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Rubico Signs LOI to Acquire Tanker-Owning SPV From Top Ships

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Rubico (RUBI) said Friday it entered into a letter of intent to potentially acquire a shipowning special-purpose vehicle, or SPV, from Top Ships, a related party controlled by Rubico's controlling shareholder.

The SPV is party to a shipbuilding agreement with Guangzhou Shipyard International for a high-specification MR chemical/product oil tanker expected to be delivered in Q2 2029.

The SPV has also entered into a time-charter agreement with Trafigura Maritime Logistics for a minimum fixed term of seven years at a rate of $18,750 per day, according to a statement.

The SPV is also party to a lease-financing agreement with a Chinese lessor covering 85% of the shipbuilding price, starting from the first installment on a pro-rata basis, without any asset-cover requirement for the duration of the charter, the company said.

Price: $2.39, Change: $+0.02, Percent Change: +1.06%

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