Greece-based tanker owner Rubico has agreed to buy two companies holding contracts for 47,499 DWT MR chemical/product tankers from affiliate Top Ships, the company announced on Tuesday, November 10.
The two special-purpose vehicles (SPV) carry a combined purchase price of $14.5 million. Rubico may settle it at closing in cash, in its perpetual convertible preferred shares, or through a combination of the two. Closing is expected by March 31, 2027.
The tankers are under construction by Guangzhou Shipyard International and China Shipbuilding Trading. One is due in the fourth quarter of 2028, with the other scheduled for the fourth quarter of 2029.
Trafigura Maritime Logistics will take both vessels on time charter from delivery. Each contract runs for a firm seven years, with the charterer able to opt for an additional four years. Rubico estimates potential gross revenue from the two charters at $150.9 million, including the optional periods.
Each SPV has a sale and leaseback agreement with a Chinese leasing company covering 85 per cent of the shipbuilding instalments. The first instalment of $6.8 million per vessel has already been paid. The financing carries interest at term SOFR plus 1.80 per cent.
After delivery of the vessels, Rubico will pay $0.5 million per vessel every quarter over 10 years, with an $18.2 million balloon payment per vessel due with the final instalment. Top Ships and Rubico will provide corporate guarantees.
The company said its five MR newbuilds could account for $377.1 million in gross revenue backlog. Including charters on its operating fleet, the total rises to $523.1 million.
The purchase follows two earlier SPV acquisitions from Top Ships announced in July, which gave Rubico three MR newbuilds due for delivery in 2029.
The company currently operates two 157,000 DWT Suezmax tankers. It also intends to sell a 60-metre megayacht newbuild due in the second quarter of 2027.
