Rubico Buys Top Ships Tanker Contracts
Greece-based tanker owner Rubico agreed to buy two special-purpose vehicle companies holding shipbuilding contracts for 47,499 DWT MR chemical and product tankers from affiliate Top Ships, Baird Maritime reported.
The transaction carries a combined purchase price of $14.5 million, according to the corporate announcement reported by Baird Maritime. Rubico can settle the amount at closing using cash, perpetual convertible preferred shares, or a combination of both.
Vessels are being constructed for seven-year time charters
Guangzhou Shipyard International and China Shipbuilding Trading are constructing the vessels. One tanker is scheduled for delivery in the fourth quarter of 2028, while the second vessel is due in the fourth quarter of 2029, Baird Maritime reported.
Trafigura Maritime Logistics will take both tankers on time charter immediately upon delivery. Each contract runs for a firm seven-year term, with the charterer holding an option to extend the agreement for an additional four years.
Revenue Projections and Closing
Rubico estimates that potential gross revenue from the two time charters will reach $150.9 million, a total that includes the optional four-year extension periods. The deal is scheduled to close by March 31, 2027.
What type of vessels and delivery schedules are included?
What type of vessels are included in the purchase?
The acquisition covers two 47,499 DWT MR chemical and product tankers currently under construction by Guangzhou Shipyard International and China Shipbuilding Trading.
Who will operate the tankers after delivery?
Trafigura Maritime Logistics will take both vessels on time charter as soon as the shipyard delivers them.
What is the expected delivery schedule for the ships?
The first tanker is due in the fourth quarter of 2028, and the second vessel is scheduled for delivery in the fourth quarter of 2029.
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