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 Pursues LOI for SPV Acquisition Tied to MR Tanker Build

<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 potentially acquire a shipowning SPV tied to a Guangzhou Shipyard International MR tanker project. The SPV has a seven-year Trafigura charter at $18,750/day and 85% shipbuilding financing with no asset-cover requirement. Rubico pays $0.3 million upfront, with exclusivity until July 31, 2026 and due diligence leading to potential closing.</p>
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  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Rubico signs LOI to acquire a shipowning SPV tied to a Guangzhou-built MR tanker.</li><li>SPV to be chartered to Trafigura for 7 years at $18,750/day.</li><li>85% of shipbuilding price financed via lease; 0.3m upfront payment by Rubico.</li><li>Exclusivity through July 31, 2026; due diligence and independent committee approval required.</li><li>Rubico plans megayacht divestiture and additional MR tanker acquisitions; closing by Sept 30, 2026.</li></ul>
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  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Rubico Inc. (RUBI)</strong>: Main subject; LOI for SPV acquisition could alter fleet, cash flow, and leverage.</li><li><strong>Top Ships Inc. (TOPS)</strong>: Related party controlled by Rubico’s controlling shareholder; potential governance and valuation considerations.</li><li><strong>Trafigura Maritime Logistics Pte. Ltd. (N/A)</strong>: Counterparty to the SPV time charter; provides revenue stream but is private, limiting public-market read-through.</li><li><strong>Guangzhou Shipyard International Co., Ltd. (N/A)</strong>: Builder of the MR tanker; delivery targeted for 2029, underpinning asset growth if deal closes.</li></ul>
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  <section data-block="category">
    <h3>M&amp;A</h3>
    <p>Category: M&amp;A / Corporate Developments. The news centers on a potential related-party acquisition and its implications for Rubico’s fleet, leverage, and cash flows, fitting strategic corporate actions with potential valuation impact.</p>
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  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Potential related-party acquisition introduces governance and valuation questions.</li><li>Visible cash flow from Trafigura charter could improve Rubico’s near-term visibility.</li><li>High leverage financing (85% of price) increases balance-sheet risk if markets sour.</li><li>Deal execution risk remains given exclusivity and no guarantee of closing.</li></ul>
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  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Exclusivity period under LOI expires July 31, 2026.</li><li>Rubico to pay $0.3 million upfront, credited against SPV purchase price.</li><li>SPV has a 7-year time charter with Trafigura at $18,750 per day.</li><li>85% of shipbuilding price financed via lease with no asset cover requirement.</li><li>Newbuilding tanker delivery targeted for Q2 2029; additional MR tanker newbuild Q3 2029.</li></ul>
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  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish if the SPV deal closes within 12–18 months; contingent on due-diligence outcomes.</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 potentially acquire a shipowning SPV tied to a Guangzhou Shipyard International MR tanker project. The SPV has a seven-year Trafigura charter at $18,750/day and 85% shipbuilding financing with no asset-cover requirement. Rubico pays $0.3 million upfront, with exclusivity until July 31, 2026 and due diligence leading to potential closing.

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