GlobeNewswire·Nov 10, 2026, 9:55 AM ET

Rubico Announces Acquisition of another Two Newbuilding MR Tankers and a 40% Increase of Potential Gross Revenue Backlog to About $523 Million

RUBI

Rubico Inc. (Nasdaq: RUBI) entered a share purchase agreement with related party Top Ships Inc. to acquire two special purpose vehicles (SPVs) owning contracts for two 47,499 dwt chemical/product oil carriers.
The Newbuilding MR Tankers are scheduled for delivery in the fourth quarter of 2028 & the fourth quarter of 2029.
Each vessel has secured a seven-year time charter with Trafigura Maritime Logistics Pte Ltd starting upon delivery, with an option to extend for four additional years.
Total potential gross revenue backlog from these contracts, including optional extension periods, is approximately $150.9 million.
Each SPV secured a sale & leaseback financing agreement with a major Chinese leasing company covering 85% of shipbuilding contract installments.
The first installment of $6.8 million per vessel has already been settled, with financing terms at Term SOFR plus 1.80% margin.
Post-delivery repayment involves quarterly installments of $0.5 million per vessel over 10 years, plus a $18.2 million balloon payment per vessel.
Top Ships Inc. & Rubico will provide corporate guarantees to the leasing company.
The aggregate purchase price for 100% of the SPVs is $14.5 million, payable at closing in cash or via Series G Perpetual Convertible Preferred Shares.
The transaction is expected to close by March 31, 2027, subject to customary conditions & approved by an independent special committee.
Upon closing, total potential gross revenue backlog from Rubico's five newbuilding MR tankers will increase to approximately $377.1 million.
Total potential gross revenue backlog including the operating fleet's time charters will rise to approximately $523.1 million.

Company: Rubico Inc.
Keywords: Nasdaq:RUBI, Rubico Inc.