Mergers & Acquisitions ·
Rubico Inc. entered into a Share Purchase Agreement with Top Ship Inc. to acquire all shares of Roman Shark V Inc., an…
RUBIRubico Inc.
Rubico Inc. entered into a Share Purchase Agreement with Top Ship Inc. to acquire all shares of Roman Shark V Inc., an SPV holding a contract for a 47,499 dwt chemical/product oil carrier scheduled for delivery in Q2 2029. The total purchase price is approximately $6.5 million, less a $0.3 million advance credit, payable by September 30, 2026, potentially via Series G Preferred Shares. The vessel has secured a seven-year time charter with a major oil trader, generating about $75.4 million in potential gross revenue backlog, including extension options. Financing includes an 85% sale and leaseback agreement for pre-delivery installments at Term SOFR plus 1.80%, requiring quarterly payments of $0.5 million over ten years plus an $18.2 million balloon payment. This acquisition increases Rubico's total potential gross revenue backlog to approximately $379.2 million. Rubico Inc. is a global provider of shipping transportation services specializing in the ownership and operation of tanker vessels.