AcquisitionsJul 15, 2026, 08:51 AM
Rubico Acquires New MR Tanker, Adds $75.4M Revenue Backlog
AI Summary
Rubico Inc. announced the acquisition of a company (SPV) that holds a shipbuilding contract for a 47,499 dwt chemical/product oil carrier, the Newbuilding MR Tanker. The purchase price for the SPV shares is approximately $6.25 million, with closing expected by September 30, 2026. The Newbuilding MR Tanker, scheduled for Q3 2029 delivery, has secured a 7-year time charter with a major oil trader, potentially generating $75.4 million in gross revenue backlog. This acquisition increases Rubico's total potential gross revenue backlog to approximately $304.6 million, aligning with its strategy to expand its tanker business and strengthen contracted revenue.
Key Highlights
- Rubico Inc. acquired a company (SPV) for a Newbuilding MR Tanker.
- Aggregate purchase price for 100% of SPV shares is approximately $6.25 million.
- Newbuilding MR Tanker scheduled for delivery in Q3 2029.
- Secured 7-year time charter (plus 4 optional years) with a major oil trader.
- Total potential gross revenue backlog from this contract is about $75.4 million.
- Sale and leaseback financing secured for 85% of shipbuilding contract installments.
- Total potential gross revenue backlog (all vessels) increases to approximately $304.6 million.
- 2025 net income was $2.6 million, total assets $134.1 million.
- The acquisition was approved by a special committee of independent directors.
Price Impact
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