 and $ nil, respectively. This amount is not reflected in the accompanying unaudited interim consolidated balance sheet as of March 31, 2026 as dividends had not been declared by that date.

No dividends were paid on Series A Preferred Shares during the three-month periods ended March 31, 2026 and 2025. Dividends paid on Series A Preferred Shares during the year ended December 31, 2025, amounted to $3,954 (which were paid in kind by issuing 2,249 Series A Preferred Shares on June 30, 2025 and 1,705 Series A Preferred Shares on December 31, 2025) (see Note 8 "*Capital Structure—Formation of the Company*").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Vessels, net:** 

The movement in "Vessels, net", between the periods presented in the accompanying unaudited interim consolidated balance sheet as of March 31, 2026 and the accompanying consolidated balance sheet as of December 31, 2025 is analyzed as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Vessels**<br>**cost** | **Accumulated**<br>**Depreciation and**<br>**Amortization** | **Vessels,**<br>**net** |
| **Balance, January 1, 2026** | $**57213** | $**(5945)** | $**51268** |
| Depreciation and amortization expenses |  | (857) | (857) |
| **Balance, March 31, 2026** | $**57213** | $**(6802)** | $**50411** |

---

***Right-of-use assets under finance leases.*** On March 21, 2025, the Company entered into a bareboat agreement with an unaffiliated third party to charter-in, with the option to eventually purchase, a 2020-built, scrubber-fitted, Eco, Ultramax, dry bulk carrier with a carrying capacity of 63,668 dwt. On June 21, 2025, the Company took delivery of the vessel and renamed it M/V *Charlie*. Pursuant to that agreement, the Company made two advance payments of $2,750 each, the first upon signing, and the second upon delivery. The Company is committed to pay a hire rate of $7.50 per day over the bareboat charter period, and $18,000 at the end of its term in June 2028, if the Company exercises its option to purchase the vessel. The Company has declared its intention to exercise such purchase option, subject to certain conditions. The Company assessed the terms of the aforementioned bareboat agreement considering the lease classification criteria under ASC 842 "*Leases*" and concluded that the agreement is a finance lease. Consequently, the Company has recognized a finance lease liability (see Note 7 "*Long-Term Debt*") and recorded a right of use asset under finance lease in an amount of $28,100.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Deferred Drydocking Costs, net:** 

The movement in "Deferred drydocking costs, net", between the periods presented in the accompanying unaudited interim consolidated balance sheet as of March 31, 2026 and the accompanying consolidated balance sheet as of December 31, 2025 is analyzed as follows:

---

| | |
|:---|:---|
|  | **Deferred drydocking**<br> **costs, net** |
|  **Balance, January 1, 2026** | $**1409** |
|  Additions | 243 |
|  Amortization | (233) |
|  **Balance, March 31, 2026** | $**1419** |

---

The additions to deferred drydocking costs presented above relate to advance costs incurred for the drydocking of the M/V *Alfa* (scheduled for April 2026) and the M/V *Bravo* (scheduled for May 2026), as well as residual costs incurred for the drydocking of M/V *Charlie* (completed in December 2025). The M/V *Alfa* completed her drydocking in May 2026 and the M/V *Bravo* is expected to complete her drydocking in June 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Commitments and Contingencies:** 

Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company's vessels. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements. The Company is member of a protection and indemnity association ("P&I Club") that is a member of the International Group of P&I Clubs, which covers its third-party liabilities in connection with its shipping activities. Members of P&I Clubs are typically subject to possible supplemental amounts or calls, payable to the P&I Club based on its claim records as well as the claim records of all other members of the individual associations, and members of the International Group of P&I Clubs.

The Company also accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements. The Company's protection and indemnity insurance coverage for pollution is $1,000,000 per vessel per incident.

------

***Commitments under long-term lease contracts***. The minimum contracted revenue expected to be recognized on the non-cancellable time charters of the vessels as of March 31, 2026, is estimated as follows:

---

| | |
|:---|:---|
|  **Year** | **Amount** |
| 2026 | 10997 |
| 2027 | 3489 |
| **Total** | $**14486** |

---

The amount of minimum contracted revenue is estimated by reference to the contracted period and hire rate, net of charterers' commissions but before brokerage and commercial management commissions and assuming no unforeseen off-hire days. For index-linked contracts, minimum contracted revenue is estimated by reference to the average of the relevant index during the 15 days preceding the calculation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Long-Term Debt:** 

The amount of long-term debt shown in the accompanying unaudited interim consolidated balance sheet as of March 31, 2026 and December 31, 2025, is analyzed as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  **Total long-term debt** | | |
|  Loan agreement | $13700 | $13900 |
|  Finance lease liability | 20758 | 21042 |
|  *Less*: Deferred financing costs | (163) | (183) |
|  **Total long-term debt, net of deferred financing costs** | $**34295** | $**34759** |
|  **Current portion of long-term debt** |  |  |
|  Loan agreement | $1540 | $1170 |
|  Finance lease liability | 1209 | 1186 |
|  *Less*: Current portion of deferred financing costs | (73) | (76) |
|  **Current portion of long-term debt, net of deferred financing costs** | $**2676** | $**2280** |
|  **Non-current portion of long-term debt** |  |  |
|  Loan agreement | $12160 | $12730 |
|  Finance lease liability | 19549 | 19856 |
|  *Less*: Non-current portion of deferred financing costs | (90) | (107) |
|  **Non-current portion of long-term debt, net of deferred financing costs** | $**31619** | $**32479** |

---

***Loan agreement.*** On September 16, 2024, Positano and Reef Shiptrade Ltd. ("Reef"), as joint and several borrowers, together with Maui, as guarantor, entered into a new term loan facility (the "Maui Term Loan Facility") with a leading international financial institution for up to $91,500, consisting of a committed portion of up to $16,500 and an uncommitted upsize option of up to another $75,000. On September 19, 2024, the entities borrowed the $16,500 committed portion in full, to finance part of the purchase price of the M/V *Bravo* and to leverage the M/V *Alfa*. The borrowed portion of the Maui Term Loan Facility is secured by, among other things, (i) a first priority mortgage on the M/V *Alfa* and the M/V *Bravo*, (ii) an assignment of their earnings and insurances, (iii) a pledge of their earnings accounts, and (iv) a pledge of the equity interests of each of the Company's subsidiaries owning the mortgaged vessels. The Maui Term Loan Facility contains certain undertakings that may limit or restrict the borrower's and the guarantor's ability to (i) incur additional indebtedness, (ii) make any substantial change to the nature of their business, (iii) pay dividends, (iv) sell the mortgaged vessels or change their management, and (v) effect a change of control, enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction or joint venture arrangement. It also contains certain financial covenants, requiring the borrowers to maintain (i) minimum restricted cash deposits of $250 per mortgaged vessel, (ii) reserves for upcoming vessel drydocking costs and (iii) a maximum 'loan to mortgaged vessels value' ratio of 65%. As of March 31, 2026, the Company was in compliance with all applicable financial covenants.

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The uncommitted upsize option of up to another $75,000 under the Maui Term Loan Facility may be made available to the Company, in whole or in parts, to finance future vessel acquisitions. This portion of the Maui Term Loan Facility remains free of interest or other fees, and the Company is not obliged to borrow it, or any part thereof. The terms of borrowing this portion, or any part thereof, will be determined at the time it is requested.

During the three-month period ended March 31, 2026, the weighted average interest rate on the borrowed portion of the Maui Term Loan Facility was 7.62%. The amount outstanding as of March 31, 2026, is repayable in quarterly installments, with a balloon payment due at maturity in December 2028:

---

| | |
|:---|:---|
|  **Year** | **Amount** |
| 2026 | $970 |
| 2027 | 2280 |
| 2028 | 10450 |
|  **Total** | $**13700** |

---

***Finance lease liability.*** The Company, after assessing the terms of the bareboat agreement for M/V *Charlie* (see Note 4 "*Vessels, net*") considering the lease classification criteria under ASC 842 "*Leases*," concluded that the agreement is a finance lease. Consequently, the Company has recognized a finance lease liability, which was initially measured at $21,697, being the net present value of the lease payments to be made over the lease term, including the purchase option to acquire the vessel at the end of the lease period, discounted by the Company's incremental borrowing rate of approximately 7.6%.

As of March 31, 2026, the outstanding balance was $20,758, repayable in 27 consecutive monthly installments, including the purchase option at the end of the lease term in June 2028. The following table presents such lease payments, including the purchase option, on an undiscounted basis:

---

| | |
|:---|:---|
|  **Year** | **Amount** |
| 2026 | $2062 |
| 2027 | 2738 |
| 2028 | 19140 |
|  **Total lease payments (undiscounted)** | $**23940** |
|  *Less*: Discount based on incremental borrowing rate | (3182) |
|  **Total finance lease liability** | $**20758** |

---

The revenue generated from the right of use asset under finance lease during the three-month period ended March 31, 2026, was $1,296 and is included in "Revenue, net" in the accompanying unaudited interim consolidated statements of income/(loss).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Capital Structure:** 

***Formation of the Company.*** On June 11, 2024, Icon acquired all of the outstanding shares of Maui in exchange for 15,000 Series A Preferred Shares, 1,500,000 Series B Preferred Shares, and 1,000 common shares of Icon. Maui was incorporated on October 27, 2022, under the laws of the Republic of Marshall Islands and, on May 3, 2023, entered into a deed of transfer of shares with the shareholders of Positano, whereby all outstanding shares of Positano were transferred to Maui. The transaction was accounted for as described in Note 1 *"Basis of Presentation and General Information"* herein. The main characteristics of the Series A Preferred Shares and the Series B Preferred Shares are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series A Preferred Shares have a stated amount of $1,000 each, are perpetual, non-redeemable, have no maturity date and rank senior to the Company's common shares and Series B Preferred Shares, with respect
 to dividend distributions and distributions upon liquidation, dissolution or winding up of the affairs of the Company, or upon sale of all or substantially all of the assets, property or business of the Company, or upon a change of control
 of the Company.

------

Each holder of Series A Preferred Shares has the right, subject to certain conditions, at any time commencing on July 16, 2025 and until July 15, 2032, to convert all (but not a portion), of the Series A Preferred Shares beneficially held by such holder into a number of common shares equal to the quotient of the aggregate stated amount of the Series A Preferred Shares converted plus any accrued and unpaid dividends divided by the conversion rate then in effect. The conversion rate is equal to the lower of (i) $1,200 per common share, subject to certain anti-dilution adjustments (i.e. in the event of capital reorganization, merger, stock dividend or other distribution of the Company's assets, stock split or combination) (the "Pre-Determined Price") and (ii) the volume weighted average price ("VWAP") of the Company's common shares over the five consecutive trading day period expiring on the trading day immediately prior to the date of delivery of written notice of the conversion. The Pre-Determined Price is also subject to adjustments, when the Company issues equity securities at prices below the Pre-Determined Price then in effect. In that event, the Pre-Determined Price shall be reduced to an amount equal to the effective price of such issuance of equity securities. Such adjustment, may have an effect incremental to maintaining the value of the conversion privilege and, therefore, constitutes a down round feature. The issuance of the Company's equity securities in the January 2025 offering, the ATM Agreement and pursuant to the Standby Equity Purchase Agreement (all discussed below), would have triggered such feature, however, same have been deemed to be issuances of "Excluded Shares" as defined in the terms of the Series A Preferred Shares and, therefore, all potential adjustments to the Pre-Determined Price as a result of the January 2025 offering and the issuance of common shares pursuant to the Standby Equity Purchase Agreement have been waived.

The holders of Series A Preferred Shares have no voting rights, subject to limited exceptions, and are entitled to receive biannual dividends, on each June 30 and December 31, payable in cash or in kind (in the form of additional Series A Preferred Shares) or in a combination thereof, in the Company's option, accruing at the applicable dividend rate per annum on the stated amount per Series A Preferred Share and on any unpaid accrued dividends. Dividends on Series A Preferred Shares are cumulative and accrue, whether or not declared by the Company's Board of Directors, however, such dividends are payable only when, as, and if declared by the Company's Board of Directors. In each event of non-payment or payment in kind, the dividend rate then in effect shall increase by a factor of 1.33 ("Non-payment Rate Adjustment") or 1.30 ("PIK Rate Adjustment"), respectively, from the day of such event onwards. On the day a previous non-payment is rectified by payment in cash, the relevant Non-payment Rate Adjustment will cease to apply. If the previous non-payment is rectified by payment in kind, the relevant Non-payment Rate Adjustment will cease to apply and the PIK Rate Adjustment will be permanently applied instead. Partial non-payments, payments in kind or rectifications of previous non-payments, will be treated proportionally.

On June 30, 2025, and December 31, 2025, the Company issued 2,249 and 1,705 Series A Preferred Shares, respectively, as payment-in-kind for the dividends accrued up to such dates, totaling $3,954. Following these payments-in-kind, the applicable dividend rate increased to 25.7% to reflect the application of the PIK Rate Adjustments (see also Note 3 *"Transactions with Related Parties"* herein).

The holders of Series A Preferred Shares also have the right to participate, on an as-converted basis, in certain non-recurring dividends and distributions declared or made on common shares. Accordingly, the sole holder of Series A Preferred Shares did not participate on an as-converted basis or otherwise, in any of the dividends the Company has declared and paid to common shareholders. Lastly, no cash dividend may be paid to common shareholders unless full cumulative dividends have been, or contemporaneously are being, paid or provided for on all outstanding Series A Preferred Shares for all prior and then-ending dividend periods. Nevertheless, the sole holder of the Series A Preferred Shares has consented to the payment of all the dividends the Company has so far declared and paid to common shareholders.

• Series B Preferred Shares are perpetual, non-redeemable, not convertible into common shares, have no maturity date and rank *pari-passu* with the Company's common shares. Each Series B Preferred Share has the voting power of 1,000 common shares and counts for 1,000 votes for purposes of determining quorum at a meeting of shareholders, subject to adjustments to maintain a substantially identical voting interest in the Company following certain events. The holders of Series B Preferred Shares have no dividend or distribution rights, other than upon the Company's liquidation, dissolution or winding up, in which event the holders of Series B Preferred Shares shall be entitled to receive a payment up to an amount equal to the par value per Series B Preferred Share. Also, if the Company declares or makes any dividend or other distribution of voting securities of a subsidiary to the holders of the Company's common shares by way of a spin off or other similar transaction, then, in each such case, each holder of Series B Preferred Shares shall be entitled to receive preferred shares of the subsidiary whose voting securities are so distributed with at least substantially similar rights, preferences, privileges and voting powers, and limitations and restrictions as those of the Series B Preferred Shares.

------

***Shareholders' rights agreement.*** On July 11, 2024, the Company entered into a shareholders' rights agreement (the "Rights Agreement") with Computershare Trust Company, N.A., as rights agent. Pursuant to the Rights Agreement, each of the Company's common shares includes one right ("Right") that entitles the holder to purchase from the Company one one-thousandth of a share of Series C Participating Preferred Share (the "Series C Preferred Share") for $5,000 (the "Series C Exercise Price"), once the Rights become exercisable, subject to specified adjustments. The Rights will separate from the common shares and become exercisable only if a person or group acquires beneficial ownership of 10% (15% in the case of a passive institutional investor) or more of the Company's outstanding common shares, in a transaction not approved by the Company's Board of Directors, provided that none of the Company's Chairwoman and Chief Executive Officer or her controlled affiliates will be considered an "acquiring person." In that situation, each holder of a Right (other than the acquiring person, whose Rights will become void and will not be exercisable) will have the right to purchase, in lieu of one one-thousandth of a Series C Preferred Share, upon payment of the Series C Exercise Price, a number of the Company's common shares having a then-current market value (as defined in the Rights Agreement) equal to twice the Series C Exercise Price. In addition, if the Company is acquired in a merger or other business combination after an acquiring person acquires 10% (15% in the case of a passive institutional investor) or more of the Company's common shares, each holder of a Right will thereafter have the right to purchase, in lieu of one one-thousandth of a Series C Preferred Share, upon payment of the Series C Exercise Price, a number of common shares of the acquiring person having a then-current market value equal to twice the Series C Exercise Price. The acquiring person will not be entitled to exercise these Rights. Furthermore, the Company's Board of Directors may redeem the Rights for $0.001 per Right under certain circumstances. If the Board of Directors redeems any Rights, it must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of the Rights will be to receive the redemption price of $0.001 per Right. In addition, after a person or group becomes an acquiring person, but before an acquiring person owns 50% or more of the Company's outstanding common shares, the Board of Directors may extinguish the Rights by exchanging one common share or an equivalent security for each Right, other than Rights held by the acquiring person. In certain circumstances, the Company may elect to exchange the Rights for cash or other of the Company's securities having a value approximately equal to one common share. Under the Rights Agreement's terms, it will expire on July 11, 2034.

***Initial public offering***. On July 15, 2024, the Company completed the initial public offering of 6,250 of its common shares, at an offering price of $800 per share, for gross proceeds of approximately $5,000, before deducting underwriting discounts and offering expenses. Icon's common shares began trading on the Nasdaq Capital Market on July 12, 2024, under the symbol "ICON." Issuance costs directly attributable to the Company's initial public offering were initially deferred and, in turn, charged against the gross proceeds of that offering.

***First Representative's Warrant***. On July 15, 2024, in connection to the Company's initial public offering, the Company issued to Maxim Group LLC, for acting as sole book-running manager, a warrant to purchase up to 400 common shares, in whole or in parts, at an exercise price of $880 per common share, subject to certain anti-dilution adjustments (i.e. in the event of capital reorganization, merger, stock dividend or other distribution of the Company's assets, stock split or combination) (the "First Representative's Warrant"). If at the time of exercise of the First Representative's Warrant there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of, the common shares issuable upon such exercise, then the First Representative's Warrant may only be exercised, in whole or in part, by means of a cashless exercise in which case, the holder shall be entitled to receive a number of common shares equal to the difference between the applicable spot price per common share of the Company (as determined in the First Representative's Warrant) and the exercise price then in effect, multiplied by the number of common shares that would be issuable upon a cash exercise, divided by the applicable spot price per common share of the Company (as determined in the First Representative's Warrant). The First Representative's Warrant is exercisable on or after January 11, 2025, expires on July 11, 2027, and does not entitle its holder to any voting rights, dividends or other rights as a shareholder of the Company prior to its exercise. As of March 31, 2026, no First Representative's Warrants had been exercised.

------

The accounting of the First Representative's Warrant was assessed in accordance with the Company's policy for distinguishing liabilities from equity (see Note 2 *"Significant Accounting Policies and Recent Accounting Pronouncements"* of the Company's consolidated financial statements for the year ended December 31, 2025, included in the Company's annual report on Form 20-F for the year ended December 31, 2025) and it was determined that classification as equity is appropriate and that no features required bifurcation. In addition, since the First Representative's Warrant was issued to Maxim Group LLC for its services in connection with the Company's initial public offering, the Company considered the provisions of ASC 718 *"Compensation-Stock Compensation"* and the cost of the First Representative's Warrant was classified within shareholders' equity, against the respective offering proceeds.

***January 2025 offering.*** On January 24, 2025, the Company completed a public offering of 45,802 units, each unit consisting of one common share and one warrant (the "Class A Warrants") to purchase common shares, at an offering price of $262 per unit (such numbers retroactively adjusted for the Reverse Stock Splits), for gross proceeds of approximately $12,000, before deducting underwriting discounts and offering expenses. Issuance costs directly attributable to the Company's January 2025 offering were immediately expensed, since the Class A Warrants were classified as a liability (see section "*Class A Warrants*" below) at an initially estimated fair value that exceeded the proceeds received. Such issuance costs, amounting to $1,293, are included in "interest and finance costs, net" in the accompanying unaudited interim consolidated statement of loss. The Company's principal purpose for the offering was to obtain additional capital to fund its operations and growth, including, among other things, funding for working capital needs, debt repayments and fleet expansion.

***Placement Agent's Warrant***. On January 24, 2025, in connection to the Company's January 2025 offering, the Company issued to Maxim Group LLC, for acting as placement agent, a warrant to purchase up to 2,290 common shares, in whole or in parts, at an exercise price of $288.20 per common share, subject to certain anti-dilution adjustments (i.e. in the event of capital reorganization, merger, stock dividend or other distribution of the Company's assets, stock split or combination) (the "Placement Agent's Warrant"). If at the time of exercise of the Placement Agent's Warrant there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of, the common shares issuable upon such exercise, then the Placement Agent's Warrant may only be exercised, in whole or in part, by means of a cashless exercise in which case, the holder shall be entitled to receive a number of common shares equal to the difference between the applicable spot price per common share of the Company (as determined in the Placement Agent's Warrant) and the exercise price then in effect, multiplied by the number of common shares that would be issuable upon a cash exercise, divided by the applicable spot price per common share of the Company (as determined in the Placement Agent's Warrant). The Placement Agent's Warrant is exercisable on or after July 24, 2025, expires on July 24, 2028, and does not entitle its holder to any voting rights, dividends or other rights as a shareholder of the Company prior to its exercise. As of March 31, 2026, no Placement Agent's Warrants have been exercised.

The accounting of the Placement Agent's Warrant was assessed in accordance with the Company's policy for distinguishing liabilities from equity (see Note 2 "*Significant Accounting Policies and Recent Accounting Pronouncements"* of the Company's consolidated financial statements for the year ended December 31, 2025, included in the Company's annual report on Form 20-F for the year ended December 31, 2025) and it was determined that classification as equity is appropriate and that no features required bifurcation. In addition, since the Placement Agent's Warrant was issued to Maxim Group LLC for its services in connection with the Company's January 2025 offering, the Company considered the provisions of ASC 718 "*Compensation-Stock Compensation*" and the cost of the Placement Agent's Warrant was immediately expensed similarly to the issuance costs related to the January 2025 offering, discussed above.

***Class A Warrants***. The Class A Warrants included in the units sold by the Company in its January 2025 offering were immediately exercisable upon issuance, subject to certain beneficial ownership limitations, and expire on January 24, 2028. The Class A Warrants also contain certain (i) provisions adjusting the exercise price and number of underlying common shares and (ii) mechanisms pursuant to which the holders can exercise each Class A Warrant for no additional cash consideration. Based on the combination of these features, the maximum number of underlying common shares ranged between 45,802 and 458,015. As of March 31, 2025, substantially all of the Class A Warrants had been exercised via such cashless mechanism and the Company issued 383,976 common shares. The remaining Class A Warrants can be exercised for up to 10 common shares.

------

The accounting of the Class A Warrants was assessed in accordance with the Company's policy for distinguishing liabilities from equity (see Note 2 "*Significant Accounting Policies and Recent Accounting Pronouncements*" of the Company's consolidated financial statements for the year ended December 31, 2025, included in the Company's annual report on Form 20-F for the year ended December 31, 2025) and it was determined that the Class A Warrants cannot be considered indexed to the Company's stock due to alternative settlement method and, therefore, they were recorded as liabilities at fair value. The excess of such fair value over the proceeds received was recognized as a loss in the unaudited interim consolidated statement of loss for the three-month period ended March 31, 2025. Upon each settlement and reporting period end date, the Class A Warrants were remeasured to their fair value with the resulting gain/(loss) from changes in fair value being recorded in the unaudited interim consolidated statement of income/(loss), the respective liability settled, and shares issued recorded in equity with appropriate allocation between par value and additional paid in capital. During the three months period ended March 31, 2025 the Company recorded a net loss of $537, which is included in "Gain/(loss) on equity-linked instruments, net" in the accompanying unaudited interim consolidated statement of loss. For further details about these fair value measurements see Note 10 "*Financial Instruments and Fair Value Disclosures.*"

***NASDAQ Minimum Bid Price.*** On March 7, 2025, the Company received a written notification from The Nasdaq Stock Market ("Nasdaq"), indicating that because the closing bid price of its common shares for 30 consecutive trading days, from January 23, 2025, to March 6, 2025, was below $1.00 per share, the Company was no longer in compliance with Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement"). On April 1, 2025, the Company effected the April 2025 Reverse Stock Split (as discussed below) and subsequently received a letter from Nasdaq confirming that the Company had regained compliance with the Minimum Bid Price Requirement.

***Reverse stock splits***. On April 1, 2025, Icon effected a reverse stock split (the "April 2025 Reverse Stock Split"), whereby every forty of its issued and outstanding common shares were automatically converted into one. On January 8, 2026, Icon effected a further reverse stock split (the "January 2026 Reverse Stock Split" and together with the April 2025 Reverse Stock Split, the "Reverse Stock Splits"), whereby every five of its issued and outstanding common shares were automatically converted into one. The Reverse Stock Splits were effected without any change in the par value per share or the total number of common shares Icon is authorized to issue. Also, the Reverse Stock Splits did not (i) affect any common shareholder's ownership percentage (except as a result of the cancellation of fractional shares which were settled in cash), (ii) have any direct impact on the market capitalization of the Company, or (iii) modify any voting rights or other terms of the common shares. Immediately before the January 2026 Reverse Stock Split, Icon had 3,460,000 issued and outstanding common shares, which were reduced to 691,977 issued and outstanding common shares.

***August 2025 Standby Equity Purchase Agreement.*** On August 27, 2025, the Company entered into a Standby Equity Purchase Agreement ("SEPA") with YA II PN, Ltd., a Cayman Islands exempt limited company ("Yorkville"), pursuant to which the Company has the right, but not the obligation, to issue (each such issuance, an "Advance") to Yorkville, and Yorkville has the obligation to subscribe for, up to $20,000 (the "Commitment Amount") of the Company's common shares, from time to time during a three-year commitment period ending August 27, 2028, subject to certain conditions, including trading volume thresholds and the Company having in place an effective registration statement for the resale by Yorkville of the common shares to be issued under the SEPA. The SEPA does not require Yorkville to subscribe for or acquire any common shares under the SEPA if those common shares, when aggregated with all other common shares beneficially owned by Yorkville and its affiliates, would result in Yorkville and its affiliates (on an aggregated basis) beneficially owning more than 4.99% of the then outstanding voting power or number of common shares. Under each Advance, the Company may issue common shares to Yorkville at a price equal to either (i) 96% of the daily VWAP during a one-day pricing period or (ii) 97% of the lowest daily VWAP during a three-day pricing period, at the Company's election.

In connection with the SEPA, the Company paid to Yorkville a structuring and due diligence fee in the amount of $25. In addition, the Company agreed to pay a commitment fee equal to 1% of the Commitment Amount as follows: half due at execution of the SEPA, and the remaining half due at the earlier of (i) $10,000 worth of Advances or (ii) the 6-month anniversary of the execution of the SEPA. At each due date, the Company had the option, at its discretion, to pay all or a portion of the commitment fee then due by the issuance of such number of common shares that is equal to the applicable portion of the commitment fee divided by the average of the daily VWAPs of the Company's common shares during the three trading days immediately prior to the applicable due date. Upon the execution of the SEPA, the Company issued 9,049 common shares to Yorkville in satisfaction of the first half of the commitment fee and on March 3, 2026, issued an additional 72,386 common shares in satisfaction of the remaining balance.

The accounting of the SEPA, which, subject to its terms and conditions, gives the right to the Company to require Yorkville to purchase common shares from the Company ("put right"), was assessed in accordance with the Company's policy for contracts in its own equity (see Note 2 "*Significant Accounting Policies and Recent Accounting Pronouncements*" of the Company's consolidated financial statements for the year ended December 31, 2025, included in the Company's annual report on Form 20-F for the year ended December 31, 2025) and it was determined that the SEPA is an equity-linked instrument that does not qualify for equity classification. Accordingly, the put right was measured at fair value on the agreement date and remeasured as of December 31, 2025 and as of March 31, 2026. The Company analyzed the terms of the freestanding put right and concluded that its fair value was de-minimis at all measurement dates.

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During the three-month period ending March 31, 2026, the Company issued 1,816,493 common shares under the SEPA, resulting in net proceeds of $5,783 and a net gain on issuance of $1,023 which is included in "Gain/(loss) on equity-linked instruments, net" in the accompanying unaudited interim consolidated statement of income. As of such date, $12,810 of the Commitment Amount remains available for future Advances.

***December 2025 Share Repurchase Program.*** On December 18, 2025, the Company's Board of Directors authorized a share repurchase program under which the Company may, from time to time, repurchase up to an aggregate of $1,000 of its outstanding common shares through December 31, 2026 (the "Program"). Repurchases under the Program may be made, from time to time, in privately negotiated transactions, in open market transactions, or by other means, including through trading plans intended to qualify under Rule 10b-18 and/or Rule 10b5-1 of the U.S. Securities Exchange Act of 1934, as amended. The amount and timing of any repurchases made under the Program will be at the Company's sole discretion and will depend on a variety of factors, including legal requirements, market conditions, other investment opportunities, available liquidity, and the prevailing market price of the Company's common shares. The Program does not obligate the Company to repurchase any dollar amount or number of common shares and may be suspended or discontinued at any time at the Company's discretion. As of March 31, 2026, no common shares had been repurchased under the Program.

***ATM Agreement:*** On February 4, 2026, the Company entered into an at-the-market offering agreement (the "ATM Agreement") with Maxim Group LLC ("Maxim"). Under the terms of the ATM Agreement, the Company may, from time to time, offer and sell its common shares having an aggregate offering value of up to $3,400 to or through Maxim, acting as sales agent. The timing and amount of any sales under the ATM Agreement are at the Company's sole discretion.. During the three-month period ending March 31, 2026, the Company issued 633,213 common shares pursuant to the ATM Agreement for aggregate net proceeds of $1,132.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Loss per common share:** 

All common shares issued have equal rights and participate in dividends. Profit or loss attributable to common shareholders is adjusted by the contractual amount of dividends on Series A Preferred Shares. Diluted loss per common share, if applicable, reflects the potential dilution that could occur if potentially dilutive instruments were exercised, resulting in the issuance of additional shares that would then share in the Company's net income/(loss).

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| | | |
|:---|:---|:---|
|  | **Three-month periods** <br> **ended** | **Three-month periods** <br> **ended** |
|  | **March 31, 2026** | **March 31, 2025** |
|  Net income/(loss) | $417 | $(2977) |
|  Cumulative dividends on Series A Preferred Shares | (1218) | (636) |
|  **Net loss attributable to common shareholders** | $**(801)** | $**(3613**) |
|  Divided by: Weighted average number of common shares, basic and diluted | 2434348 | 152833 |
|  **Loss per common share, basic and diluted** | $**(0.33)** | $**(23.64**) |

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Securities that could potentially dilute basic loss per common share in the future that were not included in the above computation of diluted loss per common share, because to do so would have anti-dilutive effect, are (i) the First Representative's Warrant, (ii) the Placement Agent's Warrant, (iii) the Class A Warrants and (iv) the Series A Preferred Shares (see Note 8 "*Capital Structure*" herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Financial Instruments and Fair Value Disclosures:** 

***Credit risk***. Financial instruments which potentially subject the Company to significant concentrations of credit risk, consist principally of trade receivables, amounts due from Pavimar, and cash, cash equivalents and restricted cash. The Company limits its credit risk by performing ongoing credit evaluations of its counterparties' financial condition and by collecting its trade receivables mainly in advance. The Company generally does not require collateral for its trade receivables, but when considered necessary it may pursue additional securities and guarantees from its customers. Also, the Company places its cash and cash equivalents with established financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions.

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***Fair value***. The carrying values of the Company's trade receivables, amounts due from/to the manager, accounts payable, and accrued liabilities, approximate their respective fair values due to the short-term nature of these financial instruments. Cash, cash equivalents and restricted cash are considered as Level 1 items in accordance with the fair value hierarchy. The recorded value of the Company's long-term debt is a reasonable estimate of its fair value as it bears interest at a variable rate based on SOFR, which is observable at commonly quoted intervals for the full term of the long-term debt. Therefore, long-term debt is considered as a Level 2 item in accordance with the fair value hierarchy.

Estimating fair values of asset or liability classified financial instruments requires the development of estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based techniques are highly volatile and sensitive to changes in the trading market price of the Company's common shares. In estimating the fair value of the Class A Warrants, the Company considered their features, including their immediate exercisability, the holders' cashless exercise option and the maximum underlying common shares, and determined it is appropriate to value them through Level 1 inputs, namely the quoted closing market price of the Company's common shares on each measurement date. Accordingly, the Company initially recognized the Class A Warrants at an estimated fair value of $46,269. The excess of such fair value over the proceeds received, amounting to $34,278, was recognized as a loss in the unaudited interim consolidated statement of loss for the three-month period ended March 31, 2025. Substantially all of the Class A Warrants were exercised between February 11, 2025, and March 27, 2025, and from the non-recurring fair value measurements during that period, the Company recorded (i) a gain on settlement of $3,945 and (ii) a gain from changes in fair value of $29,796. The gain from the recurring measurement of the fair value of the outstanding Class A Warrants as of March 31, 2026, and the fair value of the outstanding Class A Warrants as of that date were not material.

As described in Note 8 "*Capital Structure*", the Company classifies the SEPA as an equity-linked instrument measured at fair value. Upon the settlement of Advances under the SEPA, the Company measures the common shares issued at their fair value on the issuance date.

The effect of these financial instruments is included in "Gain/(loss) on equity-linked instruments, net" in the accompanying unaudited interim consolidated statements of income/(loss). The following table presents the effect of the Company's financial instruments measured at fair value on the unaudited interim consolidated statements of income/(loss) for the three-month periods ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
|  | **Three-month periods** <br> **ended March 31,** | **Three-month periods** <br> **ended March 31,** |
| **Financial instruments** | **2026** | **2025** |
| Class A Warrants | $— | $(537) |
| Gain on settlement of shares issued under the SEPA | 1023 |  |
| **Total** | $**1023** | $**(537)** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Taxes:** 

***Marshall Islands tax considerations.*** Icon and all of its subsidiaries are incorporated in the Republic of the Marshall Islands as non-resident corporations pursuant to the Marshall Islands Business Corporations Act (the "BCA") and are not doing business in the Republic of the Marshall Islands. As such, Icon and all of its subsidiaries and are not subject to tax on income or capital gains, no Marshall Islands withholding tax will be imposed upon payment of dividends to their respective shareholders, and their shareholders that are not residents of or domiciled or carrying on any commercial activity in the Republic of the Marshall Islands will not be subject to Marshall Islands tax on the sale or other disposition of their shares.

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***Taxation on United States source income.*** Pursuant to Section 883 of the Internal Revenue Code of the United States (the "Code"), U.S. source income from the international operation of ships is generally exempt from U.S. federal income tax on such income if the company meets the following requirements: (a) the company is organized in a foreign country that grants an equivalent exception to corporations organized in the U. S. and (b) either (i) more than 50 percent of the value of the company's stock is owned, directly or indirectly, by individuals who are "residents" of the company's country of organization or of another foreign country that grants an "equivalent exemption" to corporations organized in the U.S. (the "50% Ownership Test") or (ii) the company's stock is "primarily and regularly traded on one or more established securities markets" in its country of organization, in another country that grants an "equivalent exemption" to corporations organized in the U.S., or in the U.S. (the "Publicly-Traded Test"). For the purposes of the Publicly-Traded Test, the regulations provide that the stock of a foreign corporation will be considered to be "primarily traded" on an established securities market in a country if the number of shares of each class of stock used to satisfy the Publicly-Traded Test that is traded during the taxable year on all established securities markets in that country exceeds the number of shares in each such class that is traded during that year on established securities markets in any other single country. Furthermore, the stock of a foreign corporation will be considered "regularly traded" if one or more classes of its stock representing 50% or more of its outstanding shares, by total combined voting power of all classes of stock entitled to vote and by total combined value of all classes of stock, are listed on one or more established securities markets.

The jurisdiction where Icon and its subsidiaries are incorporated grant an equivalent exemption to United States corporations. The Company believes that it will satisfy the 50% Ownership Test for the 2026 and 2025 taxable years and expects to satisfy the substantiation and reporting requirements to claim the respective benefits. Therefore, the Company intends to take the position that it is exempt from U.S. federal income tax under Section 883 of the Code during the 2026 and 2025 taxable years. However, there can be no assurance that the Company will continue to satisfy the requirements of the 50% Ownership Test in future taxable years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Subsequent Events:** 

***Shares issued under the ATM.*** Subsequent to the end of the reporting period and through the date these unaudited interim condensed consolidated financial statements were issued, the Company issued 496,040 common shares pursuant to Advances under the ATM for aggregate net proceeds of $617.

***Shares repurchased under the Program.*** Subsequent to the end of the reporting period and through the date these unaudited interim condensed consolidated financial statements were issued, the Company repurchased under the Program 77,396 common shares for aggregate gross amount of $75.

***Transactions with Pavimar.*** Pursuant to the services agreement dated October 1, 2023, as amended and restated on April 1, 2024, Pavimar is eligible to receive incentive compensation from the Company in connection with the services rendered, at such times, amounts, and forms as may be determined by the Company's Board of Directors. No incentive compensation has been approved since October 1, 2023. On April 1, 2026, the independent Compensation Committee of the Company's Board of Directors approved incentive compensation in the amount of $200. On June 5, 2026, the Company and Pavimar executed a new agreement (the "Master Management Agreement") to supersede and expand upon the existing arrangements between the parties. The Master Management Agreement is retroactively effective from April 1, 2026, being the date the Company's Board of Directors approved entering into such agreement, with all prior services and management agreements being terminated and with all termination fees and other amounts otherwise payable in connection with such terminations being waived. Pursuant to the Master Management Agreement and under the Company's direction, Pavimar provides the Company with a range of corporate management and administration services (the "Corporate Services"), including, but not limited to, accounting, representation, tax administration, clerical and secretarial support, corporate officer services (including the services of the Company's Chief Executive Officer, Chief Financial Officer and Corporate Secretary), third party professional services coordination, investment administration, financial advisory and treasury services. In exchange for the Corporate Services, unless otherwise agreed on a case by case basis, Pavimar charges a quarterly fee of $25 per vessel plus $125 for the group as a whole, a 1.00% capital raising commission on all gross capital raised by the Company in capital and debt markets, an annual investment administration fee equal to 1.00% of the net asset value of the Company's passive investments, and a contingent fee equal to 15% of realized net profits, if any, from the Company's passive investments. In addition, Pavimar provides the Company with vessel commercial and technical management services (the "Ship Management Services"), including, but not limited to, securing employment, post-fixture support, handling vessel sale and purchases, arranging and supervising crew, repairs and maintenance, insurance, provisions, bunkering, day to day vessel operations, and ancillary services. In exchange for the Ship Management Services, unless otherwise agreed on a case by case basis, Pavimar charges a daily management fee of $0.8 per vessel, a performance incentive of 1.25% on all gross income arising out of or in connection with the use or operations of the Company's vessels, and a commission of 1.00% on the gross sale or purchase price on each vessel sale or purchase transaction. The Master Management Agreement also provides for annual inflation adjustments to fixed fees, reimbursement of out-of-pocket costs and expenses, extraordinary fees for incremental services that may be requested by the Company, and allows for incentive compensation at such times, amounts, and forms as may be determined by the Company's Board of Directors. The Master Management Agreement has a term of eight years, renewing annually, and provides for payment of a termination fee equal to the fixed fees that would otherwise be payable over the remaining term of the Master Management Agreement.

***Investment.*** On May 22, 2026, the Company's Board of Directors approved the Company's non-controlling participation in the acquisition of a 2,000 TEU geared container feeder with high reefer capacity, built in 2008 and employed under a long-term contract with an investment-grade liner operator. The Company has agreed to invest $488 in exchange for a 4.7% equity interest in the entity formed to acquire the vessel. <br>

18<br>

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## Exhibit 99.2

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#### Exhibit 99.2

#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited interim condensed consolidated financial statements and the notes thereto, filed with the U.S. Securities and Exchange Commission (the "SEC") on the same day as this discussion. Those financial statements have been prepared in U.S. dollars and in conformity with United States generally accepted accounting principles ("US GAAP") and, among other things, include more detailed information regarding the basis of presentation for the following information. Unless otherwise specified herein or the context otherwise requires, references to "Icon," "Icon Energy," the "Company," "we," "our" and "us" or similar terms, refer to Icon Energy Corp. or any one or more of its subsidiaries, or to such entities collectively.*

*All share and per share amounts referenced in this discussion give retroactive effect, as of the earliest period presented, to the one-for-five reverse stock split of our common shares effected on January 8, 2026 as well as the one-for-forty reverse stock split of our common shares effected on April 1, 2025. Unless otherwise indicated, all references to "our fleet," and "our vessels," include right-of-use assets under finance leases, and all references to currency amounts are in U.S. dollars. We use the term deadweight tons ("dwt") in describing the size of our vessels. Dwt, expressed in metric tons (1,000 kilograms), is a measure of the total weight a vessel can safely carry, including cargo, fuel, ballast and fresh water, lubricants, crew, provisions, stores and spare parts.*

#### Overview

We are a growth-oriented shipping company, providing worldwide seaborne transportation services for dry bulk cargoes via our fleet of oceangoing vessels. We generate our revenues by chartering our vessels to regional and international dry bulk operators, commodity traders and end users. As of March 31, 2026, our fleet comprised of the following dry bulk vessels:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Vessel Name** | **Vessel Type** | **Year**<br> **Built** | **Charter Type** | **Earliest Charter**<br> **Expiration** | **Latest Charter**<br> **Expiration** |
| Alfa | Panamax | 2006 | Index-linked time charter<sup>(3)</sup> | December 2026 | Evergreen<sup>(1)</sup> |
| Bravo | Kamsarmax | 2007 | Index-linked time charter | Evergreen<sup>(1)</sup> | Evergreen<sup>(1)</sup> |
| Charlie | Ultramax | 2020 | Index-linked time charter<sup>(2)</sup> | August 2027 | December 2027 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The charter continues indefinitely, subject to 3 months' termination notice by either party.

&nbsp;&nbsp;&nbsp;&nbsp;(2) In addition to the daily hire rate, the Company is also entitled to receive part of the fuel cost savings to be realized by the charterer through the use of the vessel's scrubber.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Subsequent to the reporting period, converted to a fixed daily hire rate of $18,000 for the seven-month period from June to December 2026.

#### Implications of Being an Emerging Growth Company

We qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). An emerging growth company may take advantage of specified reduced reporting and other burdens that are otherwise applicable generally to public companies. These provisions include, amongst other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemption from the auditor attestation requirement in the assessment of the emerging growth company's internal controls over financial reporting under Section 404(b) of the Sarbanes-Oxley Act of 2002;

<br> • exemption from new or revised financial accounting standards applicable to public companies until such standards are also applicable to private companies; and

• exemption from compliance with any new requirements adopted by the Public Company Accounting Oversight Board, requiring mandatory audit firm rotation or a supplement to the auditor's report in which the auditor would be required to provide additional information about the audit and financial statements.

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We may take advantage of these provisions until the end of the fiscal year following the fifth anniversary of our initial public offering or such earlier time that we are no longer an emerging growth company. We will cease to be an emerging growth company if we have more than $1.235 billion in "total annual gross revenues" during the most recently completed fiscal year, we have issued more than $1 billion in non-convertible debt in the past three years, or we become a "large accelerated filer". For as long as we take advantage of the reduced reporting obligations, the information that we provide shareholders may be different from information provided by other public companies.

We are choosing to take advantage of these reduced burdens, save for the exemption from new or revised financial accounting standards applicable to public companies until such standards are also applicable to private companies. We are choosing to "opt out" of such extended transition period and will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth public companies. Section 107 of the JOBS Act provides that our decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.

#### Cautionary Note Regarding Forward-Looking Statements

This discussion and analysis of financial condition and results of operations contains "forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995." Forward-looking statements include, but are not limited to, statements regarding our or our management's expectations, hopes, beliefs, intentions, or strategies regarding the future and are therefore statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions that are other than statements of historical fact, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant risks, uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, the Company cannot provide assurance that it will achieve or accomplish these expectations, beliefs or projections. The Company's actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in the Company's filings with the SEC. As a result, you are cautioned not to unduly rely on any forward-looking statements, which speak only as of the date of this discussion. Factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, among other things: the Company's future operating or financial results; the Company's liquidity, including its ability to service any indebtedness; changes in shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war) or international hostilities; risks associated with pandemics; and other factors listed from time to time in the Company's filings with the SEC. For more discussion of the risks that could impact forward-looking statements, you are encouraged to review the discussion under the title "*Risk Factors*" in the Company's most recent Annual Report on Form 20-F. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

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#### Operating Results

#### Principal factors affecting our operating results

We believe the principal factors affecting our operating results are the underlying supply and demand dynamics of the commodities our vessels carry, the number of vessels competing for those cargoes, and ultimately the overall economic and market conditions, regulatory changes, global geopolitical events, capital availability, and market sentiment. Other key factors that are fundamental to our business, operating results, cash flows and financial condition include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of vessels in our fleet;

<br> • our customer relationships;

<br> • our access to capital required to acquire additional, or renew existing, vessels and implement our business strategy;

<br> • our ability to acquire and sell vessels at prices we deem satisfactory; and

<br> • our and our vessels' manager's ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o successfully utilize and employ our vessels at economically attractive rates;

<br> o effectively and efficiently manage our vessels and control vessel operating costs; and

<br> o ensure compliance with regulations, environmental, health and safety standards applicable to our business.

In addition to those factors described above, our results of operations have been, and are expected to continue to be, affected by a range of material events and uncertainties many of which are beyond our control. Therefore, it is reasonably likely that the reported financial information is not necessarily indicative of our future operating results or future financial condition. Please also read "*Item 3. Key Information—D. Risk Factors*" in our most recent Annual Report on Form 20-F and other important risk factors described from time to time in the reports we subsequently file with the SEC.

#### Components of our operating results

*Segmental reporting.* We transport dry bulk cargoes along global shipping routes through the ownership and operation of dry bulk vessels. We have identified our Chairwoman and Chief Executive Officer as the Chief Operations Decision Maker ("CODM") in accordance with ASC 280 "*Segment Reporting*." The CODM manages the business on a consolidated basis and uses the net income/(loss) as reported on the consolidated statement of income/(loss) to allocate resources, make operating decisions and assess performance, without discrete financial information for each charter type, customer, vessel or vessel type. Our vessels serve the same type of customers, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Also, when we charter a vessel, the charterer is generally free to trade such vessel worldwide or within broad geographical limits and, therefore, the disclosure of geographical information is impracticable. As a result, we have identified one single reportable segment and the assets of such segment are presented under the caption "Total Assets" in the consolidated balance sheets. The significant expense category of our sole reportable segment is vessel operating expenses as reported on the consolidated statements of income/(loss). Based on the principles of ASC 280 "*Segment Reporting*," we believe that disaggregating into more than one reportable segment, would not be meaningful or informative.

*Revenue, net.* We generate revenues by chartering our vessels to regional and international dry bulk operators, commodity traders and end users, primarily on time charters (either index-linked or fixed rate) or voyage charters, depending on market conditions, opportunities available to us, and other strategic and tactical considerations. The main charter contract types are (i) voyage charters, also known as spot voyages, where the owner and charterer agree to carry out a single voyage to transport an agreed quantity of cargo between certain ports or geographical regions, (ii) time charters, where the charterer agrees to hire a vessel for a predetermined period of time with the operational responsibility of the vessel remaining with the owner, and (iii) bareboat charters, where a vessel is fully leased to a charterer, including all operational responsibility.

*Voyage expenses.* Voyage expenses primarily consist of bunker fuel consumption, port dues, canal tolls, brokerage and commercial management commissions, and other expenses directly associated with the performance of a particular charter. Apart from commissions, voyage expenses mainly arise from voyage charters, or when a vessel is repositioning or unemployed. In such cases, voyage expenses are borne by us. Conversely, when a vessel is employed under a time charter, substantially all voyage expenses are paid by the charterers, save for commissions. Bunker fuel consumption and occasionally port dues and canal tolls, may also be incurred between the end of one charter contract and the commencement of the next.

*Vessel operating expenses.* Vessel operating expenses reflect the costs to operate and maintain our vessels and primarily consist of manning costs, vessel insurance premiums, repairs and maintenance, machinery lubricants, spares, stores, and ancillary expenses.

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*Management fees.* Management fees are paid in exchange for certain corporate administration functions, and vessel commercial and technical management services. Our Board of Directors has organized the provision of management services through Pavimar Shipping Co. ("Pavimar"), a ship management company incorporated in the Republic of the Marshall Islands, with a branch office in Greece established under the provisions of Law 27 of 1975. Pavimar is controlled by our Chairwoman and Chief Executive Officer. Pursuant to the management agreement with Pavimar, in place since its effective date of January 18, 2024, Pavimar provides us with vessel commercial and technical management services, including, but not limited to, securing employment, post-fixture support, handling vessel sale and purchases, arranging and supervising crew, repairs and maintenance, insurance, provisions, bunkering, day to day vessel operations, and ancillary services. Prior to January 18, 2024, similar services were provided to us by Pavimar S.A., a ship management company incorporated in the Republic of the Marshall Islands, with a branch office in Greece established under the provisions of Law 27 of 1975, also controlled by our Chairwoman and Chief Executive Officer. In our results of operations, "management fees" include the fees incurred in connection with the provision of technical management services, whereas the commercial management commissions and sale or purchase commissions, are reported under "voyage expenses," and "gain/loss on sale of vessels" or "vessel cost," respectively.

*General and administrative expenses.* General and administrative expenses include general corporate expenses, audit, legal, advisory and other professional fees, directors' remuneration, compensation for our executives and corporate secretary. General and administrative expenses also include expenses associated with being a public company, such as stock exchange fees, regulatory and compliance costs, investor relations, and director and officer liability insurance premiums.

*Depreciation and amortization expenses*. Depreciation is computed using the straight-line method over the estimated useful life of a vessel, after considering its estimated salvage value. Each vessel's salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Salvage values are periodically reviewed and revised, if needed, to recognize changes in conditions, new regulations or for other reasons. Revisions of salvage value affect the depreciable amount of the vessels and the depreciation expense in the period of the revision and future periods. The same methodology is followed to compute the amortization of right-of-use assets under finance leases. Management estimates the useful life of our vessels (and right-of-use asset under finance lease) to be 25 years from the date of initial delivery from the shipyard.

*Amortization of deferred drydocking costs.* Vessels are subject to regularly scheduled drydocking and special surveys which are carried out every 30 to 60 months to coincide with the renewal of the related compliance certificates issued by the classification societies, unless a further extension is obtained in rare cases and under certain conditions. Drydocking and special survey costs are accounted for under the deferral method, whereby the costs incurred are deferred and amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. Costs qualifying for deferral mainly relate to shipyard costs, hull preparation and painting, inspection of hull structure and mechanical components, steelworks, machinery works, and electrical works, as well as lodging and subsistence of personnel dispatched to the yard site to supervise. If a drydocking and/or a special survey is performed prior to its originally scheduled date, any remaining unamortized balance from previous events is immediately expensed. Unamortized balances of vessels that are sold are also written-off and included in the calculation of the resulting gain or loss in the period of the vessel's sale.

*Interest and finance costs.* Interest and finance costs primarily consist of interest expenses incurred under our loan agreements or other financing arrangements (including finance leases) and finance costs related to entering into new or amending existing loan agreements or other financing arrangements, including arrangement, advisory, legal, and other fees and expenses (or the amortization of such costs to the extent previously deferred). Finance costs are deferred and amortized over the life of the related loan or financing arrangement using the effective interest method. Unamortized deferred finance costs relating to loans or other financing arrangements repaid or refinanced, meeting the criteria of debt extinguishment, are expensed in the period of such repayment or refinancing. Interest and finance costs also include issuance costs which have been immediately expensed as discussed in Note 2 "*Significant Accounting Policies and Recent Accounting Pronouncements—Issuance costs*" of our consolidated financial statements in our most recent Annual Report on Form 20-F.

*Interest income.* Interest income reflects the interest earned on our cash, cash equivalents and restricted cash deposits.

*Gain/(loss) on equity-linked instruments, net.* Gain/(loss) on equity-linked instruments, net, reflects the (i) loss recognized on initial measurement of the Class A Warrants, net of the gains/losses recognized on subsequent remeasurements of such fair value upon each settlement and reporting period end date, and (ii) gains/losses recognized on settlement of shares issued under the SEPA (as defined below). See "*Liquidity and Capital Resources—Our Borrowing and Capital Raising Activities*" below, as well as Note 7 "*Long-Term Debt*" and Note 8 "*Capital Structure*" to our unaudited interim condensed consolidated financial statements filed with the SEC on the same day as this discussion, for additional information relating to the January 2025 offering, the Class A Warrants and the SEPA.

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#### Key performance indicators

The key performance indicators that management uses to assess our financial condition and results of operations are:

*Ownership Days*. Ownership Days are the total days we owned our vessels (or right-of-use asset under finance lease) during the relevant period. We use this to measure the size of our fleet over a period.

*Available Days*. Available Days are the Ownership Days, less any days during which our vessels were unable to be used for their intended purpose as a result of scheduled maintenance, upgrades, modifications, drydockings, special or intermediate surveys, or changes in ownership logistics, including positioning for and repositioning from such events. We use this to measure the number of days in a period during which our vessels should be capable of generating revenues.

*Operating Days*. Operating Days are the Available Days, less any days during which our vessels were unable to be used for their intended purpose as a result of unforeseen events and circumstances. We use this to measure the number of days in a period during which our vessels actually generated revenues.

*Vessel Utilization*. Vessel Utilization is the ratio of Operating Days to Available Days, measuring the days during which our vessels actually generated revenues as a percentage of the days during which our vessels should be capable of generating revenues.

*Average Number of Vessels*. Average Number of Vessels is the ratio of Ownership Days to calendar days in a period and is another measure of the size of our fleet over a period.

*Minimum Contracted Revenue*. The amount of minimum contracted revenue is estimated by reference to the contracted period and hire rate, net of charterers' commissions but before brokerage and commercial management commissions and assuming no unforeseen off-hire days. For index-linked contracts, minimum contracted revenue is estimated by reference to the average of the relevant index during the 15 days preceding the calculation date.

The following table summarizes these key performance indicators during the reported periods:

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| | | |
|:---|:---|:---|
|  | **Three-month period ended**<br>**March 31,** | **Three-month period ended**<br>**March 31,** |
|  | **2026** | **2025** |
| ***Fleet operational data*** |  |  |
| Ownership Days | 270.0 | 180.0 |
| Available Days | 270.0 | 180.0 |
| Operating Days | 269.8 | 180.0 |
| Vessel Utilization | 99.9% | 100.0% |
| Average Number of Vessels | 3.0 | 2.0 |

---

Furthermore, the minimum contracted revenue expected to be recognized on the non-cancellable time charters of our vessels as of March 31, 2026 is estimated to $14.5 million.

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#### Results of Operations for the three-month periods ended March 31, 2026 and 2025

The following table summarizes our results of operations for the three-month periods ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
|  | **Three-month period**<br>**ended March 31,** | **Three-month period**<br>**ended March 31,** |
| *(in thousands of U.S. dollars)* | **2026** | **2025** |
| Revenue, net | $3646 | $1525 |
| Voyage expenses | (165) | (75) |
| Vessel operating expenses | (1425) | (928) |
| Management fees | (216) | (144) |
| General and administrative expenses | (709) | (490) |
| Depreciation and amortization expenses | (857) | (572) |
| Amortization of deferred drydocking costs | (233) | (129) |
| Interest and finance costs | (689) | (1654) |
| Interest income | 42 | 34 |
| Gain/(loss) on equity-linked instruments, net | 1023 | (537) |
| Other costs, net |  | (7) |
|  Net income/(loss) | $**417** | $**(2977**) |

---

*Revenue, net*. Throughout the first three months of 2026 and 2025, Icon's vessels operated under index-linked time charters. The increase in revenue between these two periods is primarily due to the higher number of Operating Days during the first three months of 2026 as a result of the addition of the M/V *Charlie* to Icon's fleet in June 2025. The increase in revenue was furthered by the year-on-year increase in dry bulk charter market rates, as reflected by the increased Daily TCE (as defined below). Overall, revenue, net increased by 139% to $3.6 million in the first quarter of 2026, up from $1.5 million in the comparable period in 2025.

*Voyage expenses*. The increase in voyage expenses from $0.1 million during the three-month period ended March 31, 2025, to $0.2 million during the corresponding period of 2026, is primarily attributable to the higher commissions associated with the increased revenue in the comparative periods.

*Vessel operating expenses*. The increase in operating expenses from $0.9 million during the first three months of 2025 to $1.4 million during the corresponding period of 2026, was driven by the addition of the M/V *Charlie* to Icon's fleet in June 2025, and the resulting increase in Ownership Days.

*Management fees*. Management fees increased in the first three months of 2026 as compared to the same period in 2025 as a result of the increased Ownership Days between the periods.

*General and administrative expenses*. The $0.2 million increase in general and administrative expenses in the three-month period ended March 31, 2026, compared to the same period in 2025, was primarily driven by increased legal costs, including those associated with the January 8, 2026 reverse stock split.

*Depreciation and amortization expenses*. Depreciation and amortization expenses increased due to the addition of the M/V *Charlie* to Icon's fleet, which has been accounted for as a right-of-use asset under finance lease.

*Amortization of deferred drydocking costs*. The increase of $0.1 million during the three-month period ended March 31, 2026, compared to the same period in 2025, is due to the costs deferred in connection with the drydocking of the M/V *Charlie* in December 2025, resulting in higher amortization charges thereafter.

*Interest and finance costs*. The primary reason for the decrease in interest and finance costs during the three-month period ended March 31, 2026, compared to the same period in 2025, was the absence of the $1.3 million issuance costs incurred in connection with the Company's January 2025 offering. This reduction was partially offset by the implicit interest associated with the bareboat charter-in of the M/V *Charlie,* which has been accounted for as a finance lease liability.

*Gain/(loss) on equity-linked instruments, net*. The gain on equity-linked instruments of $1.0 million in the three-month period ended March 31, 2026 reflects the gains recognized on issuance of common shares under the SEPA. The loss on equity-linked instruments of $0.5 million in the three-month period ended March 31, 2025, reflects the loss recognized on initial measurement of the Class A Warrants.

#### Key developments during the reporting period

*Reverse stock split.* On January 8, 2026, we effected a reverse stock split, whereby every five of our issued and outstanding common shares were automatically converted into one, without any change in the par value per share or the total number of common shares Icon is authorized to issue. The reverse stock split did not (i) affect any common shareholder's ownership percentage (except as a result of the cancellation of fractional shares which were settled in cash), (ii) have any direct impact on our market capitalization, or (iii) modify any voting rights or other terms of our common shares.

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*Vessel employment*. In March 2026, we entered into an agreement with a reputable dry bulk operator to charter the M/V *Charlie* for a period of 16 to 20 months. The new charter commenced immediately upon completion of the vessel's previous charter at the end of April 2026 and expires between August and December 2027. Under this charter, the vessel is earning hire at a floating daily hire rate linked to the Baltic Supramax Index, while preserving the option to convert to a fixed daily hire rate, at a time and for a period of the Company's choosing. The charter also provides for compensation related to fuel cost savings derived from the vessel's scrubber.

*Recent Developments*. See "*Recent Developments*" below for information about key developments after March 31, 2026 and through the date this discussion was issued.

#### Liquidity and Capital Resources

Supply and demand dynamics, seasonality, and competition in the markets we operate, have historically caused increased volatility. We expect this to continue in the foreseeable future with a consequent effect on the financial performance of our vessels and, in turn, our short and long-term liquidity.

Our primary short-term liquidity needs are to fund general working capital requirements, vessel operating expenses, general and administrative expenses, costs to maintain the class certification of our vessels by undergoing periodical drydockings and special surveys, and to service our debt. In addition, our bareboat charter-in agreement for the M/V *Charlie* requires that we honor our hire obligations thereunder. We anticipate that our primary sources of funds for our short-term liquidity needs will be cash on hand and from operations.

Our primary long-term liquidity needs are expected to relate to growing and renewing our fleet through vessel acquisitions, capital expenditures required to comply with international shipping standards and environmental laws and regulations, costs to maintain the class certification of our vessels by undergoing periodical drydockings and special surveys, and to service our debt. In addition, our bareboat charter-in agreement for the M/V *Charlie* requires that we honor our hire obligations thereunder, including the purchase option at the end of its term in June 2028, if we eventually exercise it. We have declared our intention to exercise such option, subject to certain conditions. We anticipate that our primary sources of funds for our long-term liquidity needs will be cash from operations, loan facilities (including but not limited to drawings from the uncommitted upsize option of up to another $75 million under the Maui Term Loan Facility, as discussed below), other financing arrangements and equity issuances (including but not limited to the $12.8 million and the $2.3 million remaining as of March 31, 2026 under the SEPA and the ATM Agreement, respectively, as discussed below).

We operate in a capital-intensive industry and in the future we may seek any combination of loan agreements, other financing arrangements and equity issuances, to raise capital and fund our operations and growth. We believe that our working capital is sufficient to meet our requirements for the next twelve months, taking into account our projected cash flows from operations.

#### Cash flows for the three-month periods ended March 31, 2026 and 2025

As of March 31, 2026 and 2025, we had cash, cash equivalents and restricted cash of $9.7 million and $8.2 million, respectively. Our cash flows from operating, investing and financing activities during the three-month periods ended March 31, 2026 and 2025, are summarized in the following table:

---

| | | |
|:---|:---|:---|
|  | **Three-month period** <br> **ended**<br>**March 31,** | **Three-month period** <br> **ended**<br>**March 31,** |
| *(in thousands of U.S. dollars)* | **2026** | **2025** |
| Cash used in operating activities | $(1055) | $(561) |
| Cash used in investing activities |  | (2750) |
| Cash provided by financing activities | 6154 | 10082 |
| **Net increase in cash, cash equivalents and restricted cash** | $**5099** | $**6771** |
| Cash, cash equivalents and restricted cash at the beginning of the period | 4580 | 1446 |
| **Cash, cash equivalents and restricted cash at the end of the period** | $**9679** | $**8217** |
| **Reconciliation of cash, cash equivalents and restricted cash** |  |  |
| Cash and cash equivalents | $8979 | $7717 |
| Restricted cash, current | 200 |  |
|  Restricted cash, non-current | 500 | 500 |
|  **Cash, cash equivalents and restricted cash at the end of the period** | $**9679** | $**8217** |

---

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Restricted cash consists of cash deposits earmarked for a specific purpose and cannot be used freely for general business operations. As of March, 2026, restricted cash consists of (i) minimum cash deposits of $0.5 million, which are required to be maintained throughout the term of the Company's term loan facility and can only be applied towards repayment of the final principal installment pursuant to the terms and conditions of such facility and (ii) cash reserves of $0.2 million, which can only be applied towards payment of future vessel drydocking costs.

*Operating activities*. Cash of $0.6 million used in operating activities during the three-month period ended March 31, 2025, increased to $1.1 million during the same period in 2026, mainly due to the $1.1 million payments relating to vessel drydockings (also see "*Capital expenditures*" below). Most of these payments relate to the drydocking of the M/V *Charlie*, which was completed in December 2025, with the related invoices being gradually settled in accordance with the payment terms of the shipyard and the spares and equipment suppliers. This was partially offset by favorable working capital developments between the same periods (after taking into account the effects of non-cash (gain)/loss on equity-linked instruments, issuance costs, depreciation expense and amortization of deferred drydocking costs on net income).

*Investing activities*. Cash used in investing activities during the three-month period ended March 31, 2025 relates to the advance payment in relation to the bareboat charter of the M/V *Charlie*. No cash was used in investing activities during the three-month period ended March 31, 2026.

*Financing activities*. Cash provided by financing activities during the three-month period ended March 31, 2026, relates to the net proceeds from the issuance of common shares under the SEPA and ATM agreement, offset by principal repayments of long-term debt. Cash provided by financing activities during the three-month period ended March 31, 2025, relates to the net proceeds from the Company's January 2025 offering, counterbalanced by principal repayments of long-term debt.

#### Capital expenditures

*Drydockings*. To ensure safety, seaworthiness and compliance with applicable rules and regulations, every vessel regularly undergoes maintenance and surveys. As part of this program, each vessel is temporarily withdrawn from service for drydocking, typically at 30- to 60-month intervals. The associated cash outflows are generally staggered over a period of up to six months, pursuant to the payment terms agreed with the shipyard and the suppliers of spares and equipment. Drydocking related payments during the three-month period ended March 31, 2026 amounted to $1.1 million. See "*Recent Developments*" below for further information about our capital expenditures after March 31, 2026 and through the date this discussion was issued.

#### Our borrowing and capital raising activities during the reporting period

*Maui Term Loan Facility*. On September 16, 2024, we entered into a term loan facility with a leading international financial institution for up to $91.5 million, consisting of a committed portion of up to $16.5 million and an uncommitted upsize option of up to another $75 million (the "Maui Term Loan Facility"). On September 19, 2024, we borrowed the $16.5 million committed portion in full, to finance part of the purchase price of the M/V *Bravo* and to leverage the M/V *Alfa*. For additional information about the Maui Term Loan Facility, see Note 7 "*Long-Term Debt*" to our unaudited interim condensed consolidated financial statements filed with the SEC on the same day as this discussion. As of March 31, 2026, we had not borrowed any amount under the uncommitted upsize option and, following principal repayments of $0.2 million made during the reporting period, the outstanding balance under the Maui Term Loan Facility was $13.7 million.

*Finance lease liability*. On March 21, 2025, we entered into a bareboat agreement with an unaffiliated third party to charter-in, with the option to eventually purchase, the M/V *Charlie*. On June 21, 2025, the vessel was delivered to the Company. After assessing the terms of the bareboat agreement and considering the lease classification criteria under ASC 842 "*Leases*," we recognized as a finance lease liability, which was initially measured at $21.7 million. For additional information about this finance lease liability, see Note 7 "*Long-Term Debt*" to our unaudited interim condensed consolidated financial statements filed with the SEC on the same day as this discussion. As of March 31, 2026, following principal repayments of $0.3 million made during the reporting period, the outstanding balance under this financial lease liability was $20.8 million.

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*Standby Equity Purchase Agreement.* On August 27, 2025 (the "Effective Date"), we entered into a standby equity purchase agreement ("SEPA") with YA II PN, Ltd., a Cayman Islands exempt limited company ("Yorkville"). Pursuant to the SEPA, subject to the terms and conditions set forth therein, we have the right, but not the obligation, to issue (each such issuance, an "Advance") to Yorkville, and Yorkville has the obligation to subscribe for common shares for an aggregate subscription amount of up to $20 million (the "Commitment Amount"), at any time from the Effective Date until August 27, 2028, unless earlier terminated pursuant to its terms, by delivering written notice to Yorkville (each, an "Advance Notice"). For additional information about the SEPA, see Note 8 "*Capital Structure*" to our unaudited interim condensed consolidated financial statements filed with the SEC on the same day as this discussion. During the three-month period ended March 31, 2026, we issued 1,816,493 common shares pursuant to Advances under the SEPA for aggregate net proceeds of $5.8 million and a net gain on issuance of $1.0 million. We also issued 72,386 common shares in satisfaction of the second half of the commitment fee under the SEPA. As of March 31, 2026, $12.8 million of the Commitment Amount remained available for future Advances.

*ATM Agreement*. On February 4, 2026, we entered into an at-the-market offering agreement (the "ATM Agreement") with Maxim Group LLC ("Maxim"). Under the terms of the ATM Agreement, we may, from time to time, offer and sell common shares having an aggregate offering value of up to $3.4 million to or through Maxim, acting as sales agent. The timing and amount of any sales under the ATM Agreement are at our sole discretion. For additional information about the ATM Agreement, see Note 8 "*Capital Structure*" to our unaudited interim condensed consolidated financial statements filed with the SEC on the same day as this discussion. During the three-month period ended March 31, 2026, we issued 633,213 common shares under the ATM Agreement for aggregate net proceeds of $1.1 million. As of March 31, 2026, $2.3 million remained available under the ATM Agreement.

*Recent Developments*. See "*Recent Developments*" below for further information about our borrowing and capital raising activities after March 31, 2026 and through the date this discussion was issued.

#### Recent Developments

***Vessel employment***. In April 2026, the M/V *Charlie* was delivered to a reputable dry bulk operator and commenced a 16- to 20-month time charter. Under this charter, the vessel is earning hire at a floating daily rate linked to the Baltic Supramax Index, while preserving the option to convert to a fixed hire rate, at a time and for a period of the Company's choosing, The charter also provides for compensation related to fuel cost savings derived from the vessel's scrubber.

***Vessel employment***. In May 2026, we exercised our option to convert the floating hire rate under the time charter of the M/V *Alfa* to a fixed hire rate of $18,000 per day for the seven-month period from June to December 2026, contributing approximately $3.7 million to Icon's estimated minimum contracted revenue.

***Capital expenditures***. The M/V *Alfa* completed her drydocking in May 2026 and the M/V *Bravo* is expected to complete her drydocking in June 2026. These drydockings are estimated to cost approximately $2.5 million in aggregate and the vessels are expected to be taken off service for approximately 45 days in aggregate.

***Investment.*** On May 22, 2026, the Company's Board of Directors approved the Company's non-controlling participation in the acquisition of a 2,000 TEU geared container feeder with high reefer capacity, built in 2008. Upon acquisition, the vessel will be chartered to an investment-grade liner operator, at a fixed hire rate of $26,500 per day for a period of 24 to 26 months, generating approximately $19 million of minimum contracted revenue. It will be acquired by a consortium of professional maritime investors led by a reputable containership owner and operator, which will also undertake the vessel's commercial and technical management. The Company has agreed to invest $0.5 million in exchange for a 4.7% equity interest in the entity formed to acquire the vessel. The investment is expected to be funded from cash on hand and to close by the end of June 2026, subject to definitive documentation and customary closing conditions.

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***Transactions with Pavimar.*** Pursuant to the services agreement dated October 1, 2023, as amended and restated on April 1, 2024, Pavimar is eligible to receive incentive compensation from the Company in connection with the services rendered, at such times, amounts, and forms as may be determined by the Company's Board of Directors. No incentive compensation has been approved since October 1, 2023. On April 1, 2026, the independent Compensation Committee of the Company's Board of Directors approved incentive compensation in the amount of $0.2 million. On June 5, 2026, the Company and Pavimar executed a new agreement (the "Master Management Agreement"), to supersede and expand upon the existing arrangements between the parties to reflect the level of commitment, resources, and operational involvement the Company anticipates from Pavimar. The Master Management Agreement is retroactively effective from April 1, 2026, being the date the Company's Board of Directors approved entering into such agreement, with all prior services and management agreements being terminated and with all termination fees and other amounts otherwise payable in connection with such terminations being waived. Pursuant to the Master Management Agreement and under the Company's direction, Pavimar provides the Company with a range of corporate management and administration services (the "Corporate Services"), including, but not limited to, accounting, representation, tax administration, clerical and secretarial support, corporate officer services (including the services of our Chief Executive Officer, Chief Financial Officer and Corporate Secretary), third party professional services coordination, investment administration, financial advisory and treasury services. In exchange for the Corporate Services, unless otherwise agreed on a case by case basis, Pavimar charges a quarterly fee of $25,000 per vessel plus $125,000 for the group as a whole, a 1.00% capital raising commission on all gross capital raised by the Company in capital and debt markets, an annual investment administration fee equal to 1.00% of the net asset value of the Company's passive investments, and a contingent fee equal to 15% of realized net profits, if any, from the Company's passive investments. In addition, Pavimar provides the Company with vessel commercial and technical management services (the "Ship Management Services"), including, but not limited to, securing employment, post-fixture support, handling vessel sale and purchases, arranging and supervising crew, repairs and maintenance, insurance, provisions, bunkering, day to day vessel operations, and ancillary services. In exchange for the Ship Management Services, unless otherwise agreed on a case by case basis, Pavimar charges a daily management fee of $800 per vessel, a performance incentive of 1.25% on all gross income arising out of or in connection with the use or operations of the Company's vessels, and a commission of 1.00% on the gross sale or purchase price on each vessel sale or purchase transaction. The Master Management Agreement also provides for annual inflation adjustments to fixed fees, reimbursement of out-of-pocket costs and expenses, extraordinary fees for incremental services that may be requested by the Company, and allows for incentive compensation at such times, amounts, and forms as may be determined by the Company's Board of Directors. The Master Management Agreement has a term of eight years, renewing annually, and provides for payment of a termination fee equal to the fixed fees that would otherwise be payable over the remaining term of the Master Management Agreement.

***Share repurchase program****.* On December 18, 2025, our Board of Directors authorized a share repurchase program under which we may, from time to time, repurchase up to an aggregate of $1 million of our outstanding common shares through December 31, 2026 (the "Program"). For additional information about the Program, see Note 8 "*Capital Structure*" to our unaudited interim condensed consolidated financial statements filed with the SEC on the same day as this discussion. Subsequent to the end of the reporting period and through the date this discussion was issued, the Company repurchased 77,396 common shares under the Program for an aggregate gross amount of approximately $0.1 million.

***ATM Agreement***. Subsequent to the end of the reporting period and through the date this discussion was issued, the Company issued 496,040 common shares pursuant to the ATM Agreement for aggregate net proceeds of $0.6 million.

***Number of common shares***. As of the date this discussion was issued, the Company had 3,710,109 common shares issued, consisting of 77,396 common shares held in treasury and 3,632,713 common shares outstanding.

#### Critical Accounting Estimates

This discussion and analysis of our financial condition and results of operations is based on, and should be read in conjunction with, our unaudited interim condensed consolidated financial statements and the notes thereto, which have been prepared in accordance with US GAAP and filed with the SEC on the same day as this discussion.

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The preparation of our unaudited interim condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of such financial statements, and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience, current trends, anticipated future events, and other factors it believes are reasonable under the circumstances. Actual results could differ materially from those estimates. Management reviews those estimates on an ongoing basis, including those related to revenue recognition, future drydock dates, the selection of useful lives and residual values of our vessels (or right-of-use asset under finance lease), expected future cash flows from our vessels to support impairment assessments, and provisions for accounts receivable, legal disputes and contingencies. Critical accounting estimates are those that involve management's most difficult, subjective, or complex judgments, typically due to the need to make assumptions about the effects of matters that are inherently uncertain. These estimates have the potential to result in materially different outcomes under different assumptions and conditions.

There have been no material changes during the three months ended March 31, 2026 to our critical accounting estimates as described in our most recent Annual Report on Form 20-F. For a more detailed discussion of our critical accounting estimates, as well as the accounting policies that are most significant to the presentation of our financial position, results of operations, and cash flows, please refer to our most recent Annual Report on Form 20-F and Note 2 *"Significant Accounting Policies and Recent Accounting Pronouncements"* to our unaudited interim condensed consolidated financial statements filed with the SEC on the same day as this discussion.

#### Non-GAAP Financial Measures

To supplement our financial information presented in accordance with US GAAP, we may use certain "non-GAAP financial measures" as such term is defined in Regulation G promulgated by the SEC. Generally, a non-GAAP financial measure is a numerical measure of a company's operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with US GAAP. We believe non-GAAP financial measures provide investors with greater transparency and supplemental data relating to our financial condition and results of operations and, therefore, a more complete understanding of our business and financial performance than the comparable US GAAP measures alone. However, non-GAAP financial measures should only be used in addition to, and not as substitutes for, the financial results presented in accordance with US GAAP. Although we believe the following definitions and calculation methods are consistent with industry standards, our non-GAAP financial measures may not be directly comparable to similarly titled measures of other companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Time Charter Equivalent ("TCE")*. TCE is a measure of revenue generated over a period that accounts for the effect of the different charter types under which our vessels may
 be employed. TCE is calculated by deducting voyage expenses from revenue and making any other adjustments that may be required to approximate the revenue that would have been generated, had the vessels been employed under time charters, net
 of commissions. TCE is typically expressed on a daily basis ("Daily TCE") by dividing it by Operating Days, to eliminate the effect of changes in fleet composition between periods.

<br> • *Daily Vessel Operating Expenses ("Daily OPEX")*. Daily OPEX is a measure of the vessel operating expenses incurred over a period divided by Ownership Days, to eliminate the effect of changes in fleet composition between periods.

• *Earnings before Interest, Tax, Depreciation and Amortization ("EBITDA")*. EBITDA is a financial measure we calculate by deducting interest and finance costs, interest income, taxes, depreciation and amortization, from net income. EBITDA assists our management by carving out the effects that non-operating expenses and non-cash items have on our financial results. We believe this also enhances the comparability of our operating performance between periods and against companies that may have varying capital structures, other depreciation and amortization policies, or that may be subject to different tax regulations.

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The following table summarizes these non-GAAP financial measures during the reported periods:

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| | | |
|:---|:---|:---|
| *(in thousands of U.S. dollars, except for daily measures)* | **Three-month period ended**<br> **March 31,** | **Three-month period ended**<br> **March 31,** |
|  | **2026** | **2025** |
| ***Non-GAAP financial measures*** |  |  |
| EBITDA | $2154 | $(656) |
| Daily TCE | 12902 | 8056 |
| Daily OPEX | 5278 | 5156 |

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The following table reconciles non-GAAP financial measures to the most directly comparable US GAAP financial measures:

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| | | |
|:---|:---|:---|
|  *(in thousands of U.S. dollars, except for fleet operational data and daily measures)* | **Three-month period ended**<br>**March 31,** | **Three-month period ended**<br>**March 31,** |
|  | **2026** | **2025** |
|  ***TCE and Daily TCE:*** |  |  |
|  Revenue, net | $3646 | $1525 |
|  *Less:* Voyage expenses | (165) | (75) |
|  **TCE** | $**3481** | $**1450** |
|  *Divided by*: Operating Days | 269.8 | 180.0 |
|  **Daily TCE** | $**12902** | $**8056** |
|  ***Daily OPEX:*** |  |  |
|  Vessel operating expenses | $1425 | $928 |
|  *Divided by*: Ownership Days | 270.0 | 180.0 |
|  **Daily OPEX** | $**5278** | $**5156** |
|  ***EBITDA:*** |  |  |
|  Net income/(loss) | $417 | $(2977) |
|  Plus: Depreciation expense | 857 | 572 |
|  Plus: Amortization of deferred drydocking costs | 233 | 129 |
|  Plus: Interest and finance costs | 689 | 1654 |
|  Less: Interest income | (42) | (34) |
|  **EBITDA** | $**2154** | $**(656)** |

---

#### Risk Factors Update

The following risk factors update and supplement, and should be read together with, the risk factors previously provided under "*Risk Factors*" in the Company's most recent Annual Report on Form 20-F for information on the risk factors to which the Company is subject. The following is a newly identified or developed risk factor to which the Company has become subject since the Company's most recent Annual Report on Form 20-F was filed.

#### The performance of any passive investments we make is dependent on the financial performance of our investees, over which we do not exercise control.

In connection with our current or future passive investment initiatives, we may seek investment opportunities in the broader maritime space and acquire minority equity or other non-controlling interests in other companies or investees. Because we generally do not control these investees and may have limited shareholder or other investor rights, our ability to influence their business strategies, operational decisions, capital allocation policies and other matters affecting their performance may be limited or nonexistent. As a result, the performance of such passive investments is dependent on the performance of such investees, over which we do not exercise control.

#### The timing, amount and form of any returns from any passive investments are uncertain, and such investments may be illiquid.

The investees are generally not obligated to pay dividends, and their dividend policies are determined at their own discretion, based on their own financial performance, capital requirements, and strategic priorities, all of which are outside our control. As a result, there can be no assurance regarding the timing, amount or form of any returns that may be realized by these investments. Also, the investees may be privately held or the investments may be otherwise illiquid, and there may be no established trading or secondary market for such investments, which could limit our ability to dispose of such investments on favorable terms or at all.

------

***Our passive investments are subject to the risks of the underlying businesses and may result in a partial or complete loss of our invested capital.***

We are exposed to the risks inherent in all investment acquisitions, including that an investee may not successfully execute its business plan, grow its business or achieve expected results. In addition, through these investments, we are exposed to the risks typical of their respective businesses, including regulatory and legislative risk, social, economic, political risk, market risk, cyber security, credit and financial risk, and various operational risks. Any of these risks could adversely affect the financial condition and operating performance of our investees, reduce the value of our investments, and result in a partial or complete loss of our invested capital.

13<br>

------

## Exhibit 99.3

------

**Exhibit 99.3**<br>

![](image00002.jpg)

#### Icon Energy Corp. Announces Investment in a Long-Term Chartered Containership

**Athens, Greece, June 9, 2026 (GLOBE NEWSWIRE)** - Icon Energy Corp. ("**Icon**" or the "**Company**") (Nasdaq: ICON), an international shipping company providing worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels, today announced that it has agreed to participate as a minority investor in the acquisition of a containership employed under a long-term contract with an investment-grade liner operator.

#### Transaction

The vessel is a 2,000 TEU geared container feeder with high reefer capacity, built in 2008. Upon acquisition, the vessel will be chartered to an investment-grade liner operator, at a fixed hire rate of $26,500 per day for a period of 24 to 26 months, generating approximately $19 million of minimum contracted revenue. The vessel will be acquired by a consortium of professional maritime investors led by a reputable containership owner and operator, which will also undertake the vessel's commercial and technical management.

Icon has agreed to acquire an approximately 5% equity interest in the entity formed to own the vessel. The investment is expected to be funded from cash on hand and to close by the end of June 2026, subject to definitive documentation and customary closing conditions.

#### Opportunistic Investment Framework

The transaction forms part of an opportunistic investment framework designed to complement Icon's core dry bulk business through selective co-investments in adjacent maritime opportunities alongside experienced industry partners.

Icon expects future co-investments under this framework, if any, to be pursued opportunistically and with disciplined sizing as passive, non-controlling positions, seeking to enhance returns while preserving Icon's operational focus, financial flexibility, and capacity for future growth within its core dry bulk business. In addition, this framework is expected to expand market intelligence, broaden Icon's network, and provide access to the expertise, insights and perspectives of other experienced investors and operators. It is also expected to deepen Icon's understanding of adjacent maritime sectors and potential areas for future strategic expansion.

#### About Icon Energy Corp.

Icon is an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels. Icon maintains its principal executive office in Athens, Greece, and its common shares trade on the Nasdaq Capital Market under the symbol "ICON."

------

#### Cautionary Note Regarding Forward Looking Statements

This communication contains "forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995." Forward-looking statements include, but are not limited to, statements regarding our or our management's expectations, hopes, beliefs, intentions, initiatives or strategies regarding the future, and are therefore statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions that are other than statements of historical fact, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant risks, uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, the Company cannot provide assurance that it will achieve or accomplish these expectations, beliefs or projections. The Company's actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"). As a result, you are cautioned not to unduly rely on any forward-looking statements, which speak only as of the date of this communication. Factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, among other things: the Company's future operating or financial results; the Company's liquidity, including its ability to service any indebtedness; changes in shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war) or international hostilities; risks associated with pandemics; and other factors listed from time to time in the Company's filings with the SEC. For more discussion of the risks that could impact forward-looking statements, you are encouraged to review the discussion under the title "*Risk Factors*" in the Company's most recent Annual Report on Form 20-F. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

#### Contact Information

Icon Energy Corp.

Dennis Psachos

Chief Financial Officer

+30 211 88 81 300

<u>ir@icon-nrg.com</u>

<u>www.icon-nrg.com</u>

------

## Exhibit 10.1

#### Exhibit 10.1

#### MASTER MANAGEMENT AGREEMENT
This Master Management Agreement (the "Agreement") is dated on June 5, 2026 and is entered into by and between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** Icon Energy Corp. a corporation duly organized and existing under the laws of the Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 ("Icon");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** Pavimar Shipping Co. a company duly organized and existing under the laws of the Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands,
 MH96960 and having established a branch office in Greece pursuant to the provisions of art. 25 of Law 27/1975 (formerly law 89/1967) at 17<sup>th</sup> km National Road
 Athens-Lamia & Foinikos street, 14564, Nea Kifisia, Athens, Greece (the "Manager"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** The entities listed in Schedule A hereto, as such Schedule A may be supplemented and/or amended from time to time (the "Managed Entities")

(hereinafter collectively referred to as the "Parties" or individually as a "Party").

#### WHEREAS:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** Icon, directly or indirectly, wholly or partially, owns the Managed Entities, each of which carries on the business described opposite its name in Schedule A hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** The Manager has the benefit of expertise in the provision of technical, commercial, crew and ancillary management services in respect of oceangoing cargo vessels, as well as in the administration and representation of shipowning companies
 generally, in each case either on its own or through the appointment of one or more specialized Sub-Manager(s) (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** Subject to the terms and conditions set forth herein, the Group (as defined below) has retained the Manager to provide certain technical, commercial, crew and ancillary management and administrative services as described in more detail in
 this Agreement and the Schedules hereto, and the Manager is willing and able to provide such services.

**NOW THEREFORE**, in consideration of the foregoing, the Parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Definitions and Construction** 

In this Agreement:

"Administrative Management Services" means the administrative support services set forth in Schedule C to this Agreement.

"Affiliate" means, in relation to a specified person, any other person directly or indirectly controlling or controlled by or under direct or indirect common control with such person.

"Agreement" means this Master Management Agreement.

"Board" means, in relation to a specified entity, the Board of Directors of such entity as same may be constituted from time to time.

"Business Day" means a day (excluding Saturdays and Sundays) on which banks are open for general business in Athens, Greece and New York, United States.

------

"Change of Control" means the occurrence of any of the following events, at any time after the Effective Date:

(a) the acquisition by any person, other than Icon or one or more Permitted Holders, of beneficial ownership or control of any capital stock of Icon if, after such acquisition, such person beneficially owns or controls a percentage equal to or greater than the Change of Control Threshold of Icon's Outstanding Common Stock or Outstanding Voting Securities (including any convertible securities, warrants, options, or other rights of any nature to acquire Icon's Outstanding Common Stock or Outstanding Voting Securities); or

<br> (b) a change in the composition of the Board of Icon that results in its Continuing Directors no longer constituting a majority of its Board (or, if applicable, of the Board of a successor to Icon); or

(c) the consummation of a merger, consolidation, reorganization, recapitalization or share exchange involving Icon, or a sale or other disposition of all or substantially all of the assets of Icon, unless, immediately following such transaction or series of transactions, in the resulting or acquiring corporation (which shall include, without limitation, a corporation, which as a result of such transaction or series of transactions directly or indirectly owns or controls Icon or substantially all of Icon's assets) (such resulting or acquiring corporation, the "Acquiring Corporation") no person, other than one or more Permitted Holders, beneficially owns or controls a percentage equal to or greater than the Change of Control Threshold of the Acquiring Corporation's Outstanding Common Stock or Outstanding Voting Securities (including any convertible securities, warrants, options, or other rights of any nature to acquire the Acquiring Corporation's Outstanding Common Stock or Outstanding Voting Securities); or

<br> (d) Mrs. Ismini Panagiotidi ceases to be the Chief Executive Officer of Icon; or

<br> (e) the liquidation or dissolution of Icon.

"Change of Control Threshold" means thirty percent (30%).

"Continuing Director" means, in relation of a specified entity, at any date a member of the Board of such entity who was a member of its Board on the Effective Date; or was nominated or elected subsequent to such date by at least a majority of its directors who were Continuing Directors at the time of such nomination or election; or whose election to its Board was recommended or endorsed by at least a majority of the directors who were Continuing Directors at the time of such nomination or election; provided that there shall be excluded from this definition any individual whose initial assumption of office occurred as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a person other than the Board of such entity.

"CPI" means, in relation to a specified country, the annual consumer price index of such country as compiled and published by its official statistical bureau.

"Effective Date" means the date on which Icon's Board approved Icon's entry into a management agreement substantially in the form of this Agreement.

"Exchange Act" means the United States Securities Exchange Act of 1934.

"Flat Fee" has the meaning set forth in Section 6(b)(ii) of this Agreement.

"Group" means Icon and the Managed Entities from time to time and "member of the Group" shall be construed accordingly.

"Icon" has the meaning set forth in the preamble to this Agreement.

"Incentive Compensation" has the meaning set forth in Section 6(f) of this Agreement.

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"Initial Services Agreement" means the services agreement dated April 1, 2024, as amended and restated, between Icon and the Manager, pursuant to which the Manager provides Icon with the services of Icon's executive officers and corporate secretary.

"Initial Ship Management Agreements" means the ship management agreements entered into between the Manager and each of the Managed Entities prior to the Effective Date regarding the technical, commercial, crew and ancillary management of the Vessels.

"Managed Entity" means each of the entities listed in Schedule A hereto, as such Schedule A may be supplemented and/or amended from time to time to include or exclude entities that may become, or cease to be, Managed Entities.

"Management Fees" has the meaning set forth in Section 6(c) of this Agreement.

"Manager" has the meaning set forth in the preamble to this Agreement.

"Net Asset Value" means, in relation to a specified Passive Investment, the aggregate fair market value of the assets of such Passive Investment less its liabilities, in each case to the extent attributable to the Group's direct or indirect interest therein, as determined by the Group in good faith based on generally accepted valuation methodologies.

"Net Profit" means, in relation to a specified Passive Investment, the amount by which all cash proceeds, distributions, dividends, sale proceeds and other amounts realized by the Group from such Passive Investment exceed the aggregate capital the Group invested therein.

"Outstanding Common Stock" means, in relation to a specified entity at any time, the shares of common stock of such entity then issued and outstanding.

"Outstanding Voting Securities" means, in relation to a specified entity at any time, the securities of such entity then issued and outstanding and entitled to vote at its general meeting, or appoint or remove its directors or other equivalent officers, or give directions with respect to its operating and financial policies with which its directors or other equivalent officers are obliged to comply.

"Party" has the meaning set forth in the preamble to this Agreement.

"Passive Investment" means any investment in equity, membership interests, partnership interests, securities, or other instruments or interests in private or public businesses in which the Group does not possess or exercise operational control or day-to-day management authority.

"Permitted Holders" means (a) Mrs. Ismini Panagiotidi and/or her ascendants, descendants and/or other immediate family members; (b) any Affiliate of any of the foregoing; (c) in the event of incapacity (as adjudicated by a court of competent jurisdiction) or death of any of the persons described in limb (a) of this definition, such person's estate, executor, administrator, committee or other personal representative, in each case who at any particular date will beneficially own or have the right to acquire, directly or indirectly, capital stock or Icon's Outstanding Common Stock or Outstanding Voting Securities owned by such person; or (d) any trusts, general partnerships or limited partnerships created for the benefit of the persons described in limb (a) or (c) of this definition or any trust for the benefit of any such trust, general partnership or limited partnership.

"Reimbursable Expenses" has the meaning set forth in Section 6(e) of this Agreement.

"Sanctions" means any sanctions, embargoes, freezing provisions, prohibitions or other restrictions relating to trading, doing business, investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing) imposed by a Sanctioning Authority against any state, person or body.

"Sanctioned Activity" means any activity, service, carriage, trade or voyage subject to Sanctions.

"Sanctioned Party" means any person or vessel listed, designated or otherwise subject to Sanctions.

------

"Sanctioning Authority" means the United Nations, European Union, United Kingdom, United States of America or any other applicable competent authority or government.

"Services" means the Administrative Management Services and the Ship Management Services.

"Ship Management Agreement" means the ship management agreement substantially in the form set out in Schedule B entered or to be entered into between the Manager and each Managed Entity directly owning or chartering-in a Vessel, on or after the Effective Date regarding the technical, commercial, crew and ancillary management of such Vessel. For the avoidance of doubt the terms and conditions of this Agreement in relation to the Ship Management Services shall prevail over the terms and conditions of the relevant Ship Management Agreement if and to the extent the two are inconsistent or in conflict.

"Ship Management Services" means the technical, commercial, crew and ancillary ship management services set out in each Ship Management Agreement.

"Subsidiary" means, in relation to a specified person, an Affiliate controlled by such person, directly or indirectly through one or more intermediaries.

"Sub-Manager" has the meaning set forth in Section 19(b) of this Agreement.

"Term" has the meaning set forth in Section 9(a) of this Agreement.

"Termination Fee" means a fee equal to the quarterly Flat Fee applicable in the calendar quarter during which the termination takes place, multiplied by the number of calendar quarters constituting the then remaining Term of this Agreement. For the avoidance of doubt, the Termination Fee is additional to any termination fees provided under each Ship Management Agreement. The Parties hereby agree that the Termination Fee is reasonable, proportionate and customary for management contracts of this type with publicly listed shipping companies and their respective subsidiaries especially in view of the agreed Term and considering the investment, personnel, infrastructure and other resources that the Manager is required to maintain for the purposes of performing its obligations under this Agreement.

"Vessel" means any vessel, for so long as it is directly owned or chartered-in by a Managed Entity.

Unless a contrary indication appears, a reference in this Agreement to:

<br> (a) "acquisition" means any transaction, series of transactions or arrangement(s), whether direct or indirect, by which a person obtains beneficial ownership or control of an asset, business, security, undertaking, entity, or right, in whole or in part.

<br> (b) "beneficial ownership" and "beneficially own" shall be construed in accordance with Rule 13d-3 under the Exchange Act;

<br> (c) "control" and the terms "controlling" and "controlled" shall be construed in accordance with Rule 12b-2 under the Exchange Act;

<br> (d) "document" includes a deed and also a letter;

<br> (e) "expense" means any kind of cost, charge or expense (including legal, advisory and other professional costs, charges and expenses) and any applicable tax including VAT;

<br> (f) "including" and "in particular" (and other similar expressions) shall be construed as not limiting any general words or expressions in connection with which they are used;

(g) "person" includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal personality), or group within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act;

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<br> (h) words denoting the singular number shall include the plural and vice versa;

<br> (i) a provision of law is a reference to that provision as amended or re-enacted;

<br> (j) currency, unless stated otherwise, is a reference to United States Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Services** 

<br> (a) In consideration of the payment of the Management Fees the Manager shall, on its own or through one or more Sub-Manager(s), provide:

<br> (i) each Managed Entity directly owning or chartering-in a Vessel, with the Ship Management Services;

<br> (ii) each member of the Group, with the Administrative Management Services.

(b) The Manager shall provide all or such portion of the Services, pursuant to the instructions and supervision of the Group, based on the Manager's policies and standards, which shall not be less than customary international ship management practices and standards and shall take all actions as the Manager may from time to time, at its discretion, consider to be necessary to enable it to perform the Services in accordance with sound commercial, technical, crew and ancillary ship management standards and with the care, diligence and skill that a prudent manager of oceangoing cargo vessels, similar to the Vessels, would possess and exercise, being in compliance with all relevant and applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Covenants** 

During the term of this Agreement the Manager shall:

(a) diligently provide or sub-contract in accordance with Section 19 of this Agreement, all or such portion of the Services, pursuant to the instructions and supervision of the Group, and be responsible for the due and proper performance of such Services;

<br> (b) retain at all times such qualified and competent staff as reasonably necessary to maintain a level of expertise sufficient to provide the Services; and

(c) keep full and proper books, records and accounts showing clearly all transactions relating to its provision of the Services in accordance with established general commercial practices and in accordance with United States generally accepted accounting principles and other applicable regulatory standards.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Non-exclusivity** 

The Manager, any Sub-Manager, and their respective employees, officers, directors, agents and Affiliates may provide services of a nature similar to the Services to any other person without limitation. There is no obligation for the Manager to provide the Services to any member of the Group on an exclusive basis.

------

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Confidential Information** 

(a) Any information relating to any member of the Group or its business or trade secrets, which the Manager or any Sub-Manager, and their respective employees, officers, directors, agents and Affiliates may obtain pursuant to this Agreement, shall be kept confidential and not be disclosed to any third party during or after termination of this Agreement. Any information relating to the Manager or any Sub-Manager and their respective business or trade secrets, which any member of the Group or its employees, officers, directors, agents and Affiliates may obtain pursuant to this Agreement, shall be kept confidential and not be disclosed to any third party during or after termination of this Agreement. All rights to and concerning such information remain vested in the Party disclosing it, in particular with regard to any and all intellectual property rights, and nothing in any disclosure made hereunder shall be construed as granting any patent, copyright or rights of use or similar industrial property rights which may now or hereinafter exist in the information, to the Party receiving it.

<br> (b) The following disclosures shall not be deemed to constitute a violation of this Section 5:

<br> (i) to the auditors or to the financial and legal advisors or to any other consultants of any Party;

<br> (ii) as far as necessary to implement and enforce any of the terms of this Agreement;

<br> (iii) where a Party is under a legal or regulatory obligation to make such disclosure, but limited to the extent of that legal or regulatory obligation;

<br> (iv) to the extent that it is already in the public domain (other than as a result of a Party's breach of this Agreement); or

<br> (v) with the prior written consent of the other Parties.

<br> (c) The Parties agree to take all reasonable steps to make any Sub-Manager and their respective employees, officers, directors, agents and Affiliates aware of the terms of this Section 5 and to ensure that they shall observe those terms.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Management Fees** 

<br> (a) In consideration of the Ship Management Services, each Managed Entity directly owning or chartering-in a Vessel shall pay the Manager the fees included in the relevant Ship Management Agreement;

<br> (b) In consideration of the Administrative Management Services and unless otherwise agreed on a case by case basis, the following fees shall be paid by the Group to the Manager during the Term of this Agreement:

(i) US$125,000 per quarter, accruing daily and payable quarterly in advance, no later than the fifth Business Day of each calendar quarter; and

(ii) US$25,000 per quarter per each Managed Entity that directly owns or charters-in a Vessel, accruing daily and payable quarterly in advance, no later than the fifth Business Day of each calendar quarter (together with the fees payable pursuant to Section 6(b)(i) of this Agreement, the "Flat Fee"); and

(iii) 1.00% on all gross capital raised by the Group in the capital and debt markets, including but not limited to equity, loans, bonds, notes and any other financing arrangements of whatever nature, accruing upon receipt of such proceeds and payable no later than the fifth Business Day following receipt thereof; and

(iv) an annual fee equal to 1.00% of the Net Asset Value of the Group's direct or indirect Passive Investments (accrued, determined and payable quarterly in arrears, no later than the fifth Business Day following determination of such Net Asset Value) and a contingent fee equal to 15% of the Net Profit, if any, derived from each Passive Investment (calculated separately on an investment-by-investment basis, accrued only upon the final disposition, liquidation, monetization, distribution, or other realization event relating thereto, and payable no later than the fifth Business Day thereafter).

------

(c) Extraordinary fees for incremental services that may be provided from time to time by the Manager, upon request by a member of the Group, which are not included in the Services, accruing and payable by Icon as incurred (together with the Flat Fee and the fees payable pursuant to Section 6(a), Section 6(b)(iii) and Section 6(b)(iv) of this Agreement, the "Management Fees").

(d) The Flat Fee shall be adjusted on January 1 of each year following the Effective Date by a percentage equal to the arithmetic average of the percentage change in the CPI of the United States and Greece over the preceding year.

(e) The Group hereby agrees to reimburse the Manager for all reasonable and documented out-of-pocket costs and expenses incurred by the Manager in furtherance of the Group's business or arising out of or in connection with the provision of the Services, including but not limited to postage, communication, training, travelling, entertainment, subscriptions, and fees charged by external legal, accounting, financial, IT or other advisors (the "Reimbursable Expenses").

(f) The Manager shall be eligible to receive incentive compensation in connection with the Services, in such amounts, at such times, and subject to such terms, form, and conditions as may be determined from time to time by any member of the Group in its sole and absolute discretion (the "Incentive Compensation"). For the avoidance of doubt, the Incentive Compensation, if awarded, shall be in addition to any fees or other remuneration payable to the Manager under this Agreement, and the Group shall be under no obligation to award any Incentive Compensation in any period, and any prior award shall not create any precedent or expectation for future awards.

(g) Notwithstanding anything to the contrary in this Agreement, the Manager shall in no circumstances be required to use or commit its own funds to finance the provision of the Services, other than with respect to their own office accommodation, facilities, stationary and office staff employed or contracted by the Manager in the ordinary course of business, and other than with respect to the remuneration of any Sub-Manager in accordance with Section 19(b) of this Agreement.

(h) All amounts payable to the Manager under this Agreement and any Ship Management Agreement shall be paid in full, free and clear of, and without any deduction, withholding, set-off or counterclaim of any nature whatsoever, except as required by applicable law. If any deduction or withholding is required by applicable law, the relevant member of the Group shall pay such additional amounts as may be necessary to ensure that the Manager receives the full amount which it would have received had no such deduction or withholding been made.

(i) If any amount due to the Manager under this Agreement is not paid within 30 days after its due date, the Manager shall be entitled to charge interest on the overdue sum at a rate of 15% per annum.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **General Relationship Between the Parties** 

The relationship between the Parties is that of independent contractor. The Parties to this Agreement do not intend, and nothing herein shall be interpreted so as to create a partnership, joint venture, employee or agency relationship between any of them.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Liability and Indemnity** 

(a) Neither the Group nor the Manager and their respective employees, officers, directors, agents and Affiliates shall be under any liability for any failure to perform any of their obligations hereunder by reason of any cause whatsoever of any nature or kind beyond their reasonable control, including, but not limited to, acts of God, any circumstances arising out of war, threatened act of war or warlike operations, acts of terrorism, sabotage or piracy, or the consequences thereof, riots, civil commotion, blockades or embargoes, epidemics, earthquakes, landslides, floods or other extraordinary weather conditions, fire, accident, explosion, government requisition, strikes, lockouts or other industrial action.

------

(b) The Manager shall be under no liability whatsoever to the Group for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect and howsoever arising in the course of performance of the Services, unless and to the extent that such loss, damage, delay or expense is proven (through a judgement of a court of competent jurisdiction) to have resulted solely from fraud, gross negligence or willful misconduct of the Manager or its employees, officers, directors, agents and/or Affiliates in which case (save where such loss, damage, delay or expense has resulted from the Manager's personal act or omission committed with the intent to cause same or recklessly and with knowledge that such loss, damage, delay or expense would probably result) the Manager's liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of two (2) times the quarterly Flat Fee (including any Manager's liability for each incident or series of incidents giving rise to a claim or claims under a Ship Management Agreement).

(c) The Group shall keep the Manager and any Sub-Manager and their respective employees, officers, directors, agents and Affiliates indemnified and hold them harmless against all actions, proceedings, claims, demands or liabilities whatsoever or howsoever arising, which may be brought against them or incurred or suffered by them arising out of or in connection with the performance of this Agreement, and against and in respect of all costs, loss, damages and expenses (including legal costs and expenses on a full indemnity basis), which they may suffer or incur (whether directly or indirectly) in the course of the performance of this Agreement, unless and to the extent that such actions, proceedings, claims, demands, liabilities, costs, loss, damages or expenses are proven (through the judgement of a court of competent jurisdiction) to have resulted solely from fraud, gross negligence or willful misconduct of the Manager and/or any Sub-Manager and/or their respective employees, officers, directors, agents and Affiliates.

(d) Without prejudice to the general indemnity set out in this Section 8, the Group hereby undertakes to indemnify the Manager and any Sub-Manager and their respective employees, officers, directors, agents and Affiliates against all taxes (including but not limited to VAT and tonnage taxes), imposts and duties levied by any government as a result of the operations of the Group or the Vessels, whether or not such taxes, imposts and duties are levied on any member of the Group, the Vessels, or the Manager. The Group shall pay all applicable taxes, levies, dues or fines imposed on the Group, the Vessels or the Manager as a result of the existence and operations of the Group and the Vessels. For the avoidance of doubt, such indemnity shall not apply to taxes imposed on amounts paid to the Manager as consideration for the performance of the Services.

(e) It is hereby expressly agreed that no employees, officers, directors, agents or Affiliates of the Manager (including any sub-contractor from time to time employed by the Manager and the employees of such sub-contractor) shall in any circumstances whatsoever be under any liability whatsoever to the Group for any loss, damage or delay of whatsoever kind arising or resulting directly or indirectly from any act, neglect or default on his part while acting in the course of or in connection with his employment, appointment, or engagement and, without prejudice to the generality of the foregoing provisions in this Section 8, every exemption, limitation, condition and liberty herein contained and every right, exemption from liability, defence and immunity of whatsoever nature applicable to the Manager or to which the Manager is entitled hereunder shall also be available and shall extend to protect every such employee, officer, director, agent or Affiliate of the Manager acting as aforesaid.

<br> (f) The provisions of this Section 8 shall remain in force notwithstanding termination of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Term and Termination** 

(a) This Agreement shall be effective as of the Effective Date and shall continue to be in full force and effect for a term of eight (8) years commencing on the Effective Date, and such term shall be automatically renewed annually for the subsequent eight (8) years on each anniversary of the Effective Date (starting from the first anniversary of the Effective Date), unless it is terminated earlier in accordance with this Section 9 (the "Term").

<br> (b) This Agreement, unless otherwise agreed in writing between the Parties hereto, shall be terminated as follows:

<br> (i) By mutual written agreement between the Parties at any time.

<br> (ii) Automatically in case the Manager ceases its business or a resolution is passed or a court order is made for the purposes of winding up the Manager.

<br> (iii) By the Manager as follows:

<br> (1) Upon giving not less than three (3) months prior written notice to the Group for any reason other than the reasons set out in Section 9(b)(iii)(2) and Section 9(b)(iii)(3);

<sup>(2)</sup> Upon written notice to the Group for material breach of any of the Group's obligations under this Agreement; provided that for the purposes of this sub-paragraph, no breach will be considered to have occurred if it is capable of remedy and is remedied within fifteen Business Days of the Manager giving notice to the Group;<br>

<br> (3) Upon giving not less than fifteen (15) Business Days prior written notice to the Group in case of a Change of Control in Icon; provided that any such notice must be given within six (6) months as of the completion of such Change of Control.

<br> (iv) By the Group as follows:

<br> (1) Upon giving not less than three (3) months prior written notice to the Manager for any reason other than the reasons set out in Section 9(b)(iv)(2) and Section 9(b)(iv)(3);

<sup>(2)</sup> Upon written notice to the Manager for failure to perform any or all of the Services to a material extent for a continuous period of two (2) months; provided that for the purposes of this sub-paragraph, no failure will be considered to have occurred if it is capable of remedy and is remedied within fifteen (15) Business Days of the Group giving notice to the Manager;<br>

<br> (3) Upon becoming aware that the Manager is in breach of any warranty given under Section 16 of this Agreement.

(c) In case of termination of this Agreement in accordance with any of the provisions of Section 9(b), the Group shall pay to the Manager on the date of termination: (i) any and all accrued Management Fees, incurred Reimbursable Expenses and awarded Incentive Compensation up to the date of termination. Moreover, in case of termination of this Agreement in accordance with the provisions of Sections 9(b)(iii)(2), 9(b)(iii)(3) or 9(b)(iv)(1), the Group shall additionally pay to the Manager the Termination Fee.

(d) Upon termination of this Agreement, the Manager shall promptly terminate the Services under this Agreement and the Ship Management Agreements. For the avoidance of doubt, termination of a Ship Management Agreement shall not, of itself, constitute a breach or affect the validity of this Agreement nor give rise to any right to terminate this Agreement, except as expressly provided herein.

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<br> (e) With respect to the termination of the Ship Management Agreements applicable are the relevant clauses contained in each respective Ship Management Agreement which shall apply in addition to the provisions of Section 9 of this Agreement.

(f) Termination or expiration of this Agreement for any reason shall be without prejudice to any rights accrued to the benefit of a Party on or prior to such termination or expiration. Such termination or expiration shall not relieve a Party from obligations that are expressly indicated to survive the termination or expiration of this Agreement.

(g) If the validity or effectiveness of any termination, purported termination or non-renewal of this Agreement and/or any Ship Management Agreement is disputed by the Manager in good faith, then, pending final resolution of such dispute by agreement of the Parties or by a final non-appealable decision of a court or tribunal of competent jurisdiction, the Manager shall continue to be entitled to receive the Flat Fee and any other recurring fixed Management Fees payable under this Agreement and/or the relevant Ship Management Agreement(s), provided that the Manager remains ready, willing and able to perform the relevant Services, and any amounts so paid shall be credited against any final amounts determined to be payable between the Parties in connection with such dispute.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Surrender of Books and Records** 

Upon termination of this Agreement, the Manager shall forthwith surrender to the Group any and all books, records, documents and other property in the possession or control of the Manager relating to the provision of the Services, to this Agreement and to the business, finance, technology, trademarks or affairs of the Group and, except as required by law, shall not retain any copies of same.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Entire Agreement** 

This Agreement and the Ship Management Agreements constitute the entire agreement of the Parties relating to the matters contained herein and therein, superseding all prior contracts or agreements, whether oral or written, relating to the matters contained herein and therein, including the Initial Services Agreement and the Initial Ship Management Agreements. Any such prior contracts or agreements shall be deemed cancelled, replaced and of no further force or effect solely by reason of being superseded by this Agreement and the relevant Ship Management Agreements, and shall not be deemed to have been terminated, rescinded or repudiated, nor shall such supersession give rise to any termination rights, termination payments, break fees, damages or other liabilities that would otherwise arise upon termination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Amendments to this Agreement** 

This Agreement may be amended, superseded, cancelled, renewed or extended and the terms hereof may be waived, only by a written instrument signed by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Severability** 

If, at any time, any provision in this Agreement is or becomes void, illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

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&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Governing Law and Third Party Rights** 

<br> (a) This Agreement and any non-contractual obligations arising out of, or in connection with, it shall be governed by, and construed in accordance with, the laws of England and Wales.

(b) Any dispute arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 14. The seat of the arbitration shall be England, even where the hearing takes place outside England.

<br> (c) The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration proceedings are commenced.

(d) The reference shall be to three arbitrators, one to be appointed by each Party and the third, subject to the provisions of the LMAA Terms, by the two so appointed. A Party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other Party requiring the other Party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other Party appoints its own arbitrator and gives notice that it has done so within the 14 days specified. If the other Party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified in the notice, the Party referring a dispute to arbitration may, without the requirement of any further prior notice to the other Party, appoint its arbitrator as sole arbitrator and shall advise the other Party accordingly. The award of a sole arbitrator shall be binding on both Parties as if the arbitrator had been appointed by agreement. If any of the appointed arbitrators refuses or is incapable of acting, the Party who appointed him shall appoint a new arbitrator in his place.

<br> (e) In any dispute involving more than one members of the Group, then such members of the Group shall jointly appoint an arbitrator as if they were a single Party.

<br> (f) Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator.

<br> (g) The award rendered by the Arbitration Tribunal shall be final and binding upon the Parties and may if necessary be enforced by the Court or any other competent authority in the same manner as a judgment of the Court.

(h) Save as otherwise expressly provided in this Agreement, no provisions of this Agreement which confer rights, claims or benefits upon any person who is not a Party to this Agreement shall be enforceable pursuant to the Contracts (Rights of Third Parties) Act 1999 by any such person.

<br> (i) This Agreement (including, but not limited to, this Clause 14) may be terminated, rescinded, or varied in any way by Icon and the Manager without the consent of any other Person who may be expressly entitled to the benefit of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Subsidiaries** 

<br> (a) Icon shall procure that each of its current or future Subsidiaries shall adhere and become a party to:

<br> (i) this Agreement, on the later of the Effective Date and the day it becomes a Subsidiary of Icon; and

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<br> (ii) a Ship Management Agreement, on the later of the Effective Date and the date upon which that Subsidiary enters into any contractual agreement to acquire or charter-in a Vessel,

by entering into an accession agreement (or any other agreement or instrument having substantially the same effect) to be executed between such Subsidiary and the Parties.

(b) The members of the Group which are parties to this Agreement (including any which have become so by executing an accession agreement) hereby authorise any director or officer of Icon from time to time to execute each such accession agreement on their behalf so as to bind them. Such accession agreement shall become effective immediately.

<br> (c) Subject to this Section 15, Icon is entering into this Agreement on behalf of each of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Sanctions** 

<br> (a) On entering into and throughout the Term of this Agreement:

<br> (i) each Party warrants for itself that it is not a Sanctioned Party and that any performance of its obligations under this Agreement shall not constitute a Sanctioned Activity;

<br> (ii) each Managed Entity owning or chartering-in a Vessel warrants that its Vessel is not a Sanctioned Party and will not be used for any Sanctioned Activity;

<br> (iii) the Manager warrants that it will not subcontract any of its duties or obligations under this Agreement to any Sanctioned Party.

<br> (b) Notwithstanding anything to the contrary in this Agreement, no Party shall be required to do anything which constitutes a Sanctioned Activity.

&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Anti-Corruption** 

The Parties agree that in connection with the performance of this Agreement they shall each comply at all times with all applicable anti-corruption legislation. Notwithstanding anything to the contrary in this Agreement, if a Party fails to comply with any applicable anti-corruption legislation, it shall defend and indemnify the other Parties against any and all claims, losses, damages, costs and fines whatsoever suffered by the other Parties resulting from such breach, including but not limited to the event that such breach causes a non-breaching Party to also be in breach.

&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Notices** 

Any notice under this Agreement shall be in writing and delivered personally, by courier or shall be served through a process server as follows:

<br> (a) If to any member of the Group:

Icon Energy Corp

c/o 17th km National Road

Athens-Lamia & Foinikos Str.

14564, Nea Kifissia, Athens, Greece

Email: legal@icon-nrg.com

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<br> (b) If to the Manager:

Pavimar Shipping Co.

17th km National Road

Athens-Lamia & Foinikos Str.

14564, Nea Kifissia, Athens, Greece

Email: legal@pavimarship.com

&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Assignment and Sub-Contracting** 

<br> (a) This Agreement, and the Group's rights and obligations hereunder, may not be assigned by the Group without the prior written consent of the Manager, unless:

<br> (i) the Parties agree otherwise; or

<br> (ii) such assignment is made in connection with the financing of a Vessel, provided that such financing is not in contravention of any laws, regulations or sanctions which the Manager may be subject to;

provided that, in the event of any sale, transfer or other disposition of all or substantially all of the Group's assets and business, whether by merger, consolidation or otherwise, the Group shall assign this Agreement and its rights and obligations hereunder to the successor to its assets and business.

(b) The Manager may freely sub-contract and/or sub-license this Agreement, or any part thereof, and/or appoint any person or corporate entity (each a "Sub-Manager"), at any time throughout the Term of this Agreement, to perform such parts of the Services as may seem convenient or appropriate to the Manager, so long as:

<br> (i) the Group consents in writing to such action; or

<br> (ii) the Sub-Manager is an Affiliate of the Manager; or

<br> (iii) the Manager remains liable for the performance of the Services and its other obligations under this Agreement and bears and pays the remuneration, however described, of any Sub-Manager.

&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Waivers** 

No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such failure or breach and shall not affect the validity and enforceability of any other term of this Agreement. Any waiver must be specifically stated as such in writing and signed by an authorized signatory of the waiving Party.

&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Joint and Several Liability** 

<br> (a) All liabilities and obligations of the members of the Group under this Agreement shall, whether expressed to be so or not, be joint and several.

<br> (b) Icon irrevocably and unconditionally:

<br> (i) guarantees to the Manager due and punctual performance by each member of the Group of all that member's obligations under this Agreement and any Ship Management Agreement;

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(ii) undertakes with the Manager that whenever a member of the Group does not pay any amount when due under or in connection with this Agreement or any Ship Management Agreement, it shall immediately on demand by the Manager pay that amount as if it were the principal obligor; and

(iii) agrees with the Manager that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify the Manager immediately on demand by the Manager against any cost, loss or liability it incurs as a result of another member of the Group not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under this Agreement or any Ship Management Agreement on the date when it would have been due; provided that the amount payable by Icon under this indemnity will not exceed the amount it would have had to pay under this Section 21 if the amount claimed had been recoverable on the basis of a guarantee.

<br> (c) Icon's guarantee under Section 21(b) is a continuing guarantee and will extend to the ultimate balance of sums payable by any member of the Group under this Agreement or any Ship Management Agreement, regardless of any intermediate payment or discharge in whole or in part.

(d) If any discharge, release or arrangement (whether in respect of the obligations of any member of the Group or any security for those obligations or otherwise) is made by the Manager in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of Icon under this Section 21 will continue or be reinstated as if the discharge, release or arrangement had not occurred.

(e) Icon waives any right it may have of first requiring the Manager (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person (including without limitation to commence any proceedings under this Agreement or any Ship Management Agreement) before claiming or commencing proceedings under this Section 21. This waiver applies irrespective of any law or any provision of this Agreement or any Ship Management Agreement to the contrary.

(f) All rights which Icon at any time has (whether in respect of this guarantee or any other transaction) against any other member of the Group or its respective assets shall be fully subordinated to the rights of the Manager under this Agreement or any Ship Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Anti-Circumvention** 

(a) The Group shall not, and Icon shall procure that no member of the Group shall, directly or indirectly, take any action, or enter into any transaction or arrangement, the principal purpose or material effect of which is to avoid, reduce or circumvent the Manager's entitlement to provide the Services, receive the Management Fees or receive the Termination Fee under this Agreement or any Ship Management Agreement.

(b) Without prejudice to the generality of the foregoing, if any Vessel is sold, transferred or otherwise disposed of by a Managed Entity and, within thirty-six (36) months from such sale, transfer or disposition, such Vessel becomes, directly or indirectly, beneficially owned, chartered-in, controlled, managed or operated by Icon, any member of the Group, any person who controls Icon at such time, any Affiliate of such controlling person, or any person acting by arrangement with any of the foregoing, then such transaction or series of transactions shall not operate to avoid or reduce any Management Fees, Termination Fee or other amounts that would otherwise have been payable to the Manager had such Vessel remained within the Group.

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&nbsp;&nbsp;&nbsp;&nbsp;**23.** **Binding Effect** 

This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors, permitted assigns, heirs, executors and legal representatives. The Parties declare that they waive any right to contest the validity of, cancel, or annul this Agreement for any reason and cause whatsoever and particularly for the reasons set out in articles 178, 179, 281, 288 and 388 of the Greek Civil Code.

&nbsp;&nbsp;&nbsp;&nbsp;**24.** **Counterparts** 

This Agreement may be executed in one or more signed counterparts (including facsimile counterparts or as a "pdf" or similar attachment to an email), which shall together form one instrument.

*[Signature Page Follows]*

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*[Signature page to the Master Management Agreement dated June 5, 2026]*

**IN WITNESS WHEREOF,** the parties have executed this Agreement as of the date first written above.

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| | |
|:---|:---|
| **ICON ENERGY CORP.** | **ICON ENERGY CORP.** |
| By: | /s/ Ismini Panagiotidi  |
| Name: | Ismini Panagiotidi |
| Title: | Chairwoman and Chief Executive Officer |

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| | |
|:---|:---|
| **PAVIMAR SHIPPING CO.** | **PAVIMAR SHIPPING CO.** |
| By: | /s/ Eirini Nomikou  |
| Name: | Eirini Nomikou |
| Title: | Sole Director |
| **Signed for and on behalf of each Managed Entity listed in Schedule A hereto** | **Signed for and on behalf of each Managed Entity listed in Schedule A hereto** |
| By: | /s/ Ismini Panagiotidi  |
| Name: | Ismini Panagiotidi |
| Title: | Authorised Representative |

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#### SCHEDULE A

#### MANAGED ENTITIES LIST

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| | | | | |
|:---|:---|:---|:---|:---|
| **Managed Entity** | **Country of Incorporation** | **Business** | **Vessel** | **IMO No** |
| Maui Shipping Co. | Marshall Islands | Investment holding | n/a | n/a |
| Positano Marine Inc. | Marshall Islands | Shipowning | Alfa | 9296808 |
| Reef Shiptrade Ltd | Marshall Islands | Shipowning | Bravo | 9376385 |
| Charlie Marine Ltd. | Marshall Islands | Shipowning | Charlie | 9875616 |
| Icon Investment Holdings Ltd. | Marshall Islands | Investment holding | n/a | n/a |

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#### SCHEDULE B

#### FORM OF SHIP MANAGEMENT AGREEMENT

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| | |
|:---|:---|
| **SHIPMAN 2024** | ![](image00001.jpg) |
| STANDARD SHIP MANAGEMENT AGREEMENT | **PART I** |

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 Vessel's name and IMO number (Annex A)<br> [•]<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp; Place and date of Agreement (Cl. 35)<br> [•] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp; Date of commencement of Agreement (Cls. 2 and 30)<br> On the date stated in Box 1<br>|
| 3.&nbsp;&nbsp;&nbsp;&nbsp; Owners (name, place of registered office and law of registry) (Cl. 1)<br> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: [•]<br> (ii)&nbsp;&nbsp;&nbsp;&nbsp; Place of registered office: [•]<br> (iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Law of registry: [•] | 4.&nbsp;&nbsp;&nbsp;&nbsp; Managers (name, place of registered office and law of registry) (Cl. 1)<br> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Pavimar Shipping Co.<br> (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Place of registered office: Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960 Majuro, Marshall Islands, with Greek Law 27/1975 office established at 17<sup>th</sup> km National Road Athens-Lamia & Foinikos Str., 14564 Nea Kifissia, Athens, Greece<br> (iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Law of registry: Marshall Islands<br>|
| 5.&nbsp;&nbsp;&nbsp;&nbsp; The Company (with reference to the ISM/ISPS Codes) (state name and IMO Unique Company Identification number. If the Company is a third party then also state registered office and principal place of business) (Cls. 1 and 9(c)(i))<br> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Pavimar Shipping Co.<br> (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IMO Unique Company Identification number: 6392446<br> (iii)&nbsp;&nbsp;&nbsp;&nbsp; Place of registered office: Majuro, Marshall Islands<br> (iv)&nbsp;&nbsp;&nbsp;&nbsp; Principal place of business: Greek Law 27/1975 office established at 17th km National Road Athens-Lamia & Foinikos Str., 14564 Nea Kifissia, Athens, Greece | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.&nbsp;&nbsp;&nbsp;&nbsp; Technical Management (state "yes" or "no" as agreed) (Cl. 4)<br> Yes |
| 5.&nbsp;&nbsp;&nbsp;&nbsp; The Company (with reference to the ISM/ISPS Codes) (state name and IMO Unique Company Identification number. If the Company is a third party then also state registered office and principal place of business) (Cls. 1 and 9(c)(i))<br> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Pavimar Shipping Co.<br> (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IMO Unique Company Identification number: 6392446<br> (iii)&nbsp;&nbsp;&nbsp;&nbsp; Place of registered office: Majuro, Marshall Islands<br> (iv)&nbsp;&nbsp;&nbsp;&nbsp; Principal place of business: Greek Law 27/1975 office established at 17th km National Road Athens-Lamia & Foinikos Str., 14564 Nea Kifissia, Athens, Greece | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.&nbsp;&nbsp;&nbsp;&nbsp; Crew Management (state "yes" or "no" as agreed) (Cl. 5(a))<br> Yes |
| 5.&nbsp;&nbsp;&nbsp;&nbsp; The Company (with reference to the ISM/ISPS Codes) (state name and IMO Unique Company Identification number. If the Company is a third party then also state registered office and principal place of business) (Cls. 1 and 9(c)(i))<br> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Pavimar Shipping Co.<br> (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IMO Unique Company Identification number: 6392446<br> (iii)&nbsp;&nbsp;&nbsp;&nbsp; Place of registered office: Majuro, Marshall Islands<br> (iv)&nbsp;&nbsp;&nbsp;&nbsp; Principal place of business: Greek Law 27/1975 office established at 17th km National Road Athens-Lamia & Foinikos Str., 14564 Nea Kifissia, Athens, Greece | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.&nbsp;&nbsp;&nbsp;&nbsp; Commercial Management (state "yes" or "no" as agreed) (Cl. 6)<br> Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.&nbsp;&nbsp;&nbsp;&nbsp; Chartering Services period (only to be filled in if "yes" stated in Box 8) (Cl.6(a))<br> 13 months | 10.&nbsp;&nbsp;&nbsp;&nbsp;Crew Insurance arrangements (state "yes" or "no" as agreed)<br> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crew Insurances\* (Cl. 5(b)): Yes<br> (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance for persons proceeding to sea onboard (Cl. 5(b)(i)): Yes<br> \*only to apply if Crew Management (Cl. 5(a)) agreed (see Box 7)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.&nbsp;&nbsp;&nbsp;&nbsp;Insurance arrangements (state "yes" or "no" as agreed) (Cl. 7)<br> Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.&nbsp;&nbsp;&nbsp;&nbsp;Optional insurances (state optional insurance(s) as agreed, such as kidnap and ransom, loss of hire and FD & D) (Cl. 11(a)(iv))<br> Yes, as to be agreed<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.&nbsp;&nbsp;&nbsp;&nbsp;Interest (state rate of interest to apply after due date to outstanding sums) (Cl. 9(a))<br> 15 percent per annum | 14.&nbsp;&nbsp;&nbsp;&nbsp;Emission Trading Scheme Allowances (Cl. 10)<br> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subclause (a)(iii) to apply (state "yes" or "no" as agreed): Yes<br> (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subclause (b)(iii), (iv) and (v) (state number of days to apply): 10<br> (iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subclause (c) (state fee per port call, if not included in annual management fee): See Annex E<br>|

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.&nbsp;&nbsp;&nbsp;&nbsp;Management fees (state amounts) (Cl. 13(a))<br> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Predelivery management fee:<br> (ii)&nbsp;&nbsp;&nbsp;&nbsp; Annual Daily management fee: USD 800<br> Per Cl. 13 | 16.&nbsp;&nbsp;&nbsp;&nbsp;Attendance fee (state amount and number of days) (Cl. 13(c))<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; Daily rate: See Annex E<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For attendance in excess of number of days per year pro rata: See Annex E<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.&nbsp;&nbsp;&nbsp;&nbsp;Nominated bank account (Cl.13(a))<br> Pavimar Shipping Co.<br> Beneficiary bank: [•]<br> IBAN: [•]<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.&nbsp;&nbsp;&nbsp;&nbsp;Lay-up period / number of months (Cl.13(d))<br> 3 months |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.&nbsp;&nbsp;&nbsp;&nbsp;Minimum contract period (state number of months) (Cl. 30(a))<br> 3 months | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.&nbsp;&nbsp;&nbsp;&nbsp;Management fee on termination (state number of months to apply) (Cl. 31(h))<br> 3 months<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.&nbsp;&nbsp;&nbsp;&nbsp;Severance Costs (state maximum amount) (Cl. 31(i))<br> N/A | 22. Law & arbitration ((a) English law/London arbitration, (b) US law/New York arbitration, (c) English law/Singapore arbitration, (d) Singapore law/Singapore arbitration, (e) Hong Kong law/Hong Kong arbitration, (f) English law/Hong Kong arbitration, (g) Other. Choose law and arbitration venue. If alternative (g)(Other) is chosen, Clause 32 must be appropriately filled in or replaced, failing which alternative (a)(English law/London arbitration) shall apply).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) English law/London arbitration<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.&nbsp;&nbsp;&nbsp;&nbsp;Email address for receipt of arbitration notices and communications on behalf of Owners (CI. 32)<br> [•]<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.&nbsp;&nbsp;&nbsp;&nbsp;Email address for receipt of arbitration notices and communications on behalf of Managers (Cl. 32)<br> [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.&nbsp;&nbsp;&nbsp;&nbsp;Notices (state full style contact details for serving notice to the Owners) (Cl. 34)<br> [•]<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.&nbsp;&nbsp;&nbsp;&nbsp;Notices (state full style contact details for serving notice to the Managers) (Cl. 34)<br> [•] |

---

It is mutually agreed between the Party stated in Box 3 and the Party stated in Box 4 that this Agreement consisting of PART I and PART II as well as Annexes "A" (Details of Vessel or Vessels), "B" (Details of Crew), "C" (Budget), "D" (Associated Vessels) and "E" (Fee Schedule Extraordinary Fees) and "F" (Fuel EU) attached hereto, shall be performed subject to the conditions contained herein. In the extent of a conflict of conditions, the provisions of PART I and Annexes "A", "B", "C", "D" and "E" and "F" shall prevail over those of PART II to the extent of such conflict but no further.

The Party responsible for issuing the final execution version of this Agreement warrants that it is an Authentic BIMCO Template procured from a properly authorised source and that all modifications to it are clearly visible. "Authentic BlMCO Template" means a BIMCO-approved standard contract in an editable electronic format.

  <u> Signature(s) (Owners) <br> Name: <br> Position: </u>   <u> Signature(s) (Managers)<br>Name: <br> Position: </u>

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PART II

#### SECTION 1 - Basis of the Agreement
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Definitions** 

In this Agreement save where the context otherwise requires, the following words and expressions shall have the meanings hereby assigned to them:

"Affiliates" means a company, partnership, or other legal entity which controls, is controlled by, or is under common control with, a Party.

"Change of Control" means a change, after commencement of this Agreement, to the persons or entities with the power (directly or indirectly, whether by way of ownership of shares, proxy, contract, agency or otherwise) to cast, or control the casting of, more than 30 per cent. of the maximum number of votes that might be cast at a general meeting of the Owners; or appoint or remove all, or the majority, of the directors or other equivalent officers of the Owners; or give directions with respect to the operating and financial policies of the Owners with which the directors or other equivalent officers of the Owners are obliged to comply;

"Company" (with reference to the ISM Code and the ISPS Code) means the organisation identified in Box 5 or any replacement organisation appointed by the Owners from time to time (see subclauses 9(b)(i) or 9(c) (ii), whichever is applicable).

"Control" means the direct or indirect ownership of fifty per cent (50%) or more of the issued share capital or any kind of voting rights in a company, partnership, or legal entity, and "controls", "controlled" and "under common control" shall be construed accordingly.

"CPI" means, in relation to a specified country, the annual consumer price index of such country as compiled and published by its official statistical bureau.

"Crew" means the personnel of the numbers, rank and nationality specified in Annex "B" hereto.

"Crew Insurances" means insurance of liabilities in respect of crew risks which shall include but not be limited to death, permanent disability, sickness, injury, repatriation and loss of personal effects (see subclause 5(b) (Crew Insurances) and Clause 7 (Insurance Arrangements) and Clause 11 (Insurance Policies) and Boxes 10 and 11).

"Delivery" means the date on which the Company identified in Box 5 becomes responsible for the Vessel under the ISM and ISPS Codes.

"Flag State" means the State whose flag the Vessel is flying.

"Gross Income" means the gross income arising out of or in connection with the use or operation of the Vessel, including but not limited to freight, hire and passage moneys, the proceeds of the exercise of any lien on sub-freights, compensation in the event of requisition of the Vessel for hire or use, remuneration for salvage and towage services, demurrage and detention moneys, damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of the Vessel, and all moneys under any insurances in relation to loss of hire, general average or otherwise.

"Gross Price" means, in relation to the purchase (or sale) of the Vessel, the gross consideration payable (or receivable) by the Owners for the purchase (or sale) of the Vessel, before any deductions for any commissions, costs, expenses, taxes, fees, or other amounts in connection with such transaction.

"ISM Code" means the International Management Code for the Safe Operation of Ships and for Pollution Prevention and any amendment thereto or substitution therefor.

"ISPS Code" means the International Code for the Security of Ships and Port Facilities and the relevant amendments to Chapter XI of SOLAS and any amendment thereto or substitution therefor.

"Managers" means the party identified in Box 4.

"Management Services" means the services specified in SECTION 2 - Services (Clauses 4 through 7) as indicated affirmatively in Boxes 6 through 8, 10 and 11, SECTION 3 - Obligations (Clause 10) as indicated in Box 14, and all other functions performed by the Managers under the terms of this Agreement, including Predelivery Services and FuelEU Services as per Annex "F".

"Master Management Agreement" means the master management agreement dated June 5, 2026, as amended, supplemented, or otherwise modified from time to time, entered into between certain parties and the Managers and to which the Owners became a party on that date or at a later date by executing an accession agreement (or any other agreement or instrument having substantially the same effect).

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PART II

"Owners" means the party identified in Box 3.

"Parties" means the Owners and the Managers and each individually a "Party".

"Predelivery Services" means the services performed by the Managers for and in respect of the Vessel prior to Delivery.

"Severance Costs" means the costs which are legally required to be paid to the Crew as a result of the early termination of any seafarer employment agreement for service on the Vessel.

"SMS" means the Safety Management System (as defined by the ISM Code).

"STCW" means the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, 1978, as amended in 1995 and 2010 and any amendment thereto or substitution therefor.

"Termination Fee" means an amount equal to the daily management fee stated in Clause 13(a)(ii), as adjusted from time to time, multiplied by the remaining term (in days) of the Master Management Agreement as of the termination date.

"Vessel" means the vessel or vessels details of which are set out in Annex "A" attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Commencement and Appointment** 

With effect from the date stated in Box 2 for the commencement of the Agreement and continuing unless and until terminated as provided herein, the Owners hereby appoint the Managers and the Managers hereby agree to act as the Managers of the Vessel in respect of the Management Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Authority of the Managers** 

Subject to the terms and conditions herein provided, during the period of this Agreement the Managers shall carry out the Management Services in respect of the Vessel as agents for and on behalf of the Owners. The Managers shall have authority to take such actions as they may from time to time in their absolute discretion consider to be necessary to enable them to perform the Management Services in accordance with sound ship management practice, including but not limited to compliance with all applicable rules and regulations. The Managers shall have the power in the name of the Owners or otherwise on their behalf to do all things, which may be expedient or necessary for the provision of the Management Services or otherwise in relation to the proper and effective management of the Vessel. Subject to the terms and conditions herein provided, the Owners shall (in addition to the payment of the management fees provided hereunder) reimburse the Managers in respect of all disbursements and expenses of whatsoever kind, which are incurred by the Managers in connection with the provision of the Management Services. However, nothing in this Agreement shall be deemed to obligate the Managers to expend their own funds in the payment of any amounts to be disbursed for the account of the Owners, it being understood that such funds shall be provided by the Owners as herein set forth.

#### SECTION 2 – Services
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Technical Management** 

(only applicable if agreed according to Box 6).

The Managers shall provide technical management which includes, but is not limited to, the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ensuring that the Vessel complies with the requirements of the law of the Flag State;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ensuring compliance with the ISM Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ensuring compliance with the ISPS Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) operating a drug and alcohol policy as agreed with the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) providing competent personnel to supervise the maintenance and general efficiency of the Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) arranging and supervising dry dockings, repairs, alterations and the maintenance of the Vessel to the standards agreed with the Owners provided that the Managers shall be entitled to incur the necessary
 expenditure to ensure that the Vessel will comply with all requirements and recommendations of the classification society, and with the law of the Flag State and of the places where the Vessel is required to trade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) arranging the supply of necessary stores, spares and lubricating oil;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) appointing surveyors and technical consultants as the Managers may consider from time to time to be necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) arranging for the sampling and testing of fuels, as applicable; and

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PART II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) in accordance with the Owners' instructions, supervising the purchase and sale and , in each case, physical delivery of the Vessel under the purchase or sale agreement. However, services under this subclause 4(j) shall not include
 negotiation of the purchase or sale agreement or transfer of ownership of the Vessel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Crew Management and Crew Insurances** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Crew Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) (only applicable if agreed according to Box 7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Managers shall provide suitably qualified Crew who shall comply with the requirements of STCW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The provision of such crew management services includes, but is not limited to, the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) selecting, engaging and providing for the administration of the Crew, including, as applicable, payroll arrangements, pension arrangements, tax, social security contributions and other mandatory dues related to their employment payable in each Crew member's country of domicile;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ensuring that the applicable requirements of the law of the Flag State in respect of rank, qualification and certification of the Crew and employment regulations, such as Crew's tax and social insurance, are satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ensuring that all Crew have passed a medical examination with a qualified doctor certifying that they are fit for the duties for which they are engaged and are in possession of valid medical certificates issued in accordance with appropriate Flag State requirements or such higher standard of medical examination as may be agreed with the Owners. In the absence of applicable Flag State requirements the medical certificate shall be valid at the time when the respective Crew member arrives on board the Vessel and shall be maintained for the duration of the service on board the Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) ensuring that the Crew shall have a common working language and a command of the English language of a sufficient standard to enable them to perform their duties safely;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) arranging transportation of the Crew, including repatriation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) arranging the supply of provisions unless provided by the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) training of the Crew;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) conducting union negotiations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) If the Managers are the Company, ensuring that the Crew, on joining the Vessel, are given proper familiarisation with their duties in relation to the Vessel's SMS and that instructions which are essential to the SMS are identified, documented and given to the Crew prior to sailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) if the Managers are not the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) ensuring that the Crew, before joining the Vessel, are given proper familiarisation with their duties in relation to the ISM Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) instructing the Crew to obey all reasonable orders of the Company in connection with the operation of the SMS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Where Managers are not providing technical management services in accordance with Clause 4 (Technical Management):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) ensuring that no person connected to the provision and the performance of the crew management services shall proceed to sea on board the Vessel without the prior consent of the Owners (such consent not to be unreasonably withheld); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) ensuring that in the event that the Owners' drug and alcohol policy requires measures to be taken prior to the Crew joining the Vessel, implementing such measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Crew Insurances

(only applicable if subclause 5(a) applies and if agreed according to Box 10)

The Managers shall throughout the period of this Agreement provide the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) arranging Crew Insurances in accordance with the best practice of prudent managers of vessels of a similar type to the Vessel, with sound and reputable insurance companies, underwriters or associations. Insurances for any other persons proceeding to sea onboard the Vessel may be separately agreed by the Owners and the Managers (see Box 10);

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PART II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ensuring that the Owners are aware of the terms, conditions, exceptions and limits of liability of the insurances in subclause 5(b)(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ensuring that all premiums or calls in respect of the insurances in subclause 5(b)(i) are paid by their due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if obtainable at no additional cost, ensuring that insurances in subclause 5(b)(i) name the Owners as a joint assured with full cover and, unless otherwise agreed, on terms such that Owners shall be under no liability in respect of premiums or calls arising in connection with such insurances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) providing written evidence, upon request by and to the reasonable satisfaction of the Owners, of the Managers' compliance with their obligations under subclauses 5(b)(ii), and 5(b)(iii) within a reasonable time of the commencement of this Agreement, and of each renewal date and, if specifically requested, of each payment date of the insurances in subclause 5(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Commercial Management** 

(only applicable if agreed according to Box 8).

The Managers shall provide the following services for the Vessel in accordance with the Owners' instructions, which shall include but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) seeking and negotiating employment for the Vessel and the conclusion (including the execution thereof) of charter parties or other contracts relating to the employment of the Vessel. If such a contract exceeds , or is capable of exceeding, the period stated in Box 9 without taking into account any redelivery allowance of up to 45 days , consent thereto in writing shall first be obtained from the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) arranging for the provision of fuels of the quality specified by the Owners as required for the Vessel's trade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) voyage estimating and accounting and calculation of hire, freights, demurrage and/or despatch monies due from or due to the charterers of the Vessel; assisting in the collection of any sums or emission
 allowances due to the Owners related to the commercial operation of the Vessel in accordance with Clause 12 (Owners' Receivables and Expenses);

If any of the services under subclauses 6(a), 6(b) and 6(c) are to be excluded from the annual management fee, remuneration for these services must be stated in Annex E (Fee Schedule). See subclause 13(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) issuing voyage instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) appointing agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) appointing stevedores; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) arranging surveys associated with the commercial operation of the Vessel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Insurance Arrangements** 

(only applicable if agreed according to Box 11).

The Managers shall arrange insurances in accordance with Clause 11 (Insurance Policies), on such terms as the Owners shall have instructed or agreed, in particular regarding conditions, insured values, deductibles, franchises and limits of liability.

#### SECTION 3 - Obligations
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Managers' Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Managers undertake to use their best endeavours to provide the Management Services as agents for and on behalf of the Owners in accordance with sound ship management practice and to protect and promote the
 interests of the Owners in all matters relating to the provision of services hereunder.

Provided, however, that in the performance of their management responsibilities under this Agreement, the Managers shall be entitled to have regard to their overall responsibility in relation to all vessels as may from time to time be entrusted to their management and in particular, but without prejudice to the generality of the foregoing, the Managers shall be entitled to allocate available personnel and resources in such manner as in the prevailing circumstances the Managers in their absolute discretion consider to be fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where the Managers are providing technical management services in accordance with Clause 4 (Technical Management), they shall procure that the requirements of the Flag State are satisfied and they (or their
 nominee) shall agree to be appointed as the Company, assuming the responsibility for the operation of the Vessel and taking over the duties and responsibilities imposed by the ISM Code and the ISPS Code, if applicable.

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PART II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Managers shall provide the agreed Management Services as agents in the name and on behalf of the Owners in all parts of the world directly or through agents. Port activities, pilotage, towage, wharfage and
 dockage, canal transits, services of agents and consultants, surveys as well as bunkering shall be done at Owners' time and cost, if not arranged by Charterers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Owners' Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Owners shall pay all sums due to the Managers punctually in accordance with the terms of this Agreement. In the event of payment after the due date of any outstanding sums the Manager shall be entitled to
 charge interest at the rate stated in Box 13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where the Managers are providing technical management services in accordance with Clause 4 (Technical Management), the Owners shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) report (or where the Owners are not the registered owners of the Vessel procure that the registered owners report) to the Flag State administration the details of the Company responsible for compliance with the ISM and ISPS Codes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) procure that any officers and ratings supplied by them or on their behalf comply with the requirements of STCW; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) instruct such officers and ratings to obey all reasonable orders of the Managers (in their capacity as the Company) in connection with the operation of the Managers' safety management system SMS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where the Managers are not providing technical management services in accordance with Clause 4 (Technical Management), the Owners shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) procure that the requirements of the Flag State are satisfied and notify the Managers upon execution of this Agreement of the name and contact details of the organization that will be the Company by completing Box 5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Company changes at any time during this Agreement, notify the Managers in a timely manner of the name and contact details of the new organisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) procure that the details of the Company, including any change thereof, are reported to the Flag State administration as required to comply with the ISM and ISPS Codes. The Owners shall advise the Managers in a timely manner when the Flag State administration has approved the Company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) unless otherwise agreed, arrange for the supply of provisions at their own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where the Managers are providing crew management services in accordance with subclause 5(a) the Owners shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) inform the Managers prior to ordering the Vessel to any excluded or additional premium area under any of the Owners' Insurances by reason of war risks and/or piracy or like perils and pay whatever additional costs may properly be incurred by the Managers as a consequence of such orders including, if necessary, the costs of replacing any member of the Crew. Any delays resulting from negotiation with or replacement of any member of the Crew as a result of the Vessel being ordered to such an area shall be for the Owners' account. Should the Vessel be within an area which becomes an excluded or additional premium area the above provisions relating to cost and delay shall apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) agree with the Managers prior to any change of flag of the Vessel and pay whatever additional costs may properly be incurred by the Managers as a consequence of such change. If agreement cannot be reached then either Party may terminate this Agreement in accordance with subclause 31(f); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide, at no cost to the Managers, in accordance with the requirements of the law of the Flag State, or higher standard, as mutually agreed, adequate Crew accommodation and living standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Where the Managers are not the Company, the Owners shall ensure that Crew are properly familiarised with their duties in accordance with the Vessel's SMS and that instructions which are essential to the SMS are
 identified, documented and given to the Crew prior to sailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Emission Trading Scheme Allowances** 

ATTENTION: It is strongly recommended that the Parties read the accompanying explanatory notes and, in particular, carefully consider the consequences of the Owners mandating and the Managers accepting such mandate by a signed document whereby the Managers assume responsibility for compliance with applicable Emission Scheme(s) under subclause (b) of this Clause. The Parties should complete the number of days in subclause (b)(iii), (iv) and (v).

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PART II

Notwithstanding any other provision in this Agreement, the Owners and the Managers (together the "Parties" and each individually a "Party") agree as follows:

"Emission Allowances" means an allowance, credit, quota, permit or equivalent, representing a right of a vessel to emit a specified quantity of greenhouse gas emissions recognised by the Emission Scheme.

"Emission Data" means data and records of the Vessel's emissions in the form and manner necessary to calculate its Emission Allowances.

"Emission Scheme" means a greenhouse gas emissions trading scheme which for the purposes of this Clause shall include the European Union Emissions Trading System, the United Kingdom Emissions Trading Scheme and any other similar systems imposed by applicable lawful authorities that regulate the issuance, allocation, trading or surrendering of Emission Allowances, as applicable to the Vessel.

"Responsible Entity" means the party responsible for compliance under any Emission Scheme(s) applicable to the Vessel by law and/or regulation, or, as the case may be, the party made responsible for such compliance pursuant to a Responsibility Mandate.

"Responsibility Mandate" means, in relation to any Emission Scheme(s), a document signed by the Parties clearly indicating that the Managers have been duly mandated by the Owners to assume certain responsibilities under such Emission Scheme(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Owners as Responsible Entity

Where the Owners are the Responsible Entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Owners shall comply with or procure compliance with any Emission Scheme(s) applicable to the Vessel throughout the period of this Agreement at their expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Managers shall provide the Owners with Emission Data in a timely manner to enable compliance with subclause (i) above, and/or at regular intervals to be agreed between the Parties. Such Emission Data shall be verified by an accredited verifier, where applicable, and if required by Owners audited by an independent party approved by them, at the Owners' expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Emission Scheme Management Services

This subclause (iii) is applicable only if the Parties state "Yes" in Box 14(i)

The Managers shall provide Emission Scheme management services which shall include, but not be limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) providing the Owners with Emission Data in accordance with subclause (a)(ii) above together with the calculation of the Emission Allowances required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) arranging the monitoring and reporting of the Emission Data to the administering authority in accordance with the Emission Scheme(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) arranging the surrender of the Owners; Emission Allowances in accordance with the Emission Scheme(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Managers as Responsible Entity

Where the Managers (or the Managers' nominee) are made the Responsible Entity under any Emission Scheme(s) applicable to the Vessel, or assume that responsibility by agreement between the Parties pursuant to a Responsibility Mandate in accordance with such Emission Scheme(s)\*, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Managers shall provide the Owners with Emission Data in accordance with subclause (a)(ii) above together with the calculation of the Emission Allowances required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Managers shall monitor and report Emission Data to the administering authority in accordance with the Emission Scheme(s) applicable to the Vessel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Managers shall each month prepare and present to the Owners, in writing, their estimates of the Emission Allowances for the Vessel for the ensuing month, including the reconciliation of the Vessel's actual emissions under each Emission Scheme applicable to the Vessel for the previous months and adjustment for any previous shortfall or excess. Such Emission Allowances shall be received by the Managers (or the Managers' nominee) from the Owners within the number of days stated in Box 14(ii) after receipt by the Owners of the Managers' written request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No later than fourteen (14) days prior to termination of this Agreement, the Managers shall prepare and present to the Owners, in writing, their estimates of the Emission Allowances due for the Vessel for the final month or part thereof, except that where the Agreement is terminated in circumstances which do not allow the Managers fourteen (14) days' time the Managers shall notify the Owners of said Emission Allowances as soon as possible. Within the number of days stated in Box 14 (ii) of such notification, but not later than the termination of the Agreement, the Emission Allowances notified by the Managers shall be transferred by the Owners to the Managers (or the Managers' nominee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any difference between the Emission Allowances estimated according to subclause (b)(iv) above and the Emission Allowances actually due according to the Emission Scheme(s) applicable to the Vessel as at the time and date of termination of this Agreement, shall be reconciled and settled between the Parties within the number of days stated in Box 14(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Parties may agree, in writing, to financial security for the Owners' obligations under subclause (b)(iii), (iv) and (v) above. In any event, the Owners shall provide the Managers (or the Managers' nominee) in a timely manner with the Emission Allowances required to fulfil their obligations under the applicable Emission Scheme(s), less any Emission Allowances that the Managers (or the Managers' nominee) may elect, in their absolute discretion, to offset with the respective financial security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Managers (or the Managers' nominee) shall surrender the Emission Allowances in accordance with the Emission Scheme(s) applicable to the Vessel, subject always to the Owners being/remaining responsible for providing such emission Emission Allowances to the Managers (or the Managers' nominee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Any Emission Allowances or financial security transferred by the Owners to the Managers (or the Managers' nominee) under this subclause (b) shall be held to the credit of the Owners separately until surrendered to the administering authority of the Emission Scheme(s) applicable to the Vessel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Owners shall pay to the Managers the fee stated in Box 14(iii) Annex E in an area subject to an Emission Scheme
 applicable to the Vessel. If no amount is entered in Box 14(iii), such fee shall be assumed to be included in the annual management fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If either Party fails to comply with any of its obligations under this Clause, the other Party shall be entitled to terminate this Agreement with immediate effect by giving notice to the Party in
 default as per Clause 31(a) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The rights and obligations of the Parties set out in this Clause 10 shall survive the expiration or termination of the Agreement unless or until the Parties have fulfilled or satisfied their respective
 obligations under any Emission Scheme(s).

\* The European Union Emission Trading System's Commission Implementing Regulation (EU) 2023/2599 of 22 November 2023 laying down rules for the application of Directive 2003/87/EC requires a signed document clearly indicating that the Managers have been duly mandated by the Owners for the Managers to assume responsibility under subclause (b).

#### SECTION 4 - Insurance, Budgets, Income, Expenses and Fees
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Insurance Policies** 

The Owners shall procure, whether by instructing the Managers under Clause 7 (Insurance Arrangements) or otherwise, that throughout the period of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the Owners' expense, the Vessel is insured for not less than its sound market value or entered for its full gross tonnage, as the case may be, for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) hull and machinery marine risks (including but not limited to crew negligence) and excess liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) protection and indemnity risks (including but not limited to pollution risks, diversion expenses and, except to the extent insured separately by the Managers in accordance with subclause 5(b)(i), Crew Insurances);

NOTE: If the Managers are not providing crew management services under subclause 5(a) (Crew Management) or have agreed not to provide Crew Insurances separately in accordance with subclause 5(b)(i), then such insurances must be included in the protection and indemnity risks cover for the Vessel (see subclause 11(a)(ii) above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) war risks (including but not limited to piracy, blocking and trapping, protection and indemnity, terrorism and crew risks); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such optional insurances as may be agreed (such as kidnap and ransom, loss of hire and FD & D) (see Box 12).

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Subclauses 11(a)(i) through 11(a)(iv) all in accordance with the best practice of prudent owners of vessels of a similar type to the Vessel, with sound and reputable insurance companies, underwriters or associations ("the Owners' Insurances");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all premiums and calls on the Owners' Insurances are paid by their due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Owners' Insurances name the Managers and, subject to underwriters' agreement, any third party designated by the Managers as a joint assured, with full cover. It is understood that in some cases, such as
 protection and indemnity, the normal terms for such cover may impose on the Managers and any such third party a liability in respect of premiums or calls arising in connection with the Owners' Insurances.

If obtainable at no additional cost, however, the Owners shall procure such insurances on terms such that neither the Managers nor any such third party shall be under any liability in respect of premiums or calls arising in connection with the Owners' Insurances. In any event, on termination of this Agreement in accordance with Clause 30 (Duration of the Agreement) and Clause 31 (Termination), the Owners shall procure that the Managers and any third party designated by the Managers as joint assured shall cease to be joint assured and, if reasonably achievable, that they shall be released from any and all liability for premiums and calls that may arise in relation to the period of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) written evidence is provided, to the reasonable satisfaction of the Managers, of the Owners' compliance with their obligations under this Clause 11 within a reasonable time of the commencement of the Agreement,
 and of each renewal date and, if specifically requested, of each payment date of the Owners' Insurances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Owners' Receivables and Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in subclause 12(c) all monies collected by the Managers under the terms of this Agreement (other than monies payable by the Owners to the Managers) and any interest thereon shall be held to the
 credit of the Owners in the nominated bank account stated in Box 17 .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All expenses incurred by the Managers under the terms of this Agreement on behalf of the Owners (including expenses as provided in subclause 13(c)) may be debited against the Owners in the account referred to
 under subclause 12(a) but shall in any event remain payable by the Managers on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All monies collected by the Managers under Clause 6 (Commercial Management) shall be paid into a bank account in the name of the Owners or as may be otherwise advised by the Owners in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All emission allowances collected by the Managers under Clause 6 (Commercial Management) shall be deposited into the account advised by the Owners in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Management Fees and Expenses** 

(a) <br> Unless otherwise agreed on a case by case basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Owners shall pay to the Managers a predelivery management fee as stated in Box 15(i) at the same time as the Owners pay the first instalment of the annual of USD 800 per day for their Predelivery Services under this Agreement, which shall be payable together with the first payment of the daily management fee to the Managers according to subclause 13(a)(ii). If Box 15(i) is left blank, an amount equivalent to one twelfth (l/12th) of the annual management fee shall apply. The predelivery management fee shall be payable to the nominated bank account stated in Box 17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Owners shall pay to the Managers an annual a daily management fee as stated in Box 15(ii) of USD 800 for their services as Managers under this Agreement, which shall be payable in equal monthly instalments in advance, the first instalment payment (pro rata if appropriate) being payable made as from Delivery and subsequent instalments payments being payable made at the beginning no later than the fifth day of every calendar month. The annual daily management fee shall be payable to the nominated bank account stated in Box 17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event that Delivery of the Vessel does not take place for any reason other than default by the Managers, the predelivery management fee stated in Box 15(i) Clause 13(a)(i) shall remain payable by the Owners to the Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Furthermore, the Owners shall pay to the Managers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a performance incentive equal to 1.25% of the Gross Income arising out of or in connection with the use or operation of the Vessel throughout the duration of this Agreement, which shall be payable quarterly in arrears, no later than the fifth day of the month immediately following the end of each calendar quarter;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a commission equal to 1% of the Gross Price of the Vessel's purchase and sale, due upon consummation of each such bona fide transaction and payable no later than the fifth day thereafter. For the avoidance of doubt, such commission shall also apply, mutatis mutandis, when the Vessel is purchased or sold through the transfer of shares or other ownership interests in the entity that owns, directly or indirectly, such Vessel, or through a bareboat charter or other arrangement which has an economic effect substantially similar to a purchase or sale of a Vessel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) extraordinary fees and costs as set forth in Annex "E" hereto, accrued and payable as incurred unless otherwise specified in Annex "E" hereto.

All commissions, fees and costs outlined in this Clause 13(a)(iv) shall be payable to the nominated bank account stated in Box 17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The annual management fee shall be subject to an annual review and the proposed fee shall be presented in the annual budget in accordance with subclause 14(a) stated in Clause 13(a)(ii) shall be adjusted on January 1 of each year by a percentage equal to the arithmetic average of the percentage change in the CPI of the United States and Greece over the preceding year .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff, facilities and stationery and bear the remuneration of any
 sub-contractor pursuant to Clause 17 . Without limiting the generality of this Clause 13 (Management Fees and Expenses) the Owners shall reimburse the Managers for postage and communication expenses,
 travelling expenses, and other out of pocket expenses properly incurred by the Managers in the performance of the Management Services.

Any days used by the Managers' personnel travelling to or from or attending on the Vessel or otherwise used in connection with the Management Services in excess of those agreed shall be charged in accordance with Box 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Owners decide to layup the Vessel and such layup lasts for more than the number of months stated in Box 18, an appropriate reduction of the annual daily management fee under Clause 13(a)(ii) for the period exceeding such period until one (1) month before the Vessel is again put into
 service shall be mutually agreed between the Parties. If the Managers are providing crew management services in accordance with subclause 5(a), consequential costs of reduction and reinstatement of the Crew shall be for the Owners' account.
 If agreement cannot be reached then either Party may terminate this Agreement in accordance with subclause 31(e) the reduction shall be deemed to be 50% .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Save as otherwise provided in this Agreement, all discounts and commissions obtained by the Managers in the course of the performance of the Management Services shall be credited to the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All payments of fees and any other payments due to the Managers under this Agreement shall be made without any set-off whatsoever and free and clear of any withholding or deduction for, or on account of, any
 present or future stamp or other taxes, levies, fees, charges, restrictions or conditions of any nature. If the Owners are required by any authority in any country to make any withholding or deduction from any such payment, the sum due from
 the Owners in respect of such payment will be increased to the extent necessary to ensure that, after the making of such withholding or deduction the Managers receive a net sum equal to the amount which they would have received had no such
 deduction or withholding been required to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any change of the nominated bank account stated in Box 17 shall only be made in accordance with a secure protocol agreed between the Parties in writing, which shall include a secondary verification process.
 Under no circumstances shall any change of the nominated bank account be made by email alone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Budgets and Management of Funds** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Managers' initial budget (including predelivery costs and expenses, as applicable) is set out in Annex "C" hereto. Subsequent budgets shall be for twelve (12) month periods and shall be prepared by the
 Managers and presented to the Owners not less than three (3) months weeks before the each
 calendar year end of the budget year .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Owners shall state to the Managers in a timely manner, but in any event within one (1) month week of presentation,
 whether or not they agree to each proposed annual budget. The Parties shall negotiate in good faith and if they fail to agree on the annual budget , including the annual management fee, either Party may terminate this Agreement in
 accordance with subclause 31(e) then the annual budget shall be set at an amount equal to the immediately preceding annual budget, adjusted by a percentage equal to the arithmetic average of the
 percentage change in the CPI of the United States and Greece over the preceding year . In the absence of reply from the Owners regarding the proposed annual budget
 within one (1) week of its presentation to the Owners, the Managers shall be entitled to assume that the Owners have accepted the proposed annual budget.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Following the agreement of the budget, the Managers shall prepare and present to the Owners their estimate of the working capital requirement for the Vessel and shall each month request the
 Owners in writing to pay the funds required to run the Vessel for the ensuing month, including the payment of any occasional or extraordinary item of expenditure, such as emergency repair costs, additional insurance premiums, bunkers (if payable by the Managers on behalf of the Owners), any scheduled or not drydockings or provisions. Such funds shall be received by the Managers within ten (10) running
 days after the receipt by the Owners of the Managers' written request and shall be held to the credit of the Owners in the nominated bank account stated in Box 17 . If at any time the Managers determine that the funds advanced by the Owners are insufficient to meet the foregoing, the Managers shall advise the Owners of the amount of the deficiency and the Owners, upon reasonably
 satisfying themselves that further funds are required, shall promptly forward such additional funds to the Managers .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Managers shall at all times maintain and keep true and correct accounts in respect of the Management Services in accordance with the relevant International Financial Reporting Standards or such other standard
 as the Parties may agree, including records of all costs and expenditure incurred, and produce a comparison between budgeted and actual income and expenditure of the Vessel in such form and at such intervals as shall be mutually agreed.

The Managers shall make such accounts available for inspection and auditing by the Owners and/or their representatives in the Managers' offices or by electronic means, provided reasonable notice is given by the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything contained herein, the Managers shall in no circumstances be required to use or commit their own funds to finance the provision of the Management Services , other than in connection with their own office accommodation, office staff, facilities, stationery and the remuneration of any sub-contractor pursuant to Clause 13(c) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Manager (and any sub-contractors where so specified in the terms of their appointment) shall have the discretion to commit the Owners to extra expenditure not included in the budget where they deem such
 expenditure to be required for the safe and sound maintenance and operation of the Vessel.

#### SECTION 5 - Legal, General and Duration of Agreement
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Trading Restrictions** 

If the Managers are providing crew management services in accordance with subclause 5(a) (Crew Management), the Owners and the Managers will, prior to the commencement of this Agreement, agree on any trading restrictions to the Vessel that may result from the terms and conditions of the Crew's employment and shall review such trading restrictions if warranted during the period of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Replacement** 

If the Managers are providing crew management services in accordance with subclause 5(a) (Crew Management), the Owners may require the replacement, at their own expense, at the next reasonable opportunity, of any member of the Crew found on reasonable grounds to be unsuitable for service. If the Managers have failed to fulfil their obligations in providing suitable qualified Crew within the meaning of subclause 5(a) (Crew Management), then such replacement shall be at the Managers' expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Managers' Right to Subcontract** 

The Managers shall not have the right to subcontract any of their obligations hereunder without the prior written consent of the Owners which shall not be unreasonably withheld, however, the Managers may use their Affiliates to provide services ancillary to the Management Services. In any event the Managers shall remain fully liable for the due performance of the Management Services under this Agreement and shall bear and pay the remuneration, however described, of any sub-contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Change of Control** 

Each Party undertakes to provide the other at least fifteen (15) days' written notice of any proposed change of Control of such Party. The other Party shall be deemed to consent if it does not object in writing within fifteen (15) days of receipt of the written notice. If the other Party objects and agreement cannot be reached, then either Party may terminate this Agreement in accordance with subclause 31(f).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Force Majeure

Neither Party shall be liable for any loss, damage or delay due to any of the following force majeure events and/or conditions to the extent that the Party invoking force majeure is prevented or hindered from performing any or all of their obligations under this Agreement, provided they have made all reasonable efforts to avoid, minimise or prevent the effect of such events and/or conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) acts of God;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any government requisition, control, intervention, requirement or interference;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any circumstances arising out of war, threatened act of war or warlike operations, acts of terrorism, sabotage or piracy, or the consequences thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) riots, civil commotion, blockades or embargoes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) plague, epidemics or pandemics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) earthquakes, landslides, floods or other natural disaster or extreme natural event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) strikes, lockouts or other industrial action, unless limited to the employees (which shall not include the Crew) of the Party seeking to invoke force majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) ionising radiation or contamination by radioactivity, chemical or biological contamination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) fire, accident, explosion except where caused by negligence of the Party seeking to invoke force majeure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any other similar cause beyond the reasonable control of either Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liability to Owners

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Without prejudice to subclause 19(a), the Managers shall be under no liability whatsoever to the Owners for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but not limited to loss of profit arising out of or in connection with detention of or delay to the Vessel) and howsoever arising in the course of performance of the Management Services UNLESS same is proved (through a judgement of a court of competent jurisdiction) to have resulted solely from the negligence, gross negligence or wilful default of the Managers (including their Affiliates) or their employees or agents, or subcontractors employed by them in connection with the Vessel, in which case (save where loss, damage, delay or expense has resulted from the Managers' personal act or omission committed with the intent to cause same or recklessly and with knowledge that such loss, damage, delay or expense would probably result) the Managers' liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of ten (10) times the annual daily management fee payable hereunder multiplied by 365.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Acts or omissions of the Crew - Notwithstanding anything that may appear to the contrary in this Agreement, the Managers shall not be liable for any acts or omissions of the Crew, even if such acts or omissions are negligent, grossly negligent or wilful, except only to the extent that they are shown to have resulted from a failure by the Managers to discharge their obligations under subclause 5(a) (Crew Management), in which case their liability shall be limited in accordance with the terms of this Clause 19 (Responsibilities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Indemnity

Except to the extent and solely for the amount therein set out that the Managers would be liable under subclause 19(b), the Owners hereby undertake to keep the Managers (including their Affiliates) and their employees, agents and subcontractors indemnified and to hold them harmless against all actions, proceedings, claims, demands or liabilities whatsoever or howsoever arising which may be brought against them or incurred or suffered by them arising out of or in connection with the performance of this Agreement, and against and in respect of all costs, loss, damages and expenses (including legal costs and expenses on a full indemnity basis) which the Managers may suffer or incur (either directly or indirectly) in the course of the performance of this Agreement.

Without limiting the generality of the above, the Owners shall indemnify and hold harmless and defend the Managers against any and all claims and demands (including costs and reasonable attorney fees in defending such claims and demands), whether or not such claims or demands be found to be valid, of whatsoever kind or nature and by whomsoever asserted for injury to persons or damage to property arising or in any way connected with the condition, use or operation of the Vessel or the performance of the Management Services in good faith hereunder, including but not limited to claims for damages or injuries to, or loss of property, cargo or personal effects, claims for damages for personal injury or loss of life or pollution or damage to the environment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Himalaya"

It is hereby expressly agreed that no employee or agent of the Managers (including every Affiliate and subcontractor from time to time employed by the Managers) shall in any circumstances whatsoever be under any liability whatsoever to the Owners for any loss, damage or delay of whatsoever kind arising or resulting directly or indirectly from any act, neglect or default on his part while acting in the course of or in connection with his employment and, without prejudice to the generality of the foregoing provisions in this Clause 19 (Responsibilities), every exemption, limitation, condition and liberty herein contained and every right, exemption from liability, defence and immunity of whatsoever nature applicable to the Managers or to which the Managers are entitled hereunder shall also be available and shall extend to protect every such employee or agent of the Managers acting as aforesaid and for the purpose of all the foregoing provisions of this Clause 19 (Responsibilities) the Managers are or shall be deemed to be acting as agent or trustee on behalf of and for the benefit of all persons who are or might be their servants or agents from time to time (including Affiliates and subcontractors as aforesaid) and all such persons shall to this extent be or be deemed to be parties to this Agreement and shall be entitled to benefit from and enforce this Agreement in accordance with the Contracts (Rights of Third Parties) Act 1999 or any statutory modification or re-enactment thereof, but the consent of such persons shall not be required for any amendment, supplement or substitution of this Agreement or any provision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither Party shall be liable to the other for any Consequential Loss whatsoever arising out of or in connection with the performance or non–performance of the Agreement, in contract, tort (including
 negligence), breach of statutory duty or otherwise at law. These exclusions will apply under any theory of liability and even if the party was aware (or should have been aware) of the likelihood of such damages or liabilities. In this Clause,
 "Consequential Loss" means incidental, consequential, punitive, indirect, or special damages or liabilities of any kind, including without limitation business interruption, loss and/or deferral of services loss of product , lost profits, lost
 revenues, loss of use, loss of opportunities, and whether or not foreseeable at the date of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Owners acknowledge that the Managers are unable to confirm that the Vessel, its systems, equipment and machinery are free from defects and agree that the Managers shall not under any circumstances be liable
 for any losses, costs, claims, liabilities and expenses, which the Owners may suffer or incur resulting from pre-existing or latent deficiencies in the Vessels, their systems, equipment and machinery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The provisions of this Clause 19 shall remain in force notwithstanding termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **General Administration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Managers shall keep the Owners and, if appropriate, the Company informed in a timely manner of any incident of which the Managers become aware which gives or may give rise to delay to the Vessel or claims or
 disputes involving third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Managers shall handle and settle all claims and disputes arising out of the Management Services hereunder, unless the Owners instruct the Managers otherwise. The Managers shall keep the Owners appropriately
 informed in a timely manner throughout the handling of such claims and disputes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Owners may request the Managers to bring or defend other actions, suits or proceedings related to the Management Services, on terms to be agreed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Managers shall have power to obtain appropriate legal or technical or other outside expert advice, in consultation with the Owners, in relation to the handling and settlement of claims in relation to
 subclauses 20(a) and 20(b) and disputes and any other matters affecting the interests of the Owners in respect of the Vessel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On giving reasonable notice, the Owners may request, and the Managers shall in a timely manner make available, all documentation, information and records in respect of the matters covered by this Agreement either
 related to mandatory rules or regulations or other obligations applying to the Owners in respect of the Vessel under this Agreement to the extent permitted by relevant legislation.

On giving reasonable notice, the Managers may request, and the Owners shall in a timely manner make available, all documentation, information and records reasonably required by the Managers to enable them to perform the Management Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Owners shall arrange for the provision of any necessary guarantee bond or other security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any costs incurred by the Managers in carrying out their obligations according to this Clause 20 shall be reimbursed by the Owners.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Managers' Information System** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Managers will provide the Owners access to the Vessel's data through the Managers' digital information platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Owners agree that the Managers have full and sole ownership of the Managers' digital information platform, including intellectual property rights and copyright under law, and that the Owners shall be granted
 access to it for the duration of the Agreement only and shall relinquish any interest in it thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Vessel's Information and Data** 

All accounts, documents and information, including electronic data, relating specifically to the Vessel and its operation ("Vessel Information") shall be the property of the Owners. Upon termination of this Agreement the Managers shall release the Vessel Information to the Owners, if so requested. The Vessel Information shall be provided to the Owners, originals where possible or otherwise certified copies, with electronic data in a mutually agreed form. The Managers may retain copies of the Vessel Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.** **Inspection of Vessel** 

The Owners may at any time after giving reasonable notice to the Managers inspect the Vessel for any reason they consider necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.** **Compliance with Laws and Regulations** 

The Parties will not do or permit to be done anything which might cause any breach or infringement of the laws and regulations of the Flag State, or of the places where the Vessel trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.** **MLC** 

For the purposes of this Clause:

"MLC" means the International Labour Organization (ILO) Maritime Labour Convention (MLC 2006) and any amendment thereto or substitution thereof.

"Shipowner" shall mean the party named as "shipowner" on the Maritime Labour Certificate for the Vessel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Clause 3 (Authority of the Managers), the Managers shall, to the extent of their Management Services, assume the Shipowner's duties and responsibilities imposed by the MLC for the Vessel, on behalf of
 the Shipowner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Owners shall ensure compliance with the MLC in respect of any crew members supplied by them or on their behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Owners shall procure, whether by instructing the Managers under Clause 7 (Insurance Arrangements) or otherwise, insurance cover or financial security to satisfy the Shipowner's financial security obligations
 under the MLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.** **Personal Data Protection** 

For the purposes of this Clause:

"Data Subject" means any identified or identifiable natural person, including Crew.

"Personal Data" means any information relating to any Data Subject connected with the Management Services.

"DPR" means any data protection regulations applicable to the Parties in relation to the Management Services, including the European Union General Data Protection Regulation (GDPR).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties shall each ensure compliance with the DPR in respect of Personal Data, with particular regard to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its collection and use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) its safeguarding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any transfer to third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) its retention; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the protection of Data Subjects' rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties shall have proper notification and response procedures for any Personal Data breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parties agree to conduct or submit to audits or inspections in accordance with the DPR.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.** **Cyber Security** 

For the purposes of this Clause:

"Cyber Security Incident" is the loss or unauthorised destruction, alteration, disclosure of, access to, or control of a Digital Environment.

"Cyber Security" is technologies, processes, procedures and controls that are designed to protect Digital Environments from Cyber Security Incidents.

"Digital Environment" is information technology systems, operational technology systems, networks, internet-enabled applications or devices and the data contained within such systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) implement appropriate Cyber Security measures and systems and otherwise use reasonable endeavours to maintain its Cyber Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have in place appropriate plans and procedures to allow it to respond efficiently and effectively to a Cyber Security Incident; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) regularly review its Cyber Security arrangements to verify its application in practice and maintain and keep records evidencing the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party shall use reasonable endeavours to ensure that any third party providing services on its behalf in connection with this Agreement complies with the terms of subclause (a)(i)-(iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Party becomes aware of a Cyber Security Incident which affects or is likely to affect either Party's Cyber Security, it shall promptly notify the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Cyber Security Incident is within the Digital Environment of one of the Parties, that Party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) promptly take all steps reasonably necessary to mitígate and/or resolve the Cyber Security Incident; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) as soon as reasonably practicable, but no later than twelve (12) hours after the original notification, provide the other Party with details of how it may be contacted and any information it may have which may assist the other Party in mitigating and/or preventing any effects of the Cyber Security Incident.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Party shall share with the other Party any information that subsequently becomes available to it which may assist the other Party in mitigating and/or preventing any effects of the Cyber Security Incident.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.** **Sanctions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purposes of this Clause:

"Sanctioned Activity" means any activity, service, carriage, trade or voyage subject to sanctions, prohibitions or restrictions imposed by a Sanctioning Authority.

"Sanctioning Authority" means the United Nations, European Union, United Kingdom, United States of America or any other applicable competent authority or government.

"Sanctioned Party" means any persons, entities, bodies, or vessels designated by a Sanctioning Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On entering into and throughout the duration of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Owners and Managers warrant for themselves that they are not a Sanctioned Party and that any performance under this Agreement shall not constitute a Sanctioned Activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Owners warrant that the Vessel is not a Sanctioned Party and will not be used for any Sanctioned Activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Managers warrant that (to the best of their knowledge and belief) they will not subcontract any of their duties or obligations under this Agreement to any Sanctioned Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If at any time during the performance of this Agreement either Party becomes aware that the other Party is in breach of any warranty given under subclause 28(b), the Party not in breach may terminate
 this Agreement with immediate effect by giving notice to the Party in breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this Clause to the contrary, neither Owners nor Managers shall be required to do anything which constitutes a Sanctioned Activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any other provision in this Agreement, Owners and Managers shall be liable to indemnify the other Party against any and all claims, losses, damages, costs and fines whatsoever suffered by the
 other Party resulting from any breach of the warranties given under subclause 28(b).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.** **Anti-Corruption** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties agree that in connection with the performance of this Agreement they shall each comply at all times with all applicable anti-corruption legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision in this Agreement, if either Party fails to comply with any applicable anti-corruption legislation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it shall defend and indemnify the other Party against any and all claims, losses, damages, costs and fines whatsoever suffered by the other Party resulting from such breach; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such breach causes the non-breaching Party to be in breach of any applicable anti-corruption legislation, the non-breaching Party shall be entitled to terminate this Agreement as per Clause 31(a) and/or claim losses, damages and costs resulting from the breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.** **Duration of the Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall come into effect at the date stated in Box 2 and shall continue until terminated by either Party by giving notice to the other; in which event this Agreement shall terminate upon the
 expiration of the later of the number of months stated in Box 19 or a period of two (2) months from the date on which such notice is received, unless terminated earlier in accordance with Clause 31 (Termination).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where the Vessel is not at a mutually convenient port or place on the expiry of such period, this Agreement shall terminate on the subsequent arrival of the Vessel at the next mutually convenient port or place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.** **Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Owners' or Managers' default

If either Party fails to meet their obligations under this Agreement, the other Party may give notice to the Party in default requiring them to remedy it. In the event that the Party in default fails to remedy it within a reasonable time set by the other Party and to the reasonable satisfaction of the other Party, that other Party shall be entitled to terminate this Agreement with immediate effect by giving notice to the Party in default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding subclause 31(a):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Managers shall be entitled to terminate the Agreement with immediate effect by giving notice to the Owners if any monies payable by the Owners and/or the owners of any associated vessel, details of which are listed in Annex "D", shall not have been received in the Managers' nominated account within ten (10) days of receipt by the Owners of the Managers' written request, or if the Vessel is repossessed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Owners proceed with the employment of or continue to employ the Vessel in the carriage of contraband, blockade running, or in an unlawful trade, or on a voyage which in the reasonable opinion of the Managers is unduly hazardous or improper, the Managers may give notice of the default to the Owners, requiring them to remedy it as soon as practically possible. In the event that the Owners fail to remedy it within a reasonable time set by the Managers and to the reasonable satisfaction of the Managers, the Managers shall be entitled to terminate the Agreement with immediate effect by giving notice to the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If either Party fails to meet their respective obligations under subclause 5(b) (Crew Insurances) and Clause 11 (Insurance Policies), the other Party may give notice to the Party in default requiring them to remedy it immediately, failing which the other Party may terminate this Agreement with immediate effect by giving notice to the Party in default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)If at any time during the performance of this Agreement either Party becomes aware that the other Party is in breach of any warranty given under Clause 28(b), the Party not in breach may terminate this Agreement with immediate effect by giving notice to the Party in breach; provided that this right of termination shall not be exercised without first giving thirty (30) days prior notice in writing of the Party suspected to be in breach of said warranty with details of the alleged violations and without first giving said Party the right to remedy any alleged breaches within a period of at least fifteen (15) days by taking any appropriate steps with any competent authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)The Managers shall be entitled to terminate the Agreement with immediate effect by giving notice to the Owners within six months following a Change of Control event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Extraordinary Termination

Unless the Managers consent otherwise in writing:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement shall be deemed to be terminated with immediate effect upon in the case of the sale or otherwise disposal of the Vessel in a bona fide transaction with an entity that is not an Affiliate of the Owners or, if the Vessel becomes a total loss or is declared as a constructive or compromised or arranged total loss or is requisitioned or has been declared missing or, if bareboat chartered, unless otherwise agreed, when the bareboat charter comes to an end, unless the Owners or any of their Affiliates exercise a purchase option or similar arrangement that has the effect of maintaining control of the Vessel after the end of such bareboat charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)This Agreement shall be deemed to be terminated with immediate effect upon the termination of the Master Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purpose of subclause 31(c) hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date upon which the Vessel is to be treated as having been sold or otherwise disposed of shall be the date on which the Vessel's owners cease to be the registered owners of the Vessel in a bona fide transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Vessel shall be deemed to be lost either when it has become an actual total loss or agreement has been reached with the Vessel's underwriters in respect of its constructive total loss or if such agreement with the Vessel's underwriters is not reached it is adjudged by a competent court or tribunal that a constructive loss of the Vessel has occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date upon which the Vessel is to be treated as declared missing shall be ten (10) days after the Vessel was last reported or when the Vessel is recorded as missing by the Vessel's underwriters, whichever occurs first. A missing vessel shall be deemed lost in accordance with the provisions of subclause 31(d)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event the Parties fail to agree the annual budget in accordance with subclause 14(b), or to agree to a reduction in the annual management fee in accordance with subclause 13(d), either Party may
 terminate this Agreement by giving the other Party not less than one (1) month's notice, the result of which will be the expiry of the Agreement at the end of the current budget period or on expiry of the notice period, whichever is the
 later.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event the Parties fail to agree a change of flag in accordance with subclause 9(d)(ii), or to a change of Control in accordance with Clause 18, either Party may terminate this Agreement by giving
 the other Party not less than one (1) month's notice, the result of which will be the termination of the Agreement upon the change of flag or change of Control or on expiry of the notice period, whichever is the earlier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Agreement shall terminate forthwith in the event of an order being made or resolution passed for the winding up, dissolution, liquidation or bankruptcy of either Party (otherwise than for the purpose of
 reconstruction or amalgamation) or if a receiver or administrator is appointed, or if it suspends payment, ceases to carry on business or makes any special arrangement or composition with its creditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In the event of the termination of this Agreement for any reason other than default by the Managers the annual management fee payable to the Managers according to the provisions of Clause 13
 (Management Fees and Expenses), shall continue to be payable for a further period of the number of months stated in Box 20 as from the effective date of termination or, if longer than the number of months
 stated in Box 20, for as long as the Owners require the services of the Managers to conclude any outstanding matters pertaining to the Management Services . If Box 20 is left blank then ninety (90) days
 shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In addition, where the Managers provide Crew for the Vessel in accordance with subclause 5(a) (Crew Management), the Owners shall pay any Severance Costs which may be incurred , not exceeding the amount
 stated in Box 21 . The Managers shall use their reasonable endeavours to minimise such Severance Costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The termination of this Agreement shall be without prejudice to all rights accrued due between the Parties prior to the date of termination, which shall
 become immediately due and payable no later than five days thereafter, including but not limited to any and all (i) fees and reimbursable costs and expenses under Clause 13, and (ii) commissions under Clause 13 on Gross Income and/or Gross
 Price arising out or in connection with transactions agreed by the Owners prior to the date of termination, irrespective of whether such transactions consummated or related to periods before or after the date of termination .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In the event of the appointment of the Managers being terminated by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Owners giving notice to the Managers in accordance with the provisions of Clause 30;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Managers giving notice to the Owners in accordance with the provisions of Clause 31(b)(v);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) reason of Owners' default as per Clauses 31(a) or 31(b)(i) or 31(b)(ii) or 31(b)(iii) or 31(b)(iv); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) extraordinary termination as per Clause 31(c)(ii) but only if the termination of the Master Management Agreement results to any termination fees in accordance to its terms,

the Termination Fee shall also become due and payable no later than five days thereafter.

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PART II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.** **BIMCO Law and Arbitration Clause 2020** 

#### The Parties have been given a choice of law and arbitration alternatives in Part I and this is the clause that shall apply.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This contract shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with this contract shall be referred exclusively to arbitration in London in
 accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this clause. The seat of arbitration shall be London even where any hearing takes
 place in another jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The reference shall be to three (3) arbitrators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In cases where neither the claim nor any counterclaim exceeds the sum of USD 100,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims
 Procedure. In cases where the claim or any counterclaim exceeds the sum agreed for the LMAA Small Claims Procedure and neither the claim nor any counterclaim exceeds the sum of USD 400,000 (or such other sum as the parties may agree) the
 parties may agree that the arbitration shall be conducted in accordance with the LMAA Intermediate Claims Procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The terms, procedures and rules referred to in subclauses (c) and (d) above shall be those current at the time when the arbitration proceedings are commenced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any and all notices and communications in relation to any arbitration proceedings under this Clause, including commencement notices and appointment of arbitrators, shall be treated as effectively served from the
 date and time the e-mail was sent if sent by e-mail to the e-mail address of the Owners stated in Box 23 and of the Managers stated in Box 24, respectively.

Either Party shall be entitled to change and/or add to the e-mail addresses by sending notice to change to the other Party at the address in Box 23 and Box 24 respectively (or, if previously amended by notice, the relevant amended addresses).

Nothing in this clause shall prevent any notice and communication in relation to any arbitration proceedings in connection with this contract being served by other effective means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.** **BIMCO Mediation/Alternative Dispute Resolution Clause 2021** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of a dispute or difference arising under, out of or in connection with this Agreement either Party may at any time, either prior or subsequent to the commencement of any proceedings, invite the other
 to participate in an alternative dispute resolution (ADR) procedure including (but not limited to) mediation, early neutral evaluation and/or early intervention by written notice to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The other Party shall within fourteen (14) calendar days of receipt of such notice reply in writing either agreeing to participate or declining to participate, giving reasons for declining.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Parties agree to participate in an ADR procedure, they shall both take such steps as are necessary to progress the ADR procedure in good faith and without undue delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parties' participation in the ADR procedure shall not affect the rights of either Party to seek such relief or take such steps as it considers necessary to protect its interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to subclause (g), the ADR procedure shall be without prejudice and confidential and no information or documents disclosed during it shall be revealed to any Tribunal and/or Court in any subsequent or
 on-going proceedings except to the extent that they are disclosable under the law and procedure governing the relevant proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise agreed, each Party shall bear its own costs incurred in the ADR procedure and the Parties shall share equally any third party costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the other Party does not agree to participate in any ADR procedure under this Clause, that fact may be brought to the attention of the competent Tribunal and/or Court and may be taken into account by such
 Tribunal and/or Court when allocating the costs of the proceedings as between the Parties.

(Note: The Parties should be aware that the ADR process may not interrupt time limits.)

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PART II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All notices given by either Party or their agents to the other Party or their agents in accordance with the provisions of this Agreement shall be in writing and shall, unless specifically provided in this
 Agreement to the contrary, be sent to the address for that other Party as set out in Boxes 25 and 26 or as appropriate or to such other address as the other Party may designate in writing.

A notice may be sent by registered or recorded mail, courier, email or delivered by hand in accordance with this subclause 34(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice given under this Agreement shall take effect on receipt by the other Party and shall be deemed to have been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if sent by registered or recorded mail, on the seventh (7th) day after posting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if sent by email, on the day of transmission; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if delivered by courier or by hand, on the day of delivery.

And in each case proof of posting, couriering, handing in or transmission shall be proof that notice has been given, unless proven to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.** **Entire Agreement** 

This Agreement constitutes the entire agreement between the Parties and no promise, undertaking, representation, warranty or statement by either Party prior to the date stated in Box 1 shall affect this Agreement. Any modification of this Agreement shall not be of any effect unless in writing signed by or on behalf of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36.** **Third Party Rights** 

Except to the extent provided in subclauses 19(c) (Indemnity) and 19(d) (Himalaya), no third parties may enforce any term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37.** **Partial Validity** 

If any provision of this Agreement is or becomes or is held by any arbitrator or other competent body to be illegal, invalid or unenforceable in any respect under any law or jurisdiction, the provision shall be deemed to be amended to the extent necessary to avoid such illegality, invalidity or unenforceability, or, if such amendment is not posible, the provision shall be deemed to deleted from this Agreement to the extent of such illegality, invalidity or unenforceability, and the remaining provisions shall continue in full force and effect and shall not in any way be affected or impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.** **Waiver** 

A waiver of any breach or provision of this Agreement shall only be effective if it is made in writing and signed by an authorised signatory of the Party who is waiving such breach or provision. Any waiver of a breach of any term of this Agreement shall not be deemed a waiver of any subsequent breach and shall not affect the enforceability of any other term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39.** **Warranty of Authority** 

The Owners and the Managers each warrant and represent that the person whose signature appears in Part I hereto is its representative and is duly authorised to execute this Agreement as a binding commitment of such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40.** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement and all information or data provided or obtained in connection with the performance of this Agreement is and shall remain confidential and not be disclosed without the prior written consent of the
 other Party, provided however that each Party may disclose confidential information to its Affiliates, employees, agents, subcontractors and/or professional advisors for the performance of this Agreement or for legal or compliance purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties shall use their best efforts to ensure that such information shall not be disclosed to any third party by any of their Affiliates, employees, agents, subcontractors and/or professional advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Clause shall not apply to any information or data that has already been published or is in the public domain.

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PART II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All information and data provided by a Party is and shall remain the property of that Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**41.** **BIMCO Electronic Signature Clause 2021** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purpose of this Clause "Electronic Signature" shall mean data in electronic form which is attached to or logically associated with other data in electronic form and which is used by a signatory to sign
 and includes, without limitation, typing a name into a contract, inserting a signature (in the form of an image) into a contract or using a web-based electronic signature platform to generate an electronic representation of a handwritten
 signature or a digital signature using public key encryption technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties agree that this Agreement, and any documents to be signed in connection herewith, may be electronically signed and the use by a Party of an Electronic Signature shall, for the purposes of validity,
 enforceability and admissibility, be conclusive evidence of that Party's intention to be legally bound as if such signature had been written by hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that an Electronic Signature is, for any reason whatsoever, not recognised by any relevant person, entity or authority in any applicable jurisdiction, each Party undertakes, upon request, to promptly
 provide a handwritten signature on any relevant document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same agreement. A counterpart bearing an
 Electronic Signature shall satisfy the requirements of this Clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42.** **Interpretation** 

In this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Singular/Plural

The singular includes the plural and vice versa as the context admits or requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings

The index and headings to the clauses and appendices to this Agreement are for convenience only and shall not affect its construction or interpretation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Day

"Day" means a calendar day unless expressly stated to the contrary.

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#### ANNEX A

#### <br>

#### ANNEX "A" (DETAILS OF VESSEL OR VESSELS)
TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT

CODE NAME: SHIPMAN 2024

Date of Agreement:

Name of Vessel(s):

Particulars of Vessel(s):

------

#### ANNEX B<br>

#### <br>

#### ANNEX "B" (DETAILS OF CREW)
TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT

CODE NAME: SHIPMAN 2024

Date of Agreement:

Details of Crew:

  <u> Numbers </u>   <u> Rank </u>   <u> Nationality </u>

------

#### ANNEX C<br>

#### <br>

#### ANNEX "C" (BUDGET)
TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT

CODE NAME: SHIPMAN 2024

Date of Agreement:

Managers' initial budget with effect from the commencement date of this Agreement (see Box 2):

------

#### ANNEX D<br>

#### <br>

#### ANNEX "D" (ASSOCIATED VESSELS)
TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT

CODE NAME: SHIPMAN 2024

NOTE: PARTIES SHOULD BE AWARE THAT BY COMPLETING THIS ANNEX "D" THEY WILL BE SUBJECT TO THE PROVISIONS OF SUBCLAUSE 31(b)(i) OF THIS AGREEMENT.

Date of Agreement:

Details of Associated Vessels:

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ANNEX E<br>

#### ANNEX "E" (FEE SCHEDULE EXTRAORDINARY FEES)
TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT

CODE NAME: SHIPMAN 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Extraordinary fees** 

In addition to the Management Fees set forth in Clause 13 of this Agreement, the Owners shall pay to the Managers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) additional remuneration of US$950 per staff per day spent, together with any travel, accommodation and other expenses incurred, in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) repairs, refurbishment or modifications, including those not covered by the guarantee of the shipbuilder or by the insurance covering the Vessels, resulting from maritime accidents, collisions, other accidental damage, failure of material, or unforeseen events (except to the extent that such accidents, collisions, damage or events are due to the fraud, gross negligence or willful misconduct of the Manager, its employees or its agents, unless and to the extent otherwise covered by insurance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any improvement, upgrade or modification to, structural changes with respect to the installation of new equipment, machinery or system aboard any Vessel that results from a change in, an introduction of new, or a change in the interpretation of, applicable laws, at the recommendation of the classification society or the charterers for that Vessel or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the preparation and prosecution of claims, the supervision of repairs and the provision of documentation relating to adjustments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any day the Manager's staff spends on board the Vessel (including traveling from and to the Vessel) in excess of 14 days per year for purposes of proper maintenance and physical inspection of the Vessel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a fee of USD 200 per port call in an area subject to an Emission Scheme applicable to the Vessel which shall be payable quarterly in arrears, no later than the fifth day of the month immediately following the
 end of each calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a fee to be reasonably determined between the Owners and the Managers on a case by case basis for any time, costs, liabilities and expenses that were not reasonably contemplated by the Owners and the Manager as
 being encompassed by or a component of the fees for the Management Services at the time the fees were determined.

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ANNEX "F" (FUEL EU)

TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT

CODE NAME: SHIPMAN 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **FuelEU Clause** 

Notwithstanding any other provision under this Agreement, the Owners and the Managers (the "Parties") hereby agree as follows:

"Compliance Balance" means the measure of the Vessel's over- or under-compliance with regard to the limits of the yearly average GHG Intensity of the energy used on board by the Vessel during Voyages within the scope of FuelEU Maritime, which is calculated in accordance with Part A of Annex IV of FuelEU Maritime.

"Compliance Balance Statement" means the information and calculations for a Reporting Period, and including (without limitation) the Compliance Balance, as calculated and recorded by the Verifier as set out at Article 16(4) and Article 26 of Implementing Regulation 2024/2027.

"FuelEU Database" means any electronic database for the monitoring and recording of compliance with FuelEU Maritime established by the European Commission.

"FuelEU Document of Compliance" means the document issued by a Verifier or, where applicable, the competent authority of the administering State, confirming that the Vessel has complied with FuelEU Maritime for the applicable Reporting Period.

"FuelEU Maritime" means Regulation (EU) 2023/1805 of the European Parliament and of the Council, governing the use of renewable and low-carbon fuels in maritime transport, and amending Directive 2009/16/EC as amended from time to time, including all implementing acts and delegated acts and regulations.

"FuelEU Monitoring Plan" means the Vessel's monitoring plan in accordance with FuelEU Maritime.

"FuelEU Penalty" means the penalty in respect of a Reporting Period calculated in accordance with FuelEU Maritime taking into account, where applicable under this Clause, any multiplier as set out in Article 23(2).

"FuelEU Report" means a report as referred to in Article 15(3) submitted in respect of the Vessel and recorded in the FuelEU Database.

"FuelEU Services" means the services provided by the Managers to the Owners under this Clause in performance of the Agreement.

"FuelEU Verification Report" means a verification report as referred to in Article 16 in respect of either a FuelEU Report or Partial FuelEU Report which has been issued by the Verifier and recorded in the FuelEU Database.

"GHG Intensity" means the amount of GHG emissions per megajoule (MJ) of the fuels and energy, expressed in grams of CO2 equivalent units (gCO2eq/MJ), used on board the Vessel under the scope of FuelEU Maritime, calculated in accordance with the methodology set out in Annex I of FuelEU Maritime.

"Partial FuelEU Report" means a report for a Partial Reporting Period as referred to in Article 15(4) submitted in respect of the Vessel and recorded in the FuelEU Database.

"Partial Reporting Period" means a part of a Reporting Period where there is a change in the company (as defined in FuelEU Maritime) during the same calendar year.

"Pool Verifier" means the legal entity carrying out verification activities and accredited in accordance with FuelEU Maritime which has been selected to verify the allocation of the total pool compliance balances in a pool including the Vessel, and which might not be the Verifier.

"Reporting Period" means a period from 1 January to 31 December of the year during which information referred to in FuelEU Maritime is monitored and recorded.

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"Verification Period" means the calendar year following a Reporting Period.

"Verified Compliance Balance" means the Compliance Balance verified by the Verifier (and the Pool Verifier, as applicable) and recorded in the FuelEU Database in respect of a Reporting Period after accounting for the application (as applicable) of the banking of the Vessel's compliance surplus or borrowing of an advance compliance surplus between Reporting Periods under Article 20 or the pooling of the Compliance Balance under Article 21.

"Verifier" means the legal entity carrying out verification activities and accredited in accordance with FuelEU Maritime which has been mutually agreed between the Owners and the Managers to verify the relevant information and data of the Vessel relevant to the FuelEU Database and produce the FuelEU Verification Reports, Compliance Balance Statement and the Verified Compliance Balance(other than in respect of pooling).

"Voyage" means a voyage as defined in Article 3, point (c), of Regulation (EU) 2015/757.

Unless specified otherwise, references to Articles and Annexes in this Clause are to those provided for in FuelEU Maritime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties acknowledge that the Vessel is required to comply with FuelEU Maritime and that the Managers (or the Managers' nominee) shall be the responsible compliance entity for the Vessel in accordance with
 FuelEU Maritime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Owners shall provide to the Managers a copy of the Partial FuelEU Report no later than one month after Delivery and the corresponding FuelEU Verification Report together with any supporting information,
 verification assessment(s), data and documentation latest seven (7) days after receipt from the Verifier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In consultation with the Owners, the Managers shall prepare and submit a FuelEU Monitoring Plan for the Verifier's approval. The Managers shall review the FuelEU Monitoring Plan regularly and if necessary,
 update and/or modify it. The Owners shall promptly notify the Managers if any fuels or energy to be supplied to the Vessel are not reflected in the FuelEU Monitoring Plan following which the Managers shall promptly seek to update and/or modify
 and re-submit the FuelEU Monitoring Plan to the Verifier for approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Owners shall provide to the Managers: (i) bunker delivery notes (BDNs) and electricity delivery notes (EDNs) for fuels and energy supplied to the Vessel; and if applicable, (ii) any associated
 documentation and/or certification recognised under FuelEU Maritime to the satisfaction of the Verifier in order to meet the sustainability and GHG emissions saving criteria set out under FuelEU Maritime and to obtain any benefit when applying
 the emission factors set out in Annex II and calculating the GHG Intensity. The Managers shall be entitled to rely on and accept no responsibility for the accuracy of the data and information recorded in any of the BDNs, EDNs and in any
 associated documentation and/or certification which are to be submitted to the Verifier as well as for the Owners' failure to supply the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Managers shall on a per Voyage basis and/or other regular intervals to be agreed between the Parties provide to the Owners, together with all supporting calculations, the estimates of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregated Compliance Balance of the Vessel incurred in the then current Reporting Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon request, the projected aggregated Compliance Balance taking into account any banked compliance surplus or advance compliance surplus borrowed from a previous Reporting Period

based on information and documentation available at that point in time. Any estimates of the aggregated Compliance Balance as set out in subclause (e)(i) shall be validated by a third party if required by the Owners at their expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Managers shall continuously monitor and record the Vessel's GHG Intensity and all other relevant information and data required under FuelEU Maritime during a Reporting Period and shall promptly provide the
 Verifier with a FuelEU Report (or, where applicable, a Partial FuelEU Report) in accordance with FuelEU Maritime together with all supporting documents and information as requested by the Verifier.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Managers shall promptly notify the Owners of the outcome of the verification of the FuelEU Report (or, where applicable, a Partial FuelEU Report) by the Verifier and provide the Owners with a copy of the
 FuelEU Verification Report together with the Compliance Balance Statement when available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Where this Agreement is terminated, the Managers shall, by no later than ten (10) running days prior to the Vessel's date of redelivery (or, in case of immediate termination, by no later than ten (10) running
 days thereafter), provide the Owners upon request with estimates of the underlying information and data to be contained in a Partial FuelEU Report together with any relevant information recorded on the FuelEU Database. Thereafter, the Managers
 shall provide to the Owners a copy of the Partial FuelEU Report no later than one month after redelivery and the corresponding FuelEU Verification Report together with any supporting information, verification assessment(s), data and
 documentation latest seven (7) days after receipt from the Verifier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Managers shall periodically monitor the Managers' potential exposure to a FuelEU Penalty for the Vessel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Parties shall agree on the appropriate form and amount of security, which may be adjusted from time to time, to be provided by the Owners to cover the Managers' corresponding exposure (if any) to the reasonable satisfaction of the Managers. Such security shall be agreed by the Parties and received by the Managers within ten (10) running days of the Managers' written request failing which the Managers may terminate this Agreement immediately by providing written notice to the Owners as per Clause 31(a) of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any security provided by the Owners to the Managers under this Clause shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) be held to the credit of the Owners unless the Managers use, in their sole discretion, the security (or any part thereof) to meet the Managers' obligations owed for the Vessel under FuelEU Maritime, in which case the Parties shall agree on the appropriate form and amount of replacement security to be provided by the Owners in accordance with subclause (i)(i); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in no way prejudice the Owners' obligation to provide the Managers in a timely manner with sufficient funds required to fulfil the Managers' obligations for the Vessel under FuelEU Maritime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Upon termination of this Agreement, any security or replacement security provided to the Managers in accordance with this subclause shall either be returned to the Owners or cancelled (as appropriate) within ten (10) running days of the termination date unless such security or replacement security is still required to meet the Managers' obligations under FuelEU Maritime in respect of the applicable Verification Period, in which case such security or replacement security shall be released following receipt of the Owners' payment under subclause (k)(i) or, where no FuelEU Penalty is payable, upon issuance of the FuelEU Document of Compliance for the corresponding Reporting Period, whichever is earlier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In respect of each Compliance Balance Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless otherwise agreed in writing by the Parties, it is expressly understood that any rights, ownership, entitlements and decisions in respect of the banking, borrowing and pooling of the Compliance Balance, as well as to the identity and appointment of the Pool Verifier (as applicable) shall vest exclusively in the Owners (or the Owners' nominee) who shall be at liberty to direct, control and allocate the Compliance Balance as they see fit in accordance with FuelEU Maritime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No later than ten (10) running days prior to 30 April of the Verification Period, the Owners (or the Owners' nominee) shall provide instructions and directions to the Managers as to the application and/or allocation of the Compliance Balance in respect of borrowing, banking and/or pooling as well as to the identity and appointment of the Pool Verifier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Managers shall promptly follow the Owners' (and where applicable, the Owners' nominee and/or any third parties nominated by the Owners in writing) instructions and directions in respect of borrowing, banking and/or pooling of the Compliance Balance in accordance with subclause (j)(ii).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Owners shall bear the risk, liability, benefit and costs arising out of or in connection with the afore-mentioned instructions and directions including any failure to provide such instructions and directions under this subclause (j).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Once the Verified Compliance Balance is available, it shall be communicated by the Managers to the Owners as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Where, in respect of the Verified Compliance Balance, it is determined under FuelEU Maritime that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a FuelEU Penalty is payable, the Managers shall promptly notify the Owners of such FuelEU Penalty and the Owners shall transfer a sum equivalent to the FuelEU Penalty to the Managers by no later than ten (10) running days before the FuelEU Penalty falls due. Subject to the timely receipt of such funds, the Managers shall pay the FuelEU Penalty promptly thereafter and provide the Owners with a copy of the FuelEU Document of Compliance as soon as reasonably practicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no FuelEU Penalty is payable, the Managers shall provide the Owners with a copy of the FuelEU Document of Compliance as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Where this Agreement is terminated between 1 January and 30 June of a Verification Period, and the Managers (or the Managers' nominee) were the responsible compliance entity on 31 December of the previous
 Reporting Period, the Managers shall remain responsible for complying with its obligations under this Clause. In the event that satisfactory security or replacement security has not been agreed or extended, the Owners shall advance the funds
 required for payment of the estimated FuelEU Penalty and these funds shall be received on or before termination of this Agreement. Where funds in excess of a FuelEU Penalty have been paid by the Owners or if no FuelEU Penalty is ultimately
 payable pursuant to the Verified Compliance Balance, the Managers shall promptly return any balance of funds to the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Unless otherwise specified in Annex E to this Agreement, the fee payable by the Owners to the Managers for the FuelEU Services shall be assumed to be included in the daily management fee stated in Clause
 13(a)(ii) of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Without prejudice to the Managers' right to terminate this Agreement in accordance with subclause (i) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Managers shall be entitled to terminate the Agreement with immediate effect by giving notice to the Owners as per Clause 31(b)(i) if any monies payable by the Owners under subclause (k) and/or (m) are not received in the Managers' nominated bank account within ten (10) days of receipt by the Owners of the Managers' written request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any other circumstances, if either Party fails to meet their obligations under this Clause, the other Party may give notice to the Party in default requiring it to remedy such failure as per Clause 31(a). Should the Party in default fail to remedy the failure within a reasonable time to the reasonable satisfaction of the other Party, that Party shall be entitled to terminate this Agreement with immediate effect by giving notice to the Party in default as per Clause 31(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) It is expressly agreed that the rights and obligations of the Parties set out in this Clause shall survive the expiration or termination of the Agreement unless or until the Parties have fulfilled or satisfied
 their respective obligations under FuelEU Maritime.

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#### SCHEDULE C

#### ADMINISTRATIVE MANAGEMENT SERVICES
The Manager shall provide such of the following Administrative Management Services to the Group as the Group may from time to time request and direct the Manager to provide pursuant to Section 2, including indicatively the following:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** Keep and maintain at all times the accounting books and records of each member of the Group which shall contain particulars of receipts and disbursements relating to its assets and liabilities, and such books, records and accounts shall be
 kept pursuant to normal commercial practices that will permit the Group to prepare or cause to be prepared financial statements in accordance with U.S. generally accepted accounting principles and other regulations as may be applicable to the
 Group.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** Represent any member of the Group vis-à-vis any contractual counterparties and before any competent authority in any jurisdiction, including without limitation tax authorities, civil, criminal and administrative courts, ministries and other
 governmental bodies.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** Arrange for and coordinate the due, timely and proper fulfilment by the Group of all its obligations, covenants, undertakings and responsibilities binding upon it under or in connection with any financing arrangements to which any member of
 the Group is a party or by which any of its assets are bound, including without limitation any loan agreements, credit facilities, security documents, guarantees, hedging arrangements and related finance documents, and monitor ongoing
 compliance therewith, including the satisfaction of all payment, reporting, information, notification and other continuing obligations.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** Arrange for and coordinate the due, timely and proper fulfilment by the Group (or Vessel) of all its tax obligations and responsibilities, including the assessment, filing, reporting and payment of all applicable taxes, duties, levies,
 charges and governmental impositions of any nature (including, but not limited to, VAT and tonnage tax), and take all lawful and appropriate actions to contest, challenge, appeal, negotiate or otherwise dispute the validity, amount or
 enforceability of any taxes, duties, levies, charges, penalties, fines or assessments imposed, or alleged to be imposed, on any member of the Group (or Vessel) by any governmental, tax or regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** Provide, or arrange for the provision of, at the request and under the direction of the Group, such clerical, secretarial, corporate, administrative, operational support and ancillary services as may be reasonably required for the proper
 conduct, operation and development of the Group's business and affairs, including, but not limited to, the services of suitably qualified personnel, consultants and support staff to assist the Group in relation to its management, strategic
 development, corporate administration, investment activities, financing initiatives, commercial operations and general business affairs; provided that:

<br> (a) such personnel, consultants and support staff shall, in the performance of their duties under this Agreement:

(i) devote such time, attention, and skill as is reasonably necessary for the proper performance of their responsibilities;

<br> (ii) represent the Group and consult and cooperate with its Board, officers, advisors, and other business partners, as applicable;

<br> (iii) use reasonable endeavours to promote the success, business, and reputation of the Group;

<br> (iv) act in good faith and in what they reasonably believe to be in the best interests of the Group;

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<br> (v) perform their duties with the degree of care, skill, diligence, and prudence that would reasonably be expected of a person in a comparable position in a company of similar size, nature, and complexity;

<br> (vi) comply in all material respects with all applicable laws, regulations, and policies of the Group;

<br> (vii) be entitled to rely on information, advice, and services provided by other officers, employees, professional advisers, and experts engaged by the Group, provided that such reliance is made in good faith and on a reasonable basis.

(b) the Board of Icon shall have the right to instruct the Manager from time to time as to the identity of the personnel and may terminate the services of any such person or request the appointment of a replacement for such person at any time, in each case upon giving the Manager not less than three months prior written notice.

(c) the Group shall keep such personnel indemnified and hold them harmless against all actions, proceedings, claims, demands or liabilities whatsoever or howsoever arising, which may be brought against them or incurred or suffered by them arising out of or in connection with the performance of their duties under this Agreement, and against and in respect of all costs, loss, damages and expenses (including legal costs and expenses on a full indemnity basis), which they may suffer or incur (whether directly or indirectly) in the course of the performance of their duties under this Agreement, unless and to the extent that such actions, proceedings, claims, demands, liabilities, costs, loss, damages or expenses are proven (through the judgement of a court of competent jurisdiction) to have resulted solely from fraud, gross negligence or willful misconduct of such persons.

<br> (d) under no circumstances shall the Group be entitled to bring an action in contract, in tort, or otherwise, against such personnel, or any of them, for any reason whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** Arrange for the provision by third party providers of such audit, accounting, legal, insurance and other professional services relating to the Group and the Vessels as are reasonably required by the Group from time to time to the extent such
 advice and analysis can be reasonably provided or arranged by the Manager, provided that nothing herein shall permit the Manager to select the auditor of the Group or to communicate with the auditor other than in the ordinary course of making
 such books and records available for review as the auditors may require and to respond to queries from the auditors with respect to the accounts and statements prepared by, or arranged by, the Manager, and in particular the Manager will not
 have any of the authorities, rights or responsibilities of the audit committee of the Group, but shall provide, or arrange for the provision of, information to such committee as may from time to time be required or requested.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** Arrange, at the request and under the direction of the Group, loan and credit terms with financiers and provide, or arrange for the provision of, such assistance and support as the Group may from time-to-time request in connection with any
 new or existing debt and/or equity financing for the Group.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** Make all necessary arrangements for all the Board and shareholder meetings of the members of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** Provide, or arrange for the provision of, IT services;

&nbsp;&nbsp;&nbsp;&nbsp;**10.** Maintain, or arrange for the maintenance of, the members' of the Group existence and good standing in necessary jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** Provide, or arrange for the provision of cash management and treasury services, including assistance with preparation of budgets, overseeing banking services and bank accounts and arranging for the deposit of funds.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** Provide, or arrange for the provision of, investment administration and support services, including, without limitation, assistance with the assessment, evaluation, due diligence, structuring, implementation, management, monitoring, and
 oversight of investments, as well as coordinating with professional advisers and other counterparties, reviewing and administering related information memorandums and documentation, monitoring compliance with related contractual rights and
 obligations, facilitating reporting and record-keeping, and providing ongoing administrative support in connection with the holding, management, structuring, disposal, or realization of investments.

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