AcquisitionsJul 15, 2026, 11:11 AM
Rubico Acquires Newbuilding MR Tanker; Backlog Rises 33% to $305M
AI Summary
Rubico Inc. announced the acquisition of a newbuilding 47,499 dwt chemical/product oil carrier (MR Tanker) from Top Ships Inc. for approximately $6.25 million. The vessel, scheduled for delivery in Q3 2029, has secured a seven-year time charter with an option for four additional years, generating a potential gross revenue backlog of about $75.4 million. This acquisition increases Rubico's total potential gross revenue backlog, including optional years, by 33% to approximately $304.6 million, underscoring strengthened future cash flows.
Key Highlights
- Acquired a newbuilding 47,499 dwt MR Tanker from Top Ships Inc.
- Purchase price for 100% of the SPV shares is approximately $6.25 million.
- Vessel scheduled for delivery in the third quarter of 2029.
- Secured a 7-year time charter with a major oil trader, with a 4-year extension option.
- Potential gross revenue backlog from this contract is about $75.4 million.
- Total potential gross revenue backlog increased by 33% to approximately $304.6 million.
- Financing secured for 85% of installment payments, with a vessel purchase price of $45.2 million.
- 2025 net income was $2.6 million, total assets $134.1 million, and stockholders' equity $45.8 million.
Price Impact
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