Rubico Inc.

Rubico Inc. announced its transition from semi-annual to quarterly reporting of financial results, starting with its third quarter 2026 results. This change aims to enhance transparency and align with industry peers. The company also provided an update on its fleet, including ownership of Suezmax and MR tankers, plans to divest a newbuilding megayacht, and an ongoing agreement to acquire a shipowning company with an MR tanker newbuilding.

Rubico Inc. has entered into an At-The-Market (ATM) Sales Agreement with B. Riley Securities, Inc. as the sales agent. Under this agreement, the company is authorized to issue and sell up to an aggregate of $25 million of its common shares from time to time. The Sales Agreement was executed on August 5, 2026.

Rubico Inc. announced the acquisition of a third newbuilding MR tanker through a share purchase agreement with Top Ships Inc., a related party. This 47,499 dwt chemical/product oil carrier is scheduled for delivery in Q2 2029 and 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 shares, increases Rubico's total potential gross revenue backlog to about $379.2 million, a 24% rise, strengthening its contracted revenue base.

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.

Rubico Inc. signed a Letter of Intent (LOI) to potentially acquire a newbuilding MR tanker from Top Ships Inc., a related party. The acquisition involves a shipowning company with a shipbuilding agreement and a 7-year time charter with Trafigura Maritime Logistics at $18,750 per day. Rubico will make a $0.3 million advance payment and conduct due diligence until July 31, 2026, with a special independent committee overseeing the negotiation. Separately, Rubico terminated its $30 million equity line of credit, having utilized approximately $27.1 million of it.

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.

Rubico Inc. announced the termination of its common stock purchase agreement with B. Riley Principal Capital II, LLC. This agreement had allowed the company to sell up to $30 million of its common shares. Prior to the termination, Rubico had successfully sold approximately $27.1 million of its common shares under the agreement.

Rubico Inc. announced its management's estimate of Net Asset Value (NAV) as of June 30, 2026, to be $183.1 million, marking a 94% increase from the prior reported NAV. This translates to $300.26 per common share and $72.22 per fully diluted common share. The company highlighted its modern fleet with an average age of 5.2 years and its newbuilding pipeline, including two MR tankers and a megayacht, with one tanker acquisition expected to close by September 30, 2026.

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.

Rubico Inc. announced its decision to divest its newbuilding megayacht and exit the megayacht sector to focus on its core tanker business. The company aims to sell the megayacht, which is scheduled for delivery in Q2 2027, to release capital. This divestment is estimated to generate gross cash proceeds of €30-35 million (approximately $34.2-40 million) and eliminate a future capital commitment of €26.5 million ($30.2 million).