Rubico Inc. Announces Agreement to Acquire an ECO MR Product Tanker Newbuilding with Time Charter Employment and Potential Gross Revenue Backlog of about $75 million

Rhea-AI Summary

Rubico (Nasdaq: RUBI) agreed to acquire 100% of an SPV owning a Guangzhou Shipyard International newbuilding: a 47,499 dwt ECO MR product/chemical tanker scheduled for delivery in 2029.

The deal price is about $4.2 million. The vessel has a firm seven‑year time charter with a major oil trader (plus four‑year option) and a potential gross revenue backlog of about $75 million. Closing is subject to financing and customary guarantees.

Positive

• Potential gross revenue backlog of about $75 million
• Seven‑year firm time charter with major oil trader (plus four‑year option)
• Acquisition price of about $4.2 million

Negative

• Transaction closing contingent on lease financing and customary conditions
• Company required to provide a corporate guarantee to leasing counterparty
• Related‑party purchase (affiliate of seller) requiring special committee approval

News Market Reaction – RUBI

-6.82%

7 alerts

-6.82% News Effect

-11.9% Trough in 8 hr 18 min

-$49K Valuation Impact

$673,437 Market Cap

0.1x Rel. Volume

On the day this news was published, RUBI declined 6.82%, reflecting a notable negative market reaction. Argus tracked a trough of -11.9% from its starting point during tracking. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $49K from the company's valuation, bringing the market cap to $673,437 at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Vessel size: 47,499 dwt Charter firm term: 7 years Charter extension option: 4 years +3 more

6 metrics

Vessel size 47,499 dwt Medium Range product/chemical oil tanker

Charter firm term 7 years Firm duration of time charter from vessel delivery

Charter extension option 4 years Charterer’s option to extend time charter

Potential gross revenue backlog $75 million Total potential revenue including optional charter years

SPV purchase price $4.2 million Aggregate price to acquire 100% of SPV shares

Delivery year 2029 Scheduled delivery of the ECO MR product tanker

Market Reality Check

Price: $1.06 Vol: Volume 3,319,447 vs 20-da...

low vol

$1.06 Last Close

Volume Volume 3,319,447 vs 20-day average 4,797,610 (relative volume 0.69x). low

Technical Price 1.32 is trading below 200-day MA at 261.51, indicating a weak longer-term trend.

Peers on Argus

RUBI traded down 26.26% with sector scanners flagging pressure: peers like ICON ...

1 Up 2 Down

RUBI traded down 26.26% with sector scanners flagging pressure: peers like ICON and NCT also moved down (scanner median about -9.1%), while EDRY moved up. Broader marine shipping dynamics appear to contribute alongside company-specific factors.

Previous Acquisition Reports

2 past events · Latest: Dec 31 (Neutral)

Same Type Pattern 2 events

Date	Event	Sentiment	Move	Catalyst
Dec 31	Mega yacht acquisition	Neutral	-1.8%	Signed purchase agreement for newbuilding mega yacht M/Y Sanlorenzo 1150Exp.
Dec 04	Yacht LOI signed	Neutral	-7.2%	Entered LOI to potentially acquire newbuilding mega yacht with cash deposit.

Pattern Detected

Recent acquisition-tagged announcements for RUBI were followed by modest negative moves (-1.83% and -7.19%), and the tag-specific average move of -4.51% suggests investors have historically reacted cautiously to its acquisition and vessel expansion news.

Recent Company History

Over the last few months, Rubico focused on balance sheet actions and fleet expansion. Two reverse stock splits in Nov 2025 and Feb 2026 aimed to maintain Nasdaq compliance, while a $4.0M offering in Jan 2026 raised capital with attached warrants. On the asset side, Rubico advanced from a Dec 4, 2025 letter of intent to a Dec 31, 2025 purchase agreement for the mega yacht M/Y Sanlorenzo 1150Exp. Today’s tanker newbuilding acquisition continues this vessel-focused growth strategy under board committee oversight.

Historical Comparison

-4.5% avg move · In the past, RUBI’s acquisition-related headlines led to average moves of about -4.51% (two events)....

acquisition

-4.5%

Average Historical Move acquisition

In the past, RUBI’s acquisition-related headlines led to average moves of about -4.51% (two events). Any future large reaction versus this history would mark a notable outlier in how the stock has typically traded on fleet expansion news.

RUBI’s acquisition history shows progression from a mega-yacht LOI in Dec 2025 to a firm purchase agreement later that month, and now to an ECO MR tanker newbuilding backed by lease financing negotiations and long-term time charter coverage.

Market Pulse Summary

The stock moved -6.8% in the session following this news. A negative reaction despite long-term char...

Analysis

The stock moved -6.8% in the session following this news. A negative reaction despite long-term charter coverage would fit a pattern where RUBI’s acquisition headlines previously saw average moves of about -4.51%. The new ECO MR tanker deal adds future contracted revenue potential of about $75 million but also introduces financing dependencies and related-party considerations reviewed by a special board committee. If selling pressure intensified, it might reflect ongoing market caution toward equity-funded fleet growth and corporate governance scrutiny.

Key Terms

time charter, gross revenue backlog, lease financing agreement, refund guarantee, +1 more

5 terms

time charter technical

"secured a time charter employment with a major oil trader for the vessel"

A time charter is an agreement where a ship owner rents out their vessel to a customer for a set period, during which the customer has control over the ship’s use and operation. This arrangement matters to investors because it provides a steady income stream for the ship owner and indicates ongoing demand for shipping services, reflecting the health of global trade and transportation markets.

gross revenue backlog financial

"total potential gross revenue backlog from this contract, including optional years"

Gross revenue backlog is the total value of customer orders or contracts a company has agreed to deliver but has not yet recognized as sales. Think of it as a restaurant’s list of reservations and advance meal orders: it shows future work and potential income, but some orders may be canceled or adjusted. Investors watch it as an indicator of near-term demand, revenue visibility, and the company’s ability to convert those commitments into reported sales.

lease financing agreement financial

"finalizing a lease financing agreement (the “Financing”) with ABC Financial Leasing"

A lease financing agreement is a contract where one party provides an asset (like equipment or property) for another to use in exchange for scheduled payments, with the contract spelling out who is responsible for maintenance, taxes, and whether the user can buy the asset later. It matters to investors because these agreements create future payment obligations or off-balance-sheet usage that affect a company’s cash flow, credit risk and asset control — similar to choosing to rent versus buy — and therefore influence valuation and financial health.

refund guarantee financial

"subject to the issuance of a customary refund guarantee"

A refund guarantee is a company promise to return a customer's money if a product or service does not meet expectations or specific conditions, like a trial period or satisfaction standard. For investors, it acts like a safety net that can boost sales and customer trust but also creates potential costs and uncertainty—refunds reduce reported revenue and profit and may indicate the company is taking on extra risk to drive growth.

fairness opinion financial

"The Transaction Committee obtained a fairness opinion relating to the consideration"

A fairness opinion is a professional assessment that evaluates whether the terms of a financial deal, such as a merger or acquisition, are fair from a financial point of view. It helps investors and stakeholders understand if the deal is reasonable and balanced, much like an independent expert giving an unbiased judgment on whether a price or agreement is fair. This assurance can increase confidence that the transaction is fair for all parties involved.

AI-generated analysis. Not financial advice.

ATHENS, Greece, Feb. 23, 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 it has entered into an agreement with Central Mare Inc, an affiliate of Mr. Evangelos Pistiolis, (“the Seller”), to acquire 100% of the issued and outstanding shares of a Marshall Islands company (the “SPV”), counterparty to a ship building contract for a very-high specification 47,499 dwt Medium Range (“MR”) product/chemical oil tanker with Guangzhou Shipyard International Company Limited, scheduled for delivery during 2029.

The ship building contract effectiveness is subject to the issuance of a customary refund guarantee and the acquisition of the SPV is subject to conclusion of financing arrangements. Specifically, the SPV is currently finalizing a lease financing agreement (the “Financing”) with ABC Financial Leasing Co., Ltd., a major Chinese leasing company, or its controlled entities, covering the majority of the ship building contract’s price for the vessel. The Financing was arranged by the Seller and its conclusion is subject to customary closing conditions, including the provision of the Company’s corporate guarantee to the leasing company.

The Seller has also secured a time charter employment with a major oil trader for the vessel, starting from its delivery and for a firm duration of seven years, with charterer’s option to extend for four additional years.

The total potential gross revenue backlog from this contract, including optional years, is about $75 million.

The Company has agreed to acquire the shares of the SPV for an aggregate purchase price of about $4.2 million and due to the related party nature of the acquisition, the transaction was approved by a special committee composed of independent members of the Company's board of directors, (the “Transaction Committee”). The Transaction Committee obtained a fairness opinion relating to the consideration of this transaction from an independent financial advisor.

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 maintenance of the Company’s Nasdaq listing.

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

What vessel is Rubico (RUBI) acquiring and when is delivery scheduled?

Rubico is acquiring an SPV tied to a 47,499 dwt ECO MR product/chemical tanker. According to the company, the vessel is scheduled for delivery in 2029 and will be built by Guangzhou Shipyard International.

How much will Rubico (RUBI) pay to acquire the SPV for the newbuilding?

Rubico agreed to acquire the SPV for about $4.2 million. According to the company, the aggregate purchase price covers 100% of the issued and outstanding shares of the SPV.

What charter employment and revenue backlog does the newbuilding include for RUBI?

The vessel carries a firm seven‑year time charter with a major oil trader plus a four‑year option. According to the company, total potential gross revenue backlog including options is about $75 million.

What financing conditions must Rubico (RUBI) satisfy to close the acquisition?

Closing is subject to conclusion of lease financing and issuance of a customary refund guarantee. According to the company, the Financing requires the company's corporate guarantee and customary closing conditions.

Is this a related‑party transaction for Rubico (RUBI) and how was it approved?

Yes; the seller is an affiliate of an individual connected to the company. According to the company, a Transaction Committee of independent directors approved the deal and obtained a fairness opinion.

What are the main risks for shareholders from Rubico's (RUBI) newbuilding acquisition?

Primary risks include financing contingencies, the requirement to provide a corporate guarantee, and related‑party dynamics. According to the company, these matters are subject to customary closing conditions and approvals.