News & Events zu Rubico Inc (RUBI)RUBIRubico Inc

Rubico Enters Share Purchase Agreement with Top Ships for Approximately $6.5M

Rubico announced (RUBI) that it has entered into a share purchase agreement with Top Ships (TOPS), a related party controlled by Rubico's controlling shareholder, to purchase the shares of a company that is party to a shipbuilding contract with Guangzhou Shipyard International Company Limited and China Shipbuilding Trading for the construction of a 47,499 dwt chemical/product oil carrier.The Newbuilding MR Tanker is scheduled for delivery in the second quarter of 2029. The SPV has secured time charter employment for the vessel with a major oil trader, starting from its delivery and for a firm duration of seven years, with charterer's option to extend for four additional years. The total potential gross revenue backlog from this contract, including optional years, is about $75.4M. The SPV has also entered into a sale and leaseback financing agreement with a major Chinese leasing company for an amount of 85% of the installment payments under the shipbuilding contract. The purchase price under the shipbuilding contract, payable in installments up to the delivery of the vessel, is $45.2M out of which $6.8M has already been settled. The financing bears an interest rate of Term SOFR plus a margin of 1.80%. Under the financing, following the delivery of the vessel, the Company will pay quarterly installments of $0.5M over a period of 10 years with a balloon payment of $18.2M payable together with the last installment. Top Ships and the Company will provide corporate guarantees in favor of the leasing company. The aggregate purchase price for 100% of the shares of the SPV is approximately $6.5M, payable in full at closing. The advance cash payment of $0.3M of the LOI will be credited against the Consideration. The transaction is expected to close by September 30, subject to customary closing conditions.

Rubico Signs Letter of Intent to Acquire Shipowning Company from Top Ships

Rubico (RUBI) entered into a letter of intent for the potential acquisition from Top Ships (TOPS) of a shipowning company that is party to a shipbuilding agreement with Guangzhou Shipyard International Company Limited for the construction of a high specification MR chemical/product oil tanker to be delivered in Q2 2029. The SPV has entered into a time charter agreement with Trafigura Maritime Logistics at a minimum fixed duration of 7 years at a time charter rate of $18,750 per day and is also party to a lease financing agreement with a Chinese Lessor for 85% of the shipbuilding price starting from the 1st instalment on a pro-rata basis without any asset cover requirement for the duration of the time charter. The Company will make an advance cash payment of $0.3M that will be credited against the acquisition price of the SPV or refunded to the extent the Company does not elect to purchase the SPV. The exclusivity period under the LOI will expire on July 31.