ATHENS, Greece, July  24, 2026  (GLOBE NEWSWIRE) -- Rubico Inc. (NASDAQ:RUBI) (the &#34;Company&#34; or &#34;Rubico&#34;), a global provider of shipping transportation services specializing in the ownership of vessels,

RUBI

Rubico Inc. Announces Letter of Intent for Acquisition of a High Specification Newbuilding MR Tanker

Rubico explores SPV acquisition for MR tanker with Trafigura charter

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>ATHENS, Greece, July  24, 2026  (GLOBE NEWSWIRE) -- Rubico Inc. (NASDAQ:RUBI) (the &amp;#34;Company&amp;#34; or &amp;#34;Rubico&amp;#34;), a global provider of shipping transportation services specializing in the ownership of vessels,</p>
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  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Rubico announced a letter of intent to acquire an SPV linked to a Guangzhou Shipyard MR tanker project, delivering in 2029. The SPV has a minimum seven-year time charter with Trafigura at $18,750 per day and 85% lease financing. A $0.3 million upfront payment and exclusivity through July 31, 2026 underscore due-diligence and deal risk.</p>
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  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Rubico signs LOI to acquire an SPV tied to a Guangzhou-built MR tanker project.</li><li>SPV has a 7-year time charter with Trafigura at $18,750/day and 85% lease financing.</li><li>$0.3 million upfront payment; exclusivity through July 31, 2026; due diligence ongoing.</li><li>Rubico plans to divest a megayacht and has a separate MR tanker newbuild slated for 2029.</li><li>Deal not guaranteed; independent committee to assess and approve any acquisition.</li></ul>
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  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Rubico Inc. (RUBI)</strong>: LOI to acquire SPV could expand fleet and earnings; outcome hinges on due diligence and closing.</li><li><strong>Top Ships Inc. (TOPS)</strong>: Related-party seller; potential conflicts and execution risk if the deal progresses.</li><li><strong>Trafigura Maritime Logistics Pte. Ltd. (N/A)</strong>: Long-term charter partner; revenue visibility contingent on SPV acquisition closing.</li><li><strong>Guangzhou Shipyard International Co., Ltd. (N/A)</strong>: Shipyard of the MR tanker; project delivery in 2029 under SPV structure.</li></ul>
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  <section data-block="category">
    <h3>M&amp;A</h3>
    <p>Category: M&amp;A. The article centers on a potential strategic acquisition via LOI, governance via an independent committee, and financing/charter arrangements that could reshape Rubico&#039;s asset base and leverage profile if consummated.</p>
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  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Exclusivity and due-diligence window through July 31, 2026 create near-term execution risk.</li><li>Trafigura&#039;s 7-year charter at $18,750/day anchors potential revenue if closing occurs.</li><li>85% lease financing reduces upfront capex but raises leverage and debt-service exposure.</li><li>New MR tanker deliveries in 2029 and additional MR newbuilds could meaningfully boost fleet value.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Newbuilding Tanker delivery targeted for Q2 2029.</li><li>Time charter with Trafigura: minimum 7 years at $18,750/day.</li><li>Upfront cash payment: $0.3 million, credited against acquisition price.</li><li>Exclusivity期限: July 31, 2026.</li><li>Share purchase agreement to acquire another MR tanker newbuild, closing by Sept 30, 2026.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish over the next 12–24 months if the LOI closes, expanding Rubico&#039;s asset base.</p>
  </section>
</section>


<link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css"></link><p align="justify">ATHENS, Greece, July  24, 2026  (GLOBE NEWSWIRE) -- <strong>Rubico Inc.</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/RUBI">RUBI</a>) (the "Company" or "Rubico"), a global provider of shipping transportation services specializing in the ownership of vessels, announced today it has entered into a letter of intent (the "LOI") for the potential acquisition from Top Ships Inc., a related party controlled by Rubico&#39;s controlling shareholder, of a shipowning company ("SPV") that is party to a shipbuilding agreement with Guangzhou Shipyard International Company Limited for the construction of a high specification MR chemical/product oil tanker (the "Newbuilding Tanker") to be delivered in Q2 2029. The SPV has entered into a time charter agreement with Trafigura Maritime Logistics Pte. Ltd. at a minimum fixed duration of 7 years at a time charter rate of $18,750 per day and is also party to a lease financing agreement with a Chinese Lessor for 85% of the shipbuilding price starting from the 1st instalment on a pro-rata basis without any asset cover requirement for the duration of the time charter.</p>  <p align="justify">The Company will make an advance cash payment of $0.3 million that will be credited against the acquisition price of the SPV or refunded to the extent the Company does not elect to purchase the SPV. The exclusivity period under the LOI will expire on July 31, 2026. Up to that date the Company will conduct a due diligence process and evaluation of the potential transaction taking into account market conditions and other factors, and there can be no assurance that the potential transaction will be consummated. A special independent committee composed of independent members of the Company&#39;s board of directors will negotiate and approve any potential acquisition pursuant to the LOI.</p>  <p align="justify"><strong>About the Company</strong></p>  <p align="justify">Rubico Inc. is a global provider of shipping transportation services specializing in the ownership of vessels. The Company is an international owner and operator of two modern, fuel efficient, eco 157,000 dwt Suezmax tankers. Furthermore, the Company owns one 47,499 dwt MR tanker newbuilding scheduled for delivery in the fourth quarter of 2029 and a 60 meter newbuilding megayacht scheduled for delivery in the second quarter of 2027, which the Company intends to divest. In addition, the Company has entered into a share purchase agreement to acquire an additional shipowning company that owns one high-specification 47,499 dwt MR tanker newbuilding scheduled for delivery in the third quarter of 2029, with closing of the share purchase agreement to occur by September 30, 2026.</p>  <p align="justify">The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Athens, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol "RUBI".</p>  <p align="justify">Please visit the Company’s website at: <a href="https://www.globenewswire.com/Tracker?data=drr50EAcXRVL2UCkvb6Q93w5HPrbT3iKDhVa4kIgLumQuJHtV9cyGStcTNYxxljUfUmC-pC2tgHiW8GP7QbRPaKlI7uL2B5zbSRwUsTAIb-Ztv4pNbiaYVqFImb1yI-c" rel="nofollow" target="_blank">https://www.rubicoinc.com/</a></p>  <p align="justify"><strong>For further information please contact:</strong></p>  <p align="justify">Nikolaos Papastratis<br></br>Chief Financial Officer<br></br>Rubico Inc.<br></br>Tel: +30 210 812 8107<br></br>Email: npapastratis@rubicoinc.com</p>  <p align="justify"><strong>Forward-Looking Statements</strong></p>  <p align="justify">Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including statements regarding the potential acquisition of the SPV and the consummation of the transactions contemplated by the LOI.</p>  <p align="justify">The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect", "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Please see the Company’s filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.</p> <img alt="" class="__GNW8366DE3E__IMG" src="https://www.globenewswire.com/newsroom/ti?nf=MTAwMTIxNDMyNCM0MDI0NDgxMTQjMjMwMzg2Mg=="></img> <br></br><img alt="" src="https://ml-eu.globenewswire.com/media/MjUwNmZlNGItMGIzZC00OTIwLThiZjktYWQyMTNiNjkzNTg0LTEzMTU0MTItMjAyNi0wNy0yNC1lbg==/tiny/Rubico-Inc-.png" referrerpolicy="no-referrer-when-downgrade"></img><p><a href="https://www.globenewswire.com/NewsRoom/AttachmentNg/510f375e-52e4-4119-8921-11ca8e6decc6"><img src="https://ml-eu.globenewswire.com/media/510f375e-52e4-4119-8921-11ca8e6decc6/small/rubico-logo-jpg.jpg" border="0" width="150" height="39" alt="Primary Logo"></img></a></p>

Rubico announced a letter of intent to acquire an SPV linked to a Guangzhou Shipyard MR tanker project, delivering in 2029. The SPV has a minimum seven-year time charter with Trafigura at $18,750 per day and 85% lease financing. A $0.3 million upfront payment and exclusivity through July 31, 2026 underscore due-diligence and deal risk.

News insight

Rubico Inc. Announces Letter of Intent for Acquisition of a High Specification Newbuilding MR Tanker

AI summary

Sentiment rationale

Key facts

M&A