Rubico Estimates $94.2M NAV, $15.08 Diluted Value, Trading 94% Discount
Rubico’s management pegs its net asset value at $94.2 million as of Dec. 31, 2025, equivalent to $22.88 per share and $15.08 per fully diluted share based on 2.13 million outstanding warrants. Its stock trades at a 94.4% discount to fully diluted NAV while its two eco 157,000 dwt Suezmax tankers average five years old and remain on charters through Q1 2031.
1. Management NAV Estimate
Rubico’s management values net assets at $94.2 million as of December 31, 2025 after accounting for charter-free vessel valuations from an international broker, outstanding debt and cash. This equates to $22.88 per common share and $15.08 per share on a fully diluted basis assuming exercise of 2,128,854 warrants.
2. Market Discount
At the latest market close, Rubico’s shares are trading at a 94.4% discount to the fully diluted NAV estimate, signaling a significant gap between book value and market price potentially driven by liquidity constraints or warrant overhang.
3. Fleet Profile
The company owns and operates two modern, fuel-efficient 157,000 dwt Suezmax tankers with an average age of five years, each equipped with eco-friendly specifications designed to meet the latest environmental regulations.
4. Time Charters & Cash Flow
Both vessels are under time charters with high-quality counterparties generating positive cash flow and income, with fixed charter periods scheduled to run through the first quarter of 2031.