Nasdaq-listed tanker owner Rubico has announced the acquisition of a product/chemical tanker currently under construction from its former parent company, the Greek tanker owner TOP Ships. Concurrently, the company announced the sale of a superyacht, signaling a strategic shift of capital toward the tanker sector.
Specifically, Rubico will acquire—for approximately $6.25 million—the entire equity interest in a special purpose vehicle (SPV) that holds a shipbuilding contract for a 47,499 DWT product/chemical tanker with Guangzhou Shipyard International (GSI), a subsidiary of China State Shipbuilding Corporation (CSSC).
The new vessel is scheduled for delivery in 2029 with a construction cost of $45.2 million; a down payment of $6.8 million has already been made. A charter agreement has been secured with a major oil trader for a seven-year term commencing upon delivery, with an option to extend for an additional four years. The potential total revenue from this charter (including the option period) is estimated at approximately $75.4 million.
The vessels involved in the aforementioned transaction stem from shipbuilding contracts signed between Guangzhou Shipyard International (GSI) and an affiliate of Greek shipowner Evangelos Pistiolis.
In February 2026, Central Group—a private entity controlled by Evangelos Pistiolis—placed a bulk order with GSI for ten 47,499 DWT product/chemical tankers; this marked Central’s first decision to place shipbuilding orders in China, with GSI as its preferred shipyard.
Shortly thereafter, Top Ships agreed to acquire nine of the product/chemical tankers ordered by Central from GSI for approximately $41 million, while Rubico independently acquired the tenth vessel for $4.2 million. All ten new vessels have secured seven-year time charters that include an option for a four-year extension.
Upon completion of the transaction, Rubico will own two 47,499 DWT product/chemical tankers built by Guangzhou Shipyard International, with potential charter revenue of $151 million from these two new vessels. When contracts related to the shipowner’s existing operating fleet are included, the potential charter revenue rises to approximately $304.6 million.
Notably, on July 15, Rubico also announced the planned sale of a 60-meter superyacht currently under construction and scheduled for delivery in the second quarter of 2027. Rubico estimates the sale will generate gross proceeds of €30 million to €35 million and eliminate a €26.5 million capital commitment due prior to delivery. No prospective buyer has been identified yet.
Rubico was originally a subsidiary of Top Ships; it was spun off as an independent entity and listed on Nasdaq in August 2025, alongside two 157,000 DWT Suezmax tankers, the “Eco Malibu” and the “Eco West Coast”. Both Suezmax tankers are under long-term time charter contracts with Clearlake.