Rubico Inc. Announces Increase of Net Asset Value to $258.0 Million, a 41% Increase from the Previously Reported NAV

Existing charter rates below prevailing market rates substantially reduce the company's estimated asset value when reflected in vessel valuations.

Rhea-AI Summary

Rubico (RUBI) announced management's estimated net asset value of $258.0 million, reflecting an increase from its previously reported valuation. The September 30, 2026 estimate was 41% higher than the NAV reported July 16, 2026. NAV, an estimate of assets less debt, equates to $20.49 per currently outstanding common share or $3.58 fully diluted, assuming warrant exercises and full conversion of outstanding convertible notes and Series G preferred shares.

The company cautions that its charter-free valuation would fall substantially after adjusting for existing charter rates below prevailing market rates. Three tanker newbuildings are scheduled for delivery across the second through fourth quarters of 2029; a megayacht scheduled for second-quarter 2027 delivery is intended for divestment.

5 points · 1 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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1 major · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointEstimated NAV of $258.0 million at September 30, 2026 rose 41% from the NAV reported July 16, 2026.
• Minor pointEstimated fully diluted NAV discounts at the prior close were approximately 92.24% charter-adjusted versus 94.02% charter-free.
• Minor point. Forward-looking: it has not happened yet and may not happen.Three MR tanker newbuildings are scheduled for delivery in the second, third and fourth quarters of 2029.
• Minor point. Forward-looking: it has not happened yet and may not happen.Megayacht divestment is planned following scheduled second-quarter 2027 delivery; Rubico expects a meaningful equity release.
• Minor pointFixed-rate time charters provide long-term contracted revenue and cash flow visibility, which Rubico says mitigates market volatility.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.Warrants and convertible securities imply dilution: estimated NAV is $3.58 per share fully diluted versus $20.49 currently outstanding.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Existing charter rates below prevailing market rates would substantially reduce vessel values and NAV when reflected in valuations.
• Minor point. Forward-looking: it has not happened yet and may not happen.Potential vessel-sale proceeds may be significantly below NAV; Rubico has no present plans to sell its vessels.

Argus 15 min delay 52 alerts

-22.40% vs previous close $0.17 last price 49.1x rel. volume Open Argus

Details

Market move: RUBI -22.40% vs previous close. NAV increase

+4.2% Peak in 5 min

$0.16 – $0.22 Day Range

On Oct 20, the day this news came out, the latest delayed price for RUBI is 22.40% below the previous close. Argus tracked a peak move of +4.2% during the session. Our momentum scanner has recorded 52 alerts for this stock so far that day. The latest delayed price is $0.17. Relative volume is exceptionally heavy at 49.1x the average.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Key Figures

Estimated net asset value: $258.0 million NAV increase: 41% NAV per common share: $20.49 +3 more

Estimated net asset value

$258.0 million

As of September 30, 2026

NAV increase

41%

Compared with the NAV reported July 16, 2026

NAV per common share

$20.49

Based on common shares currently outstanding

Fully diluted NAV per common share

$3.58

Assumes exercise of outstanding warrants and conversion of outstanding notes and preferred shares

Discount to charter-adjusted NAV

92.24%

Fully diluted basis; based on the average charter-adjusted valuations from two shipbrokers

Discount to charter-free NAV

94.02%

Fully diluted basis; based on the prior market close

Key Terms

net asset value, fully-diluted basis, senior convertible notes, loan to value ratio

4 terms

net asset value financial

"management estimates the Company's net asset value ("NAV") as of September 30, 2026"

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

fully-diluted basis financial

"on a fully-diluted basis (assuming exercise of all outstanding warrants"

A fully-diluted basis is a way of counting a company's outstanding shares that includes not only shares already issued but also all shares that could be created from options, warrants, convertible debt, restricted stock units, and other rights. For investors, it shows what ownership percentages and per-share numbers (like earnings or valuation) would look like if every potential share were converted or exercised, similar to counting every possible slice of a pie, not just the slices already served.

senior convertible notes financial

"the outstanding Senior Convertible Notes issued October 19, 2026"

A senior convertible note is a loan a company issues that ranks near the top of payment priority and can be exchanged for the company’s stock under preset terms. Think of it as an IOU that promises interest payments and first dibs on repayments if assets are liquidated, but also gives the lender the option to become an owner later; investors watch these for repayment safety, interest income, and potential stock dilution.

loan to value ratio financial

"measure compliance with the loan to value ratio"

Loan-to-value ratio (LTV) measures how much of an asset’s value is financed with debt, expressed as a percentage of the loan amount divided by the asset’s appraised value. For investors, LTV signals risk: a higher LTV means less equity cushion and greater chance of loss if prices fall, which can lead to higher borrowing costs, tighter lending terms, or forced sales — like putting little down on a house and having less protection if its price drops.

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

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ATHENS, Greece, Oct. 20, 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 September 30, 2026, charter-free vessel value estimates from two third party international brokers, debt outstanding and cash, management estimates the Company's net asset value ("NAV") as of September 30, 2026 to be $258.0 million. This reflects a 41% increase from the previous NAV reported on July 16, 2026. This translates into a NAV of $20.49 per common share (based on the number of common shares currently outstanding) and $3.58 per common share on a fully-diluted basis (assuming exercise of all outstanding warrants and the conversion in full of the outstanding Senior Convertible Notes issued October 19, 2026 and Series G Convertible Preferred Shares).

The Company's CEO said:

"As of yesterday's market close, we are trading at more than a 94.02% discount to our current estimate of our fully-diluted NAV. Our fleet has an average age of approximately 5.5 years, consisting of state-of-the-art vessels equipped with the latest eco-friendly and fuel-efficient specifications. In addition, our newbuilding pipeline comprises of three high-specification 47,499 dwt MR tanker newbuildings, scheduled for delivery in the second, third and fourth quarters of 2029. The pipeline also includes a high-specification 60-meter megayacht scheduled for delivery in the second quarter of 2027, which we intend to divest and expect to achieve a meaningful equity release.

Net asset value (“NAV”) is widely referenced in the shipping industry, both by shipping companies and by the financial institutions that finance shipping assets. It is used to compare asset values across companies, to track the evolution of each company’s asset values over time and to measure compliance with the loan to value ratio, one of the most commonly used financial covenants in shipping loans. While we have no present plans to dispose of any of our vessels, the net proceeds we receive in any sale of our vessels may be significantly lower than NAV. For example, NAV is customarily quoted on a charter-free basis, an approach the Company follows and applies consistently. However, given the exceptionally strong tanker spot and time charter markets of recent months, prevailing market time charter rates are significantly higher than the rates under the Company’s existing time charters. Under prevailing market conditions, adjusting vessel values and NAV for the present value of the difference between the Company’s contracted charter rates and prevailing market time charter rates over the remaining charter periods would result in a highly significant reduction in vessel values and NAV. Based on the average charter-adjusted valuations from two third-party international shipbrokers, the Company estimates that its share price as of yesterday's market close implies approximately a 92.24% discount to its charter-adjusted NAV per common share, as compared to a 94.02% discount to its NAV per common share on a charter-free basis, in each case on a fully-diluted basis as of yesterday's market close. That being said, our fixed-rate time charters with first-class charterers provide long-term contracted revenue and cash flow visibility, mitigating the Company’s exposure to market volatility."

About the Company

Rubico Inc. is a global provider of shipping transportation services specializing in the ownership and operation of tanker vessels. The Company is an international owner and operator of two modern, fuel efficient, eco 157,000 dwt Suezmax tankers. Furthermore, the Company owns three 47,499 dwt MR tanker newbuildings scheduled for delivery in the second, third and fourth quarters of 2029 and a 60-meter newbuilding megayacht scheduled for delivery in the second quarter of 2027, which the Company intends to divest.

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 estimated net asset values, including on a charter-adjusted basis, the expected delivery of the Company's newbuildings, the Company's plans for the disposition of any of its vessels, the intended divestment of the Company's megayacht and the estimated potential equity release.

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 is Rubico's estimated net asset value as of September 30, 2026?

Rubico estimates its NAV at $258.0 million as of September 30, 2026, a 41% increase from the NAV reported July 16, 2026. That equals $20.49 per currently outstanding common share or $3.58 on a fully diluted basis.

How did Rubico calculate its September 30, 2026 NAV estimate?

The estimate incorporates charter-free vessel valuations from two third-party international brokers, outstanding debt and cash. The fully diluted per-share calculation assumes exercise of all outstanding warrants and full conversion of the outstanding Senior Convertible Notes issued October 19, 2026 and Series G Convertible Preferred Shares.