Rubico Inc. Acquires Two MR Tanker Contracts for $14.5 Million

Rubico Inc. entered into a share purchase agreement with Top Ships Inc. to acquire two companies holding shipbuilding contracts for 47,499 deadweight ton MR tankers. The transaction, valued at $14.5 million, is expected to close by March 31, 2027.

The vessels are being constructed by Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd., with scheduled deliveries in the fourth quarter of 2028 and the fourth quarter of 2029. A Chinese leasing company will provide financing for 85% of the installment payments.

Both tankers have already secured seven-year time charters with Trafigura Maritime Logistics Pte Ltd., including options to extend for four additional years. These agreements create a potential gross revenue backlog of approximately $150.9 million. The acquisition was approved by a special committee of independent board members following a fairness opinion from a financial advisor.