Recently, Nasdaq-listed Greek shipowner Rubico is planning to acquire a third MR /chemical tanker built by Guangzhou Shipyard International through another related-party transaction with affiliate company Top Ships.
Rubico has signed a letter of intent to acquire a special purpose vehicle (SPV) holding a construction contract for a 47,499 dwt MR /chemical tanker from Guangzhou Shipyard International. The vessel is expected to be delivered in the second quarter of 2029.
The newbuilding has been chartered to Trafigura Maritime Logistics under a seven-year time charter contract, effective from delivery, at a daily rate of $18,750. A Chinese leasing company will provide financing equivalent to 85% of the shipbuilding price starting from the first installment payment, without requiring asset guarantees during the charter period.
Under the agreement between the parties, Rubico will first pay a $300,000 advance payment. If the transaction is ultimately completed, this amount will be deducted from the acquisition price; if Rubico decides to abandon the transaction, the advance payment will be fully refunded. Currently, the exclusivity period agreed by both parties expires on July 31, and the transaction still requires completion of due diligence and approval from Rubico’s independent board committee.
If this transaction is successfully completed, Rubico’s MR product tankers ordered at Guangzhou Shipyard International will increase to three, with deliveries scheduled for the second, third, and fourth quarters of 2029.
In fact, this is already the second time this month that Rubico has acquired newbuilding assets from Top Ships through related-party transactions. Earlier this month, Rubico agreed to acquire another special purpose vehicle affiliated with Top Ships for $6.25 million, which also holds a construction contract for a 47,499 dwt MR product tanker from Guangzhou Shipyard International. The contract price of the vessel is approximately $45.2 million, and it has been chartered to an unnamed oil trader under a seven-year time charter, with an option to extend for up to four additional years.
Rubico stated that the first two MR newbuildings are expected to generate approximately $151 million in potential charter revenue.
It is understood that Rubico Inc was established in September 2023 and is an international shipping company focused on eco-friendly tanker operations, led by Kalliopi Ornithopoulou, spun off from US-listed tanker owner Top Ships last year. Currently, the company operates two 157,000 dwt Suezmax tankers — “Eco Malibu” and “Eco West Coast”.
According to Clarksons data, Top Ships ordered ten 47,499 dwt MR product tankers at Guangzhou Shipyard International in March this year, scheduled for delivery between 2028 and 2029, one of which has already been resold to Rubico.
Clarksons data shows that as of now, Guangzhou Shipyard International’s orderbook totals 109 vessels of 8.1 million dwt, including 42 chemical tankers, 23 oil tankers, 17 container ships, 13 car carriers, 8 ro-pax ferries, and 6 vessels of other types, with delivery schedules extending to 2029.
