Rubico Inc. (NASDAQ: RUBI) has entered into a share purchase agreement to acquire its third newbuilding medium-range (MR) tanker, increasing the company’s total potential gross revenue backlog by 24% to approximately $379.2 million. The transaction secures long-term cash flow visibility through a seven-year time charter agreement with a major oil trader, reinforcing Rubico’s strategy of deploying capital into its core tanker business.

The acquisition involves purchasing 100% of the shares of a special purpose vehicle (SPV) from Top Ships Inc., a related party controlled by Rubico’s controlling shareholder. The SPV holds a shipbuilding contract for a 47,499 dwt chemical/product oil carrier, scheduled for delivery in the second quarter of 2029. The vessel is being constructed by Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd.

Charter and Revenue Impact

The SPV has secured time charter employment for the Newbuilding MR Tanker commencing from delivery. The firm charter duration is seven years, with the charterer holding an option to extend for four additional years. This single contract contributes approximately $75.4 million to Rubico’s potential gross revenue backlog, including optional years.

With this addition, the total potential gross revenue backlog from Rubico’s three newbuilding MR tankers rises to approximately $226.3 million. When combined with contracted time charters for the company’s operating fleet, the aggregate potential gross revenue backlog reaches approximately $379.2 million.

Financing and Acquisition Terms

The SPV has arranged sale and leaseback financing with a major Chinese leasing company, covering 85% of the installment payments under the shipbuilding contract. The total purchase price for the vessel is $45.2 million, of which $6.8 million has already been settled. The remaining financing bears an interest rate of Term SOFR plus a margin of 1.80%. Post-delivery, the company will pay quarterly installments of $0.5 million over a 10-year period, concluding with a balloon payment of $18.2 million. Both Top Ships Inc. and Rubico have provided corporate guarantees for the facility.

Rubico will pay an aggregate consideration of approximately $6.5 million for the SPV shares at closing. An advance payment of $0.3 million made under a previous letter of intent will be credited against this amount. The transaction is expected to close by September 30, 2026, subject to customary conditions.

Governance and Fleet Strategy

The acquisition was approved by a special committee of independent and disinterested members of Rubico’s Board of Directors, which obtained a fairness opinion from an independent financial advisor. Kalliopi Ornithopoulou, President, Chairwoman & Chief Executive Officer of Rubico, stated that the deal marks a significant milestone in expanding the fleet and strengthening contracted revenue bases.

Rubico currently operates two eco 157,000 dwt Suezmax tankers and has agreements for two additional MR tanker newbuildings, also scheduled for delivery in 2029. The company also owns a 60-meter megayacht scheduled for delivery in the second quarter of 2027, which it intends to divest.

Rubico Inc. has terminated a common stock purchase agreement with B. Riley Principal Capital II, LLC that allowed the company to sell up to $30,000,000 of its common shares. The agreement, originally entered into on July 21, 2025, was terminated on July 20, 2026. Prior to the termination, the company had sold approximately $27.1 million of its common shares pursuant to the agreement.

Operational Overview

Rubico Inc. is a global provider of shipping transportation services specializing in the ownership of vessels. The company operates as an international owner and operator of two modern, fuel-efficient, eco 157,000 dwt Suezmax tankers.

Future Deliveries

The company's fleet expansion includes two 47,499 dwt MR tanker newbuildings. These vessels are scheduled for delivery in the third and fourth quarters of 2029. Additionally, Rubico owns a 60 meter newbuilding megayacht scheduled for delivery in the second quarter of 2027, which the company intends to divest.

Corporate Details

Rubico Inc. is incorporated under the laws of the Republic of the Marshall Islands and maintains executive offices in Athens, Greece. The company’s common shares trade on the Nasdaq Capital Market under the symbol "RUBI".