Rubico is expanding its MR tanker fleet with a third newbuilding from Guangzhou Shipyard International (GSI), securing a seven-year charter to Trafigura Maritime Logistics at a rate of $18,750 per day. The vessel, scheduled for delivery in the second quarter of 2029, adds to the product tanker capacity that will enter the market in the late 2020s.
The Athens-based owner, led by Kalliopi Ornithopoulou, signed a letter of intent to acquire a special-purpose company holding the shipbuilding contract, according to Splash247. The transaction is a related-party deal with Top Ships, from which Rubico was spun off last year. Rubico currently operates the 157,000 dwt suezmaxes Eco Malibu and Eco West Coast.
Financing and Delivery
A Chinese lessor will finance 85% of the shipbuilding price from the first instalment, with no asset-cover requirement during the charter period. Rubico will pay a $300,000 advance that will be deducted from the eventual acquisition price or refunded if it walks away. The exclusivity period expires on July 31, and the deal remains subject to due diligence and approval by an independent board committee.
If completed, the vessel will be Rubico's third MR newbuilding at GSI, with deliveries spread across the second, third, and fourth quarters of 2029. Earlier this month, Rubico agreed to pay $6.25 million for another Top Ships-linked company holding a contract for a 47,499 dwt GSI tanker. That ship carries a yard price of $45.2 million and a seven-year charter to an unnamed oil trader, with options for four additional years.
Charter Revenue and Fleet Overview
Rubico's first two MR newbuildings have a combined potential charter revenue of about $151 million. The table below summarizes the known details of the three vessels:
| Vessel | DWT | Yard | Delivery | Charter Rate/Charterer |
|---|---|---|---|---|
| MR Tanker #1 (Top Ships-linked) | Not specified | GSI | Q2 2029 (planned) | $18,750/day, 7 years to Trafigura |
| MR Tanker #2 (Top Ships-linked) | 47,499 | GSI | Q3 2029 (planned) | 7 years to unnamed oil trader, 4-year options |
| MR Tanker #3 (current LOI) | Not specified | GSI | Q4 2029 (planned) | Not yet disclosed |
Note: Specific DWT for vessels #1 and #3 are not provided in the source.
Shipper and Operator Implications
For charterers like Trafigura, securing long-term tonnage at a fixed daily rate of $18,750 provides cost certainty in a volatile tanker market. The seven-year commitment indicates strong demand for MR product tankers, which are key for transporting refined petroleum products and chemicals. Shippers relying on medium-range tanker capacity on global routes should note that additional tonnage will arrive in 2029, potentially easing supply constraints.
However, with 85% financing and no asset-cover requirement, the deal also highlights the availability of Chinese lease financing for tanker newbuildings, which may encourage similar vessel orders.
Watch List
- Due Diligence and Board Approval: The deal must pass an independent committee review before July 31 exclusivity expiry.
- Closure of LOI: If Rubico exercises the option, the vessel will be formally added to the pipeline.
- Delivery Slippage: Any delays at GSI could shift the Q2 2029 delivery date.
- Charterer Identity for Vessel #3: The unnamed oil trader's charter for the second newbuilding may reveal further market demand.
Sources:
