Rubico to Acquire 47,499 dwt ECO MR Tanker for $4.2M, Secures $75M Backlog
Rubico Inc. agreed to acquire 100% of the SPV holding a Guangzhou Shipyard contract for a 47,499 dwt ECO MR product/chemical tanker scheduled for delivery in 2029. The $4.2 million acquisition includes a seven-year time charter with a major oil trader and a potential $75 million gross revenue backlog.
1. Acquisition Details
Rubico agreed to acquire 100% of the SPV counterparty to the Guangzhou Shipyard contract for the tanker at an aggregate purchase price of approximately $4.2 million. The transaction was approved by an independent Transaction Committee and supported by a fairness opinion.
2. Vessel Specifications and Delivery
The acquired contract covers the construction of a 47,499 deadweight ton ECO MR product/chemical tanker with eco-friendly design, scheduled for delivery in 2029 from Guangzhou Shipyard International.
3. Time Charter Employment and Revenue Backlog
The seller secured a firm seven-year time charter with a major oil trader starting at delivery, plus a four-year extension option, generating a potential gross revenue backlog of about $75 million including optional years.
4. Financing Arrangements
The SPV is finalizing a lease financing agreement with ABC Financial Leasing Co. for the majority of the shipbuilding price, subject to customary conditions and Rubico’s provision of a corporate guarantee.