Rubico Signs LOI for Potential Acquisition of Tanker SPV

Rubico Inc. announced it has entered into a letter of intent (LOI) for the potential acquisition of a shipowning company (SPV) from Top Ships Inc., a related party. The SPV holds a shipbuilding agreement for a high-specification MR chemical/product oil tanker, expected for delivery in Q2 2029. This SPV also has a 7-year time charter agreement with Trafigura Maritime Logistics at $18,750 per day and lease financing for 85% of the shipbuilding price. Rubico will make a $0.3 million advance payment, and a special independent committee will oversee due diligence before the LOI's exclusivity expires on July 31, 2026.