AcquisitionsJul 31, 2026, 08:44 AM
Rubico Acquires 3rd MR Tanker; Backlog Rises 24% to $379M
AI Summary
Rubico Inc. announced the acquisition of a third newbuilding MR tanker through a share purchase agreement with Top Ships Inc., a related party. This 47,499 dwt chemical/product oil carrier is scheduled for delivery in Q2 2029 and has secured a 7-year time charter with a major oil trader, potentially generating $75.4 million in gross revenue. The acquisition, valued at approximately $6.5 million for the SPV shares, increases Rubico's total potential gross revenue backlog to about $379.2 million, a 24% rise, strengthening its contracted revenue base.
Key Highlights
- Acquired a 47,499 dwt chemical/product oil carrier (Newbuilding MR Tanker).
- Newbuilding MR Tanker scheduled for delivery in Q2 2029.
- Secured 7-year time charter with a major oil trader, with 4-year extension option.
- Potential gross revenue backlog from this contract is $75.4 million.
- Aggregate purchase price for the SPV shares is approximately $6.5 million.
- Total potential gross revenue backlog from three newbuilding MR tankers increases to $226.3 million.
- Total potential gross revenue backlog, including optional years, rises to $379.2 million, a 24% increase.
- Transaction expected to close by September 30, 2026.
Price Impact
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