AcquisitionsNov 12, 2026, 12:46 PM
Rubico Acquires Two MR Tankers, Boosting Revenue Backlog to $523M
AI Summary
Rubico Inc. announced the acquisition of two newbuilding MR tankers from Top Ships Inc., a related party, for an aggregate purchase price of $14.5 million. These vessels are scheduled for delivery in late 2028 and late 2029 and have secured seven-year time charter employment with Trafigura Maritime Logistics Pte Ltd. This acquisition is expected to increase Rubico's total potential gross revenue backlog to approximately $523.1 million, underscoring the strength and visibility of its future cash flows. The transaction is subject to customary closing conditions and is expected to close by March 31, 2027.
Key Highlights
- Rubico Inc. acquires two newbuilding MR tankers from Top Ships Inc. for $14.5 million.
- Acquisition increases Rubico's total potential gross revenue backlog to approximately $523.1 million.
- The two newbuilding MR tankers are scheduled for delivery in Q4 2028 and Q4 2029.
- Each vessel has secured seven-year time charter employment with Trafigura Maritime Logistics Pte Ltd.
- Total potential gross revenue backlog from these new contracts is about $150.9 million.
- Financing for each vessel covers 85% of installment payments via sale and leaseback agreements.
- The transaction is expected to close by March 31, 2027.
Price Impact
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