Nasdaq-listed Greek dry bulk owner Icon Energy is facing pressure from a significant shareholder to overhaul its capital structure and board, following accusations that repeated equity issuances have heavily diluted ordinary investors.

Canada’s Hampton Financial, which holds 325,000 Icon shares representing approximately 9% of the company, has disclosed a letter sent to Icon’s management demanding changes to its preferred shares, dividend arrangements and corporate governance.

Hampton, led by chairman and chief executive Peter Deeb, claims Icon has raised approximately $25m through common share issuances since its 2024 flotation, while ordinary shareholders have suffered substantial losses.

The Canadian investment firm has also questioned the treatment of preferred shares held by Icon’s controlling shareholder and chief executive, Ismini Panagiotidi.

Hampton is proposing that Icon exchange its outstanding Series A preferred shares for a new instrument with a $20m face value, a fixed 6% cash dividend and conversion rights priced at $5 per ordinary share. It also wants a one-for-one share dividend for existing ordinary shareholders and the appointment of a Hampton-nominated director.

The investor argues that these measures would address dilution concerns while preserving Panagiotidi’s control of the business.

The proposals have not been accepted or implemented, and the filing does not establish that legal proceedings have commenced.

Icon, established in 2023, operates three bulk carriers. The company entered the Nasdaq market in July 2024 and subsequently expanded its fleet through secondhand acquisitions. Its most recent disclosed commercial moves include fixing the 63,668 dwt ultramax Charlie on an index-linked charter extending into 2027 and acquiring a minority investment in two containership projects. The feeder investment, disclosed in June, marked Icon’s first publicly announced move beyond dry bulk shipping.