Rubico Inc. has agreed to acquire two companies from related party Top Ships Inc. for $14.5 million. Each company holds a contract for a newbuilding MR tanker. The deal is expected to close by March 31, 2027, and can be paid for in cash or convertible preferred shares.
The 47,499-dwt chemical/product tankers are under construction at Guangzhou Shipyard International. They are scheduled for delivery in the fourth quarters of 2028 and 2029, respectively. Both vessels have secured long-term employment with Trafigura Maritime Logistics upon delivery.
Each charter has a firm duration of seven years, with an option to extend for four years. The charters add approximately $150.9 million to Rubico’s potential gross revenue backlog. The acquisition increases the company’s total potential backlog by 40%, to about $523.1 million.