Rubico Inc. acquires MR tankers

Rubico Inc., a global shipping transportation services provider, has entered into a share purchase agreement (SPA) with Top Ships Inc. to acquire a shipowning company (SPV) that owns a 47,499 dwt MR tanker newbuilding scheduled for delivery in Q3 2029. The acquisition price is approximately $6.25 million, payable at closing expected by September 30, 2026. Additionally, Rubico has signed a letter of intent (LOI) for a potential second acquisition from Top Ships of another SPV with a high-specification MR tanker newbuilding to be delivered in Q2 2029. The LOI includes an exclusivity period until July 31, 2026, and a $0.3 million advance payment. The first SPV has secured a seven-year time charter with Trafigura Maritime Logistics Private Limited at $18,750 per day, and a sale and leaseback financing agreement with a Chinese lessor covering 85% of the shipbuilding price. The second SPV also has a time charter with Trafigura and similar financing. These acquisitions expand Rubico's fleet and contracted revenue backlog, with total potential gross revenue backlog from two newbuilding MR tankers reaching approximately $151 million, and including operating fleet charters, about $304.6 million. The transactions were approved by a special independent committee and supported by a fairness opinion.