Earnings ·
Rubico Inc. reported a net loss of $1.1 million for the six months ended June 30, 2026, compared to net income of $4.0…
RUBIRubico Inc.
Rubico Inc. reported a net loss of $1.1 million for the six months ended June 30, 2026, compared to net income of $4.0 million in the prior year period. Revenues declined 19% to $9.7 million due to approximately 23 off-hire days per vessel during special surveys and lower daily charter rates following November 2025 amendments. The company acquired the Second MR SPV for $6.3 million on August 14, 2026, securing a seven-year time charter with Trafigura Maritime Logistics Pte Ltd at $18,750 per day for a newbuilding chemical/product oil carrier scheduled for delivery in Q3 2029. Additionally, Rubico entered into an agreement to acquire the Third MR SPV for $6.5 million, with closing expected by September 30, 2026, and has settled $0.3 million of this consideration. The company also sold 973,788 common shares for $4.2 million under its Equity Line Purchase Agreement in July before terminating the agreement and establishing a new $25 million ATM facility with B. Riley Securities. Rubico operates as an international owner and operator of fuel-efficient Suezmax tankers transporting crude oil.