Rubico to buy third newbuilding MR tanker, lifting potential gross revenue backlog to about $379 million
AI Market Summary
Rubico announced the acquisition of a third newbuilding MR tanker via an SPV, expanding fleet capacity and lifting total potential gross revenue backlog to about $379.2m. The vessel is secured with a 7-year time charter (plus options) and financed through an 85% sale-leaseback at Term SOFR + 1.80%, improving cash-flow visibility while adding long-dated leverage and related-party execution considerations. Market impact is likely company-specific.
Impact level
● Low
Affected assets
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AI Insight · NCCOGOLD2USD/USDTAI Insight
● Neutral
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Rubico said it is acquiring its third newbuilding MR tanker through the purchase of a shipowning SPV, pushing its potential gross revenue backlog to about $379 million. The vessel’s shipbuilding contract price is $45.2 million, of which $6.8 million has already been paid. The company said it arranged sale-and-leaseback financing with a major Chinese leasing company covering 85% of the shipbuilding installments at Term SOFR plus 1.80%, to be repaid after delivery through quarterly $0.5 million payments over 10 years plus an $18.2 million balloon payment.
