Rubico to buy GSI MR tanker newbuild with Trafigura charter

Athens-based suezmax tanker owner Rubico has entered into a letter of intent for the potential acquisition from Top Ships, a related party controlled by Rubico’s controlling shareholder, of a shipowning company – a special purpose vehicle (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 vessel is scheduled for delivery in the second quarter of 2029.

In accordance with Rubico, the special purpose vehicle has entered into a time charter agreement with Trafigura Maritime Logistics 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 first instalment on a pro-rata basis, without any asset cover requirement for the duration of the time charter.

Nasdaq-listed Rubico will make an advance cash payment of $0.3m 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 letter of intent will expire on July 31, 2026.

Up to that date, Rubico said it will conduct a due diligence process and evaluation of the potential transaction taking into account market conditions and other factors. As it is reported, there can be no assurance that the potential transaction will be consummated.

A special independent committee composed of independent members of the company’s board of directors will negotiate and approve any potential acquisition.

Established in September 2023, Rubico is an owner and operator of two 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.