Nasdaq-listed shipowner agreed to buy a related-party SPV for about $6.5 million, securing a 47,499 dwt tanker with a seven-year charter and sale-and-leaseback financing in place.
Rubico said it signed a share purchase agreement to acquire 100% of a special purpose vehicle from related party Top Ships Inc. for about $6.5 million, advancing a previously announced letter of intent for a 47,499 dwt chemical/product oil carrier newbuilding due for delivery in the second quarter of 2029. The SPV is party to the shipbuilding contract and already has time charter employment with a major oil trader for seven years from delivery, with an option to extend by four more years, creating about $75.4 million in potential gross revenue backlog including the optional period. Rubico said the vessel also has sale-and-leaseback financing covering 85% of shipyard installment payments under the $45.2 million shipbuilding contract, of which $6.8 million has already been paid. The company said the acquisition raises potential gross revenue backlog from its three newbuilding MR tankers to about $226.3 million and total potential backlog, including contracted time charters for its operating fleet and optional years, to about $379.2 million.