Rubico Inc. has expanded its fleet and secured future cash flows through the acquisition of a newbuilding MR tanker, increasing its total potential gross revenue backlog by 33% to approximately $304.6 million. The company entered into a share purchase agreement with Top Ships Inc. to purchase 100% of the shares of a special purpose vehicle (SPV) that holds a shipbuilding contract with Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. The aggregate purchase price is approximately $6.25 million, payable in full at closing, which is expected by September 30, 2026.

The 47,499 dwt chemical/product oil carrier is scheduled for delivery in the third quarter of 2029. The SPV has secured time charter employment with a major oil trader for a firm duration of seven years, with an option to extend for four additional years. This specific contract contributes about $75.4 million to the potential gross revenue backlog. Including this new vessel, the total potential gross revenue backlog from Rubico's two newbuilding MR tankers rises to approximately $151.0 million.

Financing Structure

The SPV has entered into a sale and leaseback financing agreement with a major Chinese leasing company for 85% of the installment payments under the shipbuilding contract. The purchase price for the vessel is $45.2 million, with $6.8 million already paid. The financing carries an interest rate of Term SOFR plus a margin of 1.80%. Post-delivery, Rubico will pay quarterly installments of $0.5 million over 10 years, concluding with a balloon payment of $18.2 million. Top Ships Inc. and Rubico will provide corporate guarantees to the leasing company.

Corporate Governance and Financials

A special committee of independent and disinterested members of Rubico's board of directors approved the acquisition, obtaining a fairness opinion from an independent financial advisor. Kalliopi Ornithopoulou, President, Chairwoman & Chief Executive Officer, highlighted that the acquisition aligns with the strategy of redeploying capital into the core tanker business. She also referenced the company's 2025 financial results, published on March 23, 2026, which reported a net income of $2.6 million, total assets of $134.1 million, and stockholders’ equity of $45.8 million.

Key Transaction Details

Rubico Inc. announced on July 15, 2026, that it will divest its interest in a newbuilding megayacht and exit the megayacht sector to redeploy capital toward its core tanker business. The company intends to pursue a sale of the vessel or the associated entity to release capital, reduce future commitments, and simplify its asset base. Focusing on the tanker business is seen as the most effective use of capital and management resources.

The megayacht, measuring 60 meters in length with a gross tonnage of 1,150 tons, is scheduled for delivery in the second quarter of 2027. Based on independent market estimates, Rubico believes a sale could generate gross cash proceeds between €30 million and €35 million. The transaction would also eliminate a capital commitment of €26.5 million payable prior to delivery. U.S. dollar figures in the release are translated at an exchange rate of €1.00 = $1.14 as of July 14, 2026.

Kalliopi Ornithopoulou, President, Chairwoman & Chief Executive Officer of Rubico, stated that the decision reflects the intention to redeploy capital toward the core tanker business. She noted that a divestment at current market levels could result in a meaningful equity release, multiple to the company’s current market cap, while eliminating a significant capital commitment.

There is no assurance that a divestment will be completed or that the proceeds will be redeployed in the tanker sector. Any transaction would require definitive agreements, counterparty and financier consent, and customary conditions. The valuations are based on third-party data and management assumptions, which may differ materially from actual amounts realized.

Rubico Inc. is a global provider of shipping transportation services specializing in vessel ownership. The company operates two Suezmax tankers and owns one MR tanker newbuilding scheduled for delivery in the fourth quarter of 2029. It is incorporated under the laws of the Republic of the Marshall Islands, with executive offices in Athens, Greece, and its common shares trade on the Nasdaq Capital Market under the symbol "RUBI".