Rubico Announces Management Estimate of Net Asset Value to $94.2 Million

Rubico (Nasdaq: RUBI) estimates its net asset value at $94.2 million as of December 31, 2025, equal to $22.88 per common share and $15.08 per common share on a fully diluted basis.

Rhea-AI Summary

Rubico (Nasdaq: RUBI) estimates its net asset value at $94.2 million as of December 31, 2025, equal to $22.88 per common share and $15.08 per common share on a fully diluted basis.

The company says it trades at a 94.4% discount to fully diluted NAV, its fleet averages about five years old, and time charters producing positive cashflow run through Q1 2031.

Positive

• NAV $94.2M estimated as of Dec 31, 2025
• $22.88 NAV per common share (basic)
• Time charters generating positive cashflow through Q1 2031
• Fleet average age ~5 years, modern eco-friendly vessels

Negative

• Shares trade at a 94.4% discount to fully diluted NAV
• Fully diluted NAV of $15.08 reflects warrant dilution risk
• NAV based on third-party broker charter-free vessel estimates

Argus Mar 2 session

+19.94% close to close Open Argus

Details

News Market Reaction – RUBI

On Mar 2, the day this news came out, RUBI closed 19.94% above the previous close.

Data tracked by StockTitan Argus for the Mar 2 session.

Key Figures

Net Asset Value: $94.2M NAV per share: $22.88 NAV per share (diluted): $15.08 +4 more

Net Asset Value

$94.2M

Management NAV estimate as of Dec 31, 2025

NAV per share

$22.88

Based on current common shares outstanding

NAV per share (diluted)

$15.08

Fully diluted, assuming all warrants exercised

Outstanding warrants

2,128,854

Warrants and prefunded warrants referenced for dilution

NAV discount

94.4%

Stated discount to fully diluted NAV at latest market close

Fleet average age

about five years

Average age of company’s vessel fleet

Charter expiry

Q1 2031

Fixed period expiry of current time charters

Historical Context

5 past events · Latest: Feb 23

5 events

1. Feb 23

   Tanker acquisition deal

   24h Move

   -6.8%

   Agreed to acquire ECO MR tanker with seven-year charter and $75M backlog.

2. Feb 10

   Reverse stock split

   24h Move

   -3.9%

   Announced 1-for-7.8 reverse split to support Nasdaq listing compliance.

3. Jan 09

   Public equity offering

   24h Move

   -9.6%

   Priced $4.0M unit offering with warrants, adding new tradable securities.

4. Dec 31

   Mega yacht acquisition

   24h Move

   -6.6%

   Entered agreement to acquire $38M mega yacht via vessel-owning company.

5. Dec 04

   Mega yacht LOI

   24h Move

   -7.2%

   Signed LOI for possible mega yacht purchase with $4M refundable deposit.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

net asset value, nav, warrants, prefunded warrants, +2 more

6 terms

net asset value financial

"management estimates the Company’s net asset value (“NAV”) as of December 31, 2025"

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

View in glossary

nav financial

"This translates into a NAV of $22.88 per common share"

Net asset value (NAV) is the total value of all the investments and assets in a fund or company, minus any debts or liabilities, divided by the number of shares or units outstanding. It represents the per-share worth, giving investors an idea of what each share is truly worth based on the underlying assets. Think of it like a company's total worth divided among its shares, helping investors assess whether a share is fairly priced.

View in glossary

warrants financial

"assuming exercise of all the 2,128,854 outstanding warrants and prefunded warrants"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

View in glossary

prefunded warrants financial

"2,128,854 outstanding warrants and prefunded warrants"

Prefunded warrants are a security that gives the holder the right to convert the warrant into a share after paying a very small remaining amount because almost the full purchase price was paid upfront. They matter to investors because exercising them increases the company’s outstanding shares (dilution) and can provide immediate cash to the issuer while allowing holders to bypass ownership limits or simplify timing, similar to buying a nearly-complete gift card that only needs a tiny top-up to use.

fully diluted financial

"NAV of $22.88 per common share and $15.08 per common share on a fully diluted basis"

Fully diluted is the total number of a company's shares that would exist if every potential share from stock options, warrants, convertible debt and other claims were converted into common stock — like counting every reserved pizza slice as if everyone who could request one already had it. Investors use the fully diluted share count to see the realistic ownership picture and how those future claims could lower each shareholder’s percentage, earnings per share and implied valuation.

time charters technical

"Our time charters with high quality customers have been generating positive cashflow"

Time charters are contracts in which a ship owner rents a vessel to a renter for a set period of time; the renter directs where the ship goes and pays for fuel and voyage costs, while the owner provides the crew and handles maintenance. Investors care because time charters turn uncertain spot-market sales into more predictable revenue and cash flow, reducing near-term exposure to volatile freight rates—like renting a truck for months instead of selling single deliveries.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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ATHENS, Greece, March 02, 2026 (GLOBE NEWSWIRE) -- Rubico Inc. (Nasdaq: RUBI) (the “Company” or “Rubico”), a global provider of shipping transportation services specializing in the ownership of vessels, announced today that after taking into account the most recent charter free vessel value estimates from a third party international broker, debt outstanding and cash, management estimates the Company’s net asset value (“NAV”) as of December 31, 2025 to be $94.2 million. This translates into a NAV of $22.88 per common share (based on number of common shares currently outstanding) and $15.08 per common share on a fully diluted basis (assuming exercise of all the 2,128,854 outstanding warrants and prefunded warrants).

The Company’s CEO said:

“As per the latest market close, we are trading at a 94.4% discount to the Company’s current estimate of the fully-diluted NAV of the Company. The company’s fleet has an average age of about five years, consisting of state-of-the-art vessels equipped with the latest eco-friendly and fuel-efficient specifications and features. Our time charters with high quality customers have been generating positive cashflow and income and we expect that they will continue the same way until their fixed period expires in Q1 2031.”

About the Company

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.   

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”.
Please visit the Company’s website at: https://rubicoinc.com/

For further information please contact:
Nikolaos Papastratis
Chief Financial Officer
Rubico Inc.
Tel: +30 210 812 8107
Email: npapastratis@rubicoinc.com

Forward-Looking Statements

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 with respect to the Company’s future operational performance and the trading of the Company’s shares.

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What NAV did Rubico (RUBI) report as of December 31, 2025?

Rubico estimates a $94.2 million NAV as of December 31, 2025. According to the company, this equates to $22.88 per common share and $15.08 on a fully diluted basis assuming all warrants exercise.

How much is Rubico (RUBI) trading below its fully diluted NAV?

Rubico is trading at a 94.4% discount to its fully diluted NAV according to the company. This indicates the market price is substantially below the company’s internal fully diluted per-share NAV estimate.

What drives Rubico's reported NAV of $94.2 million for 2025?

The NAV reflects vessel values, outstanding debt, and cash balances as of year-end. According to the company, vessel values used include charter-free estimates from a third-party international broker.

How does warrant exercise affect Rubico's per-share NAV (RUBI)?

Warrant exercise reduces NAV per share to $15.08 on a fully diluted basis, according to the company. That assumes conversion of the 2,128,854 outstanding warrants and prefunded warrants into common shares.

What is Rubico's fleet profile and charter outlook through 2031?

Rubico reports an average fleet age of about five years with eco-friendly vessels. According to the company, time charters with high-quality customers generate positive cashflow until fixed periods expire in Q1 2031.