Rubico, a Nasdaq-listed shipowner, announced that it has reached an agreement with Greek tanker owner TOP Ships to acquire two refined oil/chemical tankers under construction from the latter for $14.5 million. The purchase price may be paid in cash, Series G convertible preferred stock, or a combination of both, and the transaction is expected to close by March 31, 2027.
Specifically, Rubico will acquire 100% of the equity in two special purpose vehicles (SPVs) owned by TOP Ships, each of which holds a construction contract with Guangzhou Shipyard International (GSI)—a subsidiary of China State Shipbuilding Corporation—for one 47,499 DWT product/chemical tanker. The two newbuilds are scheduled for delivery in 2028 and 2029. Both vessels are backed by sale-and-leaseback financing arrangements with a major Chinese leasing institution, covering 85% of the shipbuilding installments at an interest rate of term SOFR plus 1.8%.
Both new vessels involved in this transaction have been chartered to Trafigura Maritime Logistics under long-term charter agreements with a term of seven years from the date of delivery, subject to a four-year extension option. Including the extension clauses, the potential revenue from the two charter agreements is approximately $150.9 million.
It is understood that the 47,499 DWT product/chemical tanker sold by Top Ships to Rubico was originally ordered from GSI by Central Group, a company owned by Greek shipowner Evangelos Pistiolis. The order comprised 10 newbuild vessels with a total value of nearly $500 million, marking Central Group’s first-ever shipbuilding order in China—with GSI as their chosen yard. Shortly thereafter, Top Ships announced the acquisition of 9 of these newbuilds, while the remaining vessel was acquired by Rubico.
Following the latest acquisition, Rubico will hold orders for five MR product tankers, representing approximately $377.1 million in potential charter revenue. Including its existing operating fleet, Rubico’s total potential charter revenue reaches approximately $523.1 million.
Records indicate that Rubico was formerly a subsidiary of Top Ships. It was spun off as an independent entity and listed on the Nasdaq in August 2025. The spin-off also included two 157,000 DWT Suezmax tankers, the Eco Malibu and the Eco West Coast. Both Suezmax vessels are under long-term time charter contracts with Clearlake.