Rubico Inc. Common Stock

Rubico Inc. has entered into a share purchase agreement to acquire a third newbuilding MR tanker from related party Top Ships Inc., increasing the company's total potential gross revenue backlog by 24% to approximately $379.2 million. The 47,499 dwt chemical/product oil carrier is under construction at Guangzhou Shipyard International and China Shipbuilding Trading, with delivery expected in the second quarter of 2029. The vessel has secured a seven-year time charter with a major oil trader, with an option for four additional years, contributing about $75.4 million in potential gross revenue. The aggregate purchase price for the shipowning entity is approximately $6.5 million, and the transaction is expected to close by September 30, 2026. With this acquisition, the potential gross revenue backlog from Rubico's three newbuilding MR tankers alone reaches approximately $226.3 million.

Rubico Inc. has decided to divest its newbuilding megayacht and exit the megayacht sector to redeploy capital toward its core tanker business. The company intends to sell the 60-meter, 1,150-gross-ton vessel, which is scheduled for delivery in the second quarter of 2027, or the entity holding the shipbuilding contract. Based on independent market estimates, Rubico believes a sale could generate gross cash proceeds of €30 to €35 million, or about $34.2 to $40 million, while eliminating a €26.5 million capital commitment payable before delivery. President, Chairwoman, and CEO Kalliopi Ornithopoulou said the move reflects a focus on the tanker segment and could result in a meaningful equity release relative to the company’s market capitalization. Rubico currently owns two Suezmax tankers and has one MR tanker newbuilding on order, and its shares trade on Nasdaq under the symbol RUBI.