Rubico, a Nasdaq-listed tanker owner, is expanding its investment in MR tanker newbuildings with a deal to acquire a vessel from its former parent, Top Ships, according to Splash247. The acquisition comes hours after Rubico announced plans to exit the megayacht sector and redirect capital toward tankers.
Deal Overview
Rubico will pay approximately $6.25m for the shares of a special-purpose company that holds a contract for a 47,499 dwt product and chemical tanker at Guangzhou Shipyard International (GSI), Splash247 reported. The vessel is scheduled for delivery in the third quarter of 2029. The shipbuilding contract is priced at $45.2m, of which $6.8m has already been paid.
Financing and Charter Details
A Chinese leasing company will provide sale-and-leaseback financing covering 85% of the instalments, at a rate of term SOFR plus 1.8%, according to the report. The vessel has been fixed to an unnamed major oil trader for seven years from delivery, with options for an additional four years. The charter carries potential gross revenue of about $75.4m, including the optional period.
Potential Revenue Backlog
This deal gives Rubico two identical GSI newbuildings with combined potential charter revenue of around $151m, Splash247 noted. Including contracts attached to the company's operating fleet, the total potential revenue backlog rises to about $304.6m.
| Vessel | Type | DWT | Delivery | Charter Length | Potential Gross Revenue |
|---|---|---|---|---|---|
| MR newbuilding (this deal) | Product/chemical tanker | 47,499 | Q3 2029 | 7 years + 4 options | ~$75.4m (including options) |
| Second identical GSI newbuilding | Product/chemical tanker | 47,499 | Not specified | 7 years + options | ~$75.4m (including options) |
| Combined fleet contracts | -- | -- | -- | -- | ~$304.6m total backlog |
Context from Top Ships and Rubico
The latest tanker comes from a wider 10-ship programme placed in China by interests linked to Evangelos Pistiolis. According to Splash247, Top Ships agreed in February to acquire nine of the 47,499 dwt vessels for about $41m each, while Rubico moved separately for another unit for $4.2m. All 10 ships were backed by seven-year charters with extension options.
Megayacht Divestment
In a separate announcement earlier on Wednesday, Rubico said it would seek a buyer for a 60-metre megayacht under construction for delivery in the second quarter of 2027. Rubico estimated that a sale could generate between €30m and €35m ($34.2m to $40m) in gross proceeds and remove a further €26.5m capital commitment due before delivery. No buyer has been identified.
Implications for Tanker Supply
Rubico was spun off from Top Ships in August last year with the 2021-built suezmaxes Eco Malibu and Eco West Coast, each of 157,000 dwt, according to Splash247. The addition of two MR tanker newbuildings with long-term charters underscores a strategic shift toward mid-range product and chemical tankers, backed by steady revenue streams. For freight forwarders and logistics managers, this signals sustained investment in the MR segment, potentially supporting stable tonne-mile demand on trade lanes served by these vessels, pending delivery in 2029.
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