Rubico announced on July 15 that it had entered into a share purchase agreement to acquire 100% of a Marshall Islands-incorporated special-purpose company from Top Ships for approximately $6.25 million.

The project company holds a shipbuilding contract with CSSC Offshore & Marine Engineering (Group), better known as Guangzhou Shipyard International, and China Shipbuilding Trading Co. for a 47,499-dwt MR product and chemical tanker.

The vessel is scheduled for delivery in the third quarter of 2029.

The transaction is expected to close no later than September 30, 2026, subject to customary closing conditions.

The $6.25 million consideration represents the price paid for the shares in the project company, rather than the full cost of the vessel. The newbuilding contract is valued at approximately $45.2 million, of which about $6.8 million has already been paid.

Following completion of the acquisition, Rubico will assume the project company’s rights and obligations under the shipbuilding contract, its charter arrangement and the associated financing structure.

The vessel has secured sale-and-leaseback financing from a major Chinese leasing institution covering 85% of the instalments payable under the shipbuilding contract.

Based on the disclosed contract price, the financing facility would cover approximately $38.4 million, while the remaining 15%, or around $6.8 million, broadly corresponds with the amount already paid toward the vessel.

The financing will bear interest at Term SOFR plus a margin of 1.80%.

Following delivery, Rubico will make quarterly principal payments of $500,000 over a ten-year period, together with a final balloon payment of approximately $18.2 million. Both Rubico and Top Ships will provide corporate guarantees to the Chinese leasing company.

The structure allows Rubico to acquire a fully arranged vessel project incorporating a shipbuilding contract, long-term employment and financing, while limiting the amount of additional equity required during construction.

Upon delivery, the vessel will commence a seven-year fixed-rate time charter with an unnamed major oil trader. The charterer will also hold options to extend the employment for a further four years.

Including the optional period, the vessel is expected to generate potential gross revenue of approximately $75.4 million.

The acquisition will give Rubico its second 47,499-dwt MR tanker under construction at Guangzhou Shipyard International.

In February, Rubico agreed to acquire another single-vessel company from Evangelos Pistiolis-affiliated Central Mare Inc. for approximately $4.2 million.

That company also holds a contract for a 47,499-dwt product and chemical tanker at GSI. The vessel is scheduled for delivery in the fourth quarter of 2029 and is backed by a seven-year charter with four additional option years, representing potential gross revenue of around $75 million.

Together, the two MR newbuildings could contribute approximately $151 million in potential charter revenue.

Rubico said its total potential gross revenue backlog, including optional charter periods, has now increased by around 33% to approximately $304.6 million.

The vessels form part of a larger MR tanker programme developed within the wider business network of Greek shipowner Evangelos Pistiolis.

Earlier this year, Top Ships announced plans to acquire nine eco-design MR product tanker newbuildings, all under construction at Guangzhou Shipyard International and scheduled for delivery between 2028 and 2029.

The projects were also supported by Chinese leasing financing and long-term employment with a major oil trading company. Top Ships previously estimated that the nine vessels could generate approximately $679 million in potential gross revenue, including charter extension options.

Following the latest transaction, Rubico will control two vessels from the wider newbuilding series, while Top Ships’ exposure to the programme will be reduced accordingly.

Rubico and Top Ships remain closely connected.

Rubico was previously a subsidiary of Top Ships before being separated into an independently listed company. Its shares began trading on the Nasdaq Capital Market under the ticker “RUBI” in August 2025.

As part of the separation, Rubico received two 2021-built, 157,000-dwt eco-design Suezmax tankers, Eco Malibu and Eco West Coast.

Although Rubico now operates as a separate listed company, links remain between the two companies in vessel transactions, management arrangements and financing guarantees.

The latest acquisition was approved by a special committee of Rubico’s independent directors, which also obtained a fairness opinion from an independent financial adviser.

Rubico’s decision to acquire another MR tanker came on the same day that the company announced plans to exit the superyacht sector.

The company intends to sell either a 60-metre, 1,150-gross-tonne superyacht currently under construction or the project company holding the relevant construction contract.

The yacht is scheduled for delivery in the second quarter of 2027.

Based on an independent market valuation, Rubico estimates that a sale could generate cash proceeds of between €30 million and €35 million, while also eliminating approximately €26.5 million of remaining capital commitments before delivery.

No buyer has yet been identified, and the company cautioned that there is no certainty regarding the timing, completion or final value of any transaction.

The simultaneous moves underline a clearer asset strategy at Rubico.

By disposing of its superyacht exposure and acquiring additional tanker projects backed by long-term charters, the company is redirecting capital toward its core shipping business and expanding from Suezmax crude oil transportation into the MR product and chemical tanker segment.

Following completion of the transaction, Rubico’s core fleet will consist of two operating Suezmax tankers and two 47,499-dwt MR product and chemical tanker newbuildings scheduled for delivery in 2029.

The deal also highlights the growing role of Chinese shipyards and leasing institutions in supporting the fleet expansion of international owners.

Through a single-purpose vessel company, Rubico is acquiring a newbuilding contract supported by sale-and-leaseback financing covering most of the purchase price, while long-term charter employment provides visibility over future cash flow.

The structure reduces the immediate equity requirement, although the ten-year floating-rate financing and sizeable final balloon payment will leave Rubico exposed to interest-rate, refinancing and residual-value risks.

For a relatively small listed shipowner, the successful sale of the superyacht project, execution of the two MR newbuildings and management of the associated financing obligations will be central to the company’s tanker-focused growth strategy.