Rubico Inc. (NASDAQ: RUBI)

Rubico Inc. is an international owner and operator of modern fuel efficient Suezmax tankers engaged in the transportation of crude oil. The company currently owns two vessels, the M/T Eco Malibu and the M/T Eco West Coast, each built in 2021 with a deadweight of 157,000 tons and an age of approximately five years. Both tankers are chartered to Clearlake under long term time charter agreements that provide fixed daily hire rates with optional extension periods. Rubico Inc. also pursues growth through newbuilding projects, including a 47,499 dwt chemical/product oil carrier (the Newbuilding MR Tanker) scheduled for delivery in the fourth quarter of 2029 and a megayacht (the M/Y Sanlorenzo 1150Exp) expected to be delivered in the second quarter of 2027. These initiatives aim to expand the company’s operations into other seaborne transportation sectors beyond crude oil tankers.

Rubico Inc. generates revenue primarily from time charter hire earned on its owned vessels. The M/T Eco Malibu and the M/T Eco West Coast produce daily hire payments from Clearlake under contracts that provide a rate of $32,850 per day until January 2027 and $29,990 per day from January 2027 through January 2031, with optional extensions at higher rates. The company’s revenue stream is directly tied to the performance of these charter contracts and the utilization of its vessels. Future revenue is anticipated from the time charter of its newbuilding MR tanker with Trafigura, which calls for a firm daily rate of $18,750 upon delivery and optional extensions at $19,000, $19,250, $19,500 and $19,750 per day. No other material sources of revenue are reported in the filing.

Rubico Inc. operates in the highly competitive Suezmax tanker market where ownership is fragmented among major oil companies, national tanker pools and independent vessel owners. The company differentiates itself by operating two relatively new fuel efficient eco design vessels that incorporate modern hull forms and energy saving equipment to lower fuel consumption and operating costs. These eco design attributes make the vessels attractive to charterers seeking tonnage that meets stringent environmental regulations and reduces voyage expenses. The long term charter with Clearlake provides a stable and predictable cash flow base, which is a competitive advantage compared with owners relying on short term or spot market charters. Additionally, Rubico Inc. has accessed financing through sale and leaseback transactions with AVIC International Leasing Co., Ltd and China Huarong Shipping Financial Leasing Co Ltd, enhancing liquidity without diluting equity. The firm’s ability to secure such financing on favorable terms reflects confidence in its asset quality and cash flow predictability. Together, these factors give Rubico Inc. a competitive position in securing charters and managing operating expenses within the Suezmax segment.

The company’s customer base consists primarily of charterers that hire its vessels for crude oil transportation. During 2025 the sole customer was Clearlake, which charters both the M/T Eco Malibu and the M/T Eco West Coast under the aforementioned time charter agreements. Additionally, Rubico Inc. has secured a time charter for its newbuilding MR tanker with Trafigura, a global commodity trader, expected to commence upon delivery of the vessel in the fourth quarter of 2029. No other customers are disclosed in the filing for the current operating fleet. The company intends to evaluate further charter opportunities with other major oil traders and national oil companies as it expands its fleet and pursues newbuilding projects.