AcquisitionsJul 28, 2026, 09:36 AM
Rubico acquires SPV for new MR tanker; adds $75.4M potential revenue
AI Summary
Rubico Inc. has entered into a share purchase agreement to acquire a special purpose vehicle (SPV) from Top Ships Inc., a related party. The SPV holds a shipbuilding contract for a 47,499 dwt chemical/product oil carrier, scheduled for delivery in Q2 2029, which 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, is expected to close by September 30, 2026, and significantly expands Rubico's fleet and increases its total potential gross revenue backlog to $379.2 million.
Key Highlights
- Rubico acquires SPV owning a newbuilding MR tanker from Top Ships Inc.
- Newbuilding MR Tanker (47,499 dwt) scheduled for delivery in Q2 2029.
- Vessel secured 7-year time charter with 4-year extension option.
- Total potential gross revenue backlog from this contract is $75.4 million.
- Aggregate purchase price for the SPV is approximately $6.5 million.
- Shipbuilding contract price is $45.2 million, 85% financed via sale and leaseback.
- Total potential gross revenue backlog from three newbuilding MR tankers rises to $226.3 million.
- Overall total potential gross revenue backlog, including operating fleet, increases to $379.2 million.
Price Impact
More from RUBI