Rubico completes acquisition of third newbuilding MR tanker and declares stock dividend
Rubico Inc. closed the purchase of a special purpose vehicle that holds a contract for a 47,499 dwt chemical/product oil carrier. The vessel will be delivered in the second quarter of 2029 and is already chartered for seven years with an option to extend four more years. The deal raises the company's total potential gross revenue backlog to about $374.6 million, assuming all extension options are exercised. Rubico also completed a stock dividend of 0.50 shares per outstanding share, with the shares trading ex‑dividend on October 6, 2026.
Why it matters
The company says the added chartered tanker gives it more visibility of future revenue, though part of the $374.6 million figure depends on optional extensions that are not guaranteed. The stock dividend provides an immediate return to shareholders, which may support the share price in the short term.
Key facts
- 1Rubico acquired the SPV holding the shipbuilding contract from Top Ships Inc. under a share purchase agreement dated July 27, 2026. globenewswire.com
- 2The new MR tanker has a deadweight of 47,499 dwt. globenewswire.com
- 3Delivery of the vessel is expected in the second quarter of 2029. globenewswire.com
- 4A firm seven‑year time charter begins at delivery, with a charterer option for an additional four years. globenewswire.com
- 5Rubico estimates the total potential gross revenue backlog, including all extensions, at approximately $374.6 million. globenewswire.com
- 6The company completed a stock dividend of 0.50 common shares for each share outstanding, trading ex‑dividend on October 6, 2026. globenewswire.com
Open questions
- The $374.6 million backlog figure assumes that all optional charter extensions will be exercised, which is not guaranteed.
Summary written by AlphAI from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.