Rubico To Acquire Newbuilding MR Tankers From Top Ships In $14.5M Deal With 7-Year Charter, Extendable To 11 Years; Total Potential Gross Revenue Backlog From This Contract, Including Optional Years, Is ~$150.9M

Rubico Inc. (NASDAQ:RUBI) (the "Company" or "Rubico"), a global provider of shipping transportation services specializing in the ownership of vessels, announced today that it has entered into a share purchase agreement (the "SPA") with Top Ships Inc., a related party, to purchase the shares of two companies (the "SPVs"), each of which is party to a shipbuilding contract with Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for the construction of a 47,499 dwt chemical/product oil carrier (the "Newbuilding MR Tankers"). The Newbuilding MR Tankers are scheduled for delivery in the fourth quarter of 2028 and the fourth quarter of 2029, respectively. Each SPV has secured time charter employment for its vessel with Trafigura Maritime Logistics Pte Ltd, starting from its delivery and for a firm duration of seven years, with charterer’s option to extend for four additional years. The total potential gross revenue backlog from these contracts, including available charterer extension optional periods, is about $150.9 million.

Each SPV has also entered into a sale and leaseback financing agreement with a major Chinese leasing company for an amount of 85% of the installment payments under its shipbuilding contract. The first installment of the shipbuilding contract for each vessel amounting to $6.8 million has already been settled. Each financing bears an interest rate of Term SOFR plus a margin of 1.80%. Under the financing, following the delivery of each vessel, the Company will pay quarterly installments of $0.5 million per vessel over a period of 10 years with a balloon payment of $18.2 million per vessel payable together with the last installment. Top Ships Inc. and the Company will provide corporate guarantees in favor of the leasing company.

The aggregate purchase price for 100% of the shares of the SPVs is $14.5 million (the "Consideration"), payable at closing in cash or, at the Company’s election, in whole or in part in the Company’s Series G Perpetual Convertible Preferred Shares. The transaction is expected to close by March 31, 2027, subject to customary closing conditions.