As filed with the U.S. Securities and Exchange Commission on December 11, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Rubico Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 4412 (Primary Standard Industrial Classification Code Number) N/A (I.R.S. Employer Identification No.) 20 Iouliou Kaisara Str 19002 Paiania Ath ...

Core Viewpoint - The third quarter of 2025 showed satisfactory operational performance for Imperial Petroleum, particularly due to the full integration of newly acquired drybulk ships, leading to significant improvements in fleet metrics [4]. Financial Performance - The fleet calendar days increased by 36.1% quarter-on-quarter, indicating enhanced operational capacity [4]. - Fleet operational utilization for Q3 2025 was approximately 89%, a notable improvement compared to the same quarter of the previous year [4].

Financial Data and Key Metrics Changes - In Q3 2025, revenues reached $41.4 million, a 25% increase compared to the same period in 2024 [4][15] - Operating income for Q3 2025 was $10.3 million, marking a 72% increase year-on-year and a 23% increase from Q2 2025 [4][5] - Net income for Q3 2025 was $11 million, slightly lower than Q2 2025 due to declines in time deposit income and minor foreign exchange losses [5] - EBITDA for Q3 2025 was $18 million, while net income for the nine months of 2025 totaled $35 million [17][18] - The company ended the nine-month period with approximately $100 million in cash, a decrease due to the $129 million payment for the acquisition of seven dry bulk ships [5][18] Business Line Data and Key Metrics Changes - The integration of seven dry bulk ships led to a 36.1% increase in fleet calendar days quarter-on-quarter [3] - Fleet operational utilization improved to about 89% in Q3 2025, compared to 66% in the same quarter last year [3] - Daily net revenue from dry bulk vessels increased by about 23% in Q3 2025 compared to Q3 2024 [15] - Time charter coverage increased to 75% in Q3 2025 from 27% in Q3 2024 [16] Market Data and Key Metrics Changes - Suezmax tanker rates increased to approximately $55,000 per day in Q3 2025, with recent rates nearing $70,000 per day [16] - Daily rates for Supramaxes rose from $10,000 to $16,000, while Kamsarmax rates increased from $12,000 to $15,000 [10] - The dry bulk market saw a significant rise in coal trade and grain volumes, with expectations for continued growth in 2026 [13] Company Strategy and Development Direction - The company aims to expand its fleet to between 25 and 30 ships, supported by a recent capital raise of $60 million [6] - The focus remains on enhancing revenue, profits, and asset utilization through fleet expansion [6][20] - The company maintains a debt-free balance sheet and a strong cash base, which supports its operational and capital commitments [7][22] Management Comments on Operating Environment and Future Outlook - The management expressed optimism about the tanker and dry bulk markets, noting solid market rates and favorable conditions [6][21] - Geopolitical tensions and their potential impact on the market were acknowledged as a concern for the future [19] - The company expects a favorable prospect for Q4 2025, driven by strong operating performance and market conditions [19][22] Other Important Information - The company incurred negligible dry docking costs in Q3 2025, but a heavy dry docking schedule is anticipated for 2026 [17] - The fleet book value increased to $343 million, reflecting a 65% expansion in the asset base within nine months [18] Summary of Q&A Session - There was no question-and-answer session at the end of the conference call, as all participants were in a listen-only mode [1]

Financial Data and Key Metrics Changes - In Q3 2025, revenues reached $41.4 million, a 25% increase compared to the same period in 2024 [4][15] - Operating income for Q3 2025 was $10.3 million, marking a 72% increase year-over-year and a 23% increase from Q2 2025 [4][5] - Net income for Q3 2025 was $11 million, slightly lower than Q2 2025 due to declines in time deposit income and minor foreign exchange losses [5] - EBITDA for Q3 2025 was $18 million, while net income for the nine months of 2025 was $35 million [17][18] - The company ended the nine-month period with approximately $100 million in cash, a decrease due to a $129 million payment for seven dry bulk ships [5][18] Business Line Data and Key Metrics Changes - The fleet operational utilization in Q3 2025 was about 89%, significantly improved from 66% in the same quarter last year [3] - The daily net revenue from dry bulk vessels increased by about 23% in Q3 2025 compared to Q3 2024 [15] - Time charter coverage increased to 75% in Q3 2025 from 27% in Q3 2024, reflecting a shift in fleet employment strategy [16] Market Data and Key Metrics Changes - Market rates for Suezmax tankers increased to approximately $55,000 per day in Q3 2025, with rates now close to $70,000 per day [16][21] - Daily rates for Supramaxes rose from $10,000 to $16,000, while Kamsarmaxes increased from $12,000 to $15,000 [10][13] - The dry bulk market saw a significant rise in coal trade and grain volumes, with expectations for continued growth in 2026 [13] Company Strategy and Development Direction - The company aims to expand its fleet to between 25 and 30 ships, supported by a recent capital raise of $60 million [6][8] - The focus remains on enhancing revenue, profits, and asset utilization through fleet expansion and strategic management of vessel employment [6][20] - The company maintains a debt-free balance sheet and strong operating cash flow, positioning itself for better performance in the upcoming quarters [7][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker and dry bulk markets, noting solid market conditions and potential for further rate increases [6][11] - Geopolitical tensions and their potential impact on the market were acknowledged as a concern, but the overall outlook for Q4 2025 remains favorable [19] - The company is focused on quality-built ships and aims to leverage its strong fundamentals for future growth [21] Other Important Information - The company incurred negligible dry docking costs in Q3 2025, but a heavy dry docking schedule is anticipated for 2026 [17] - The fleet book value increased to $343 million, reflecting a 65% expansion in the asset base within nine months [18] Summary of Q&A Session - There was no question-and-answer session at the end of the conference call, as all participants were in a listen-only mode [1]

Financial Data and Key Metrics Changes - In Q3 2025, revenues reached $41.4 million, a 25% increase compared to the same period in 2024 [5][17] - Operating income for Q3 2025 was $10.3 million, marking a 72% increase year-over-year and a 23% increase from Q2 2025 [5][6] - Net income for Q3 2025 was $11 million, slightly lower than Q2 2025 due to declines in time deposit income and minor foreign exchange losses [6][20] - EBITDA for Q3 2025 was $18 million, while net income for the nine months of 2025 totaled $35 million [19][20] Business Line Data and Key Metrics Changes - The dry bulk segment saw a 23% increase in daily net revenue in Q3 2025 compared to Q3 2024 [17] - Time charter coverage increased to 75% in Q3 2025 from 27% in Q3 2024, reflecting a shift in fleet employment strategy [18] - The average daily operating expenses (OpEx) for the tanker fleet was around $7,200, while for the dry bulk fleet it was $5,600 [19] Market Data and Key Metrics Changes - Suezmax tanker rates increased to approximately $55,000 per day in Q3 2025, with recent rates nearing $70,000 per day [18][21] - Daily rates for Supramaxes rose from $10,000 to $16,000, and Kamsarmaxes increased from $12,000 to $15,000 during Q3 2025 [11][14] - The dry bulk market experienced a significant upturn in Q3 2025, driven by increased global iron flows and U.S. corn exports [14] Company Strategy and Development Direction - The company aims to expand its fleet to between 25 and 30 ships, supported by a recent capital raise of $60 million [7][22] - The focus remains on enhancing revenue, profits, and asset utilization through fleet expansion and strategic management of high-quality vessels [22] - The company maintains a debt-free balance sheet and a strong cash position, which supports its growth strategy [7][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker and dry bulk markets, noting firming asset values and favorable market conditions [7][12] - The geopolitical landscape, including U.S.-Venezuela tensions and the ongoing effects of the Russia-Ukraine war, could impact future market dynamics [21] - The outlook for Q4 2025 remains positive, with expectations of continued strong rates for both tankers and dry bulk vessels [21][22] Other Important Information - The company ended Q3 2025 with approximately $100 million in cash, a decrease due to the $129 million payment for the acquisition of seven dry bulk vessels [6][20] - A significant dry docking schedule is anticipated for 2026, with 12 vessels needing to be docked [19] Summary of Q&A Session - There was no question-and-answer session at the end of the conference call [2]

Financial Performance - Q3 2025 - Revenues reached $41.4 million, a 25.5% increase compared to $33.0 million in Q3 2024, driven by drybulk fleet additions[5] - Operating income increased significantly to $10.3 million in Q3 2025, a roughly 72% increase ($4.3 million) compared to Q3 2024 and a 22.6% increase ($1.9 million) compared to Q2 2025[6] - EBITDA for Q3 2025 was $17.9 million, a 46.7% increase compared to $12.2 million in Q3 2024[6] - Net income for Q3 2025 was $11.0 million, compared to $10.0 million in Q3 2024[6] Financial Performance - 9M 2025 - Net income for 9M 2025 reached $35.0 million[6] - EBITDA for 9M 2025 was $49.7 million[6] - Operating cash flow generation for 9M 2025 was $57.0 million[6] Liquidity and Fleet - Cash and cash equivalents, including time deposits, amounted to approximately $100 million as of September 30, 2025, with a current cash base of about $172 million[6] - The company concluded a capital raise of $60 million through a registered direct equity offering, intended for further fleet growth[6] - Fleet operational utilization for Q3 2025 was 88.7%, compared to 65.6% in Q3 2024[6] - Approximately 75% of the total fleet calendar days were dedicated to time charter activity, while about 25% were dedicated to spot activity[4]

Core Insights - Imperial Petroleum Inc. reported significant financial growth in Q3 2025, with revenues increasing by 25.5% to $41.4 million compared to Q3 2024, primarily due to fleet expansion and improved market rates [4][6][29] - The company achieved an operating income of $10.3 million in Q3 2025, marking a 71.7% increase year-over-year, and a net income of $11.0 million, up from $10.1 million in Q3 2024 [4][6][29] - For the nine months ended September 30, 2025, net income was reported at $35.0 million, a decrease from $46.2 million in the same period of 2024, attributed to lower tanker rates [10][12][29] Operational and Financial Highlights - The fleet's operational utilization reached 88.7% in Q3 2025, a significant increase from 65.6% in Q3 2024, with 75% of fleet calendar days dedicated to time charter activity [4][20] - The average number of vessels owned increased to 19.0 in Q3 2025 from 10.4 in Q3 2024, contributing to a total of 1,195,000 deadweight tons (dwt) capacity [20][29] - The company raised $60 million through a direct equity offering to institutional investors, aimed at further fleet expansion [4][12] Revenue and Expense Analysis - Voyage expenses decreased to $11.6 million in Q3 2025 from $13.0 million in Q3 2024, while vessel operating expenses increased to $10.9 million from $7.2 million, reflecting the larger fleet size [4][29] - General and administrative costs remained stable at $1.2 million for both Q3 2025 and Q3 2024, while depreciation increased significantly due to the expanded fleet [4][29] - Interest and finance costs rose to $0.9 million in Q3 2025 from $0.1 million in Q3 2024, primarily due to accrued interest related to vessel acquisitions [5][10] Cash Position and Future Outlook - As of September 30, 2025, the company reported cash and cash equivalents of $99.3 million, with a current cash position of approximately $172 million [4][12] - The CEO expressed optimism for continued strong performance in Q4 2025, supported by a debt-free balance sheet and solid market rates for tankers and drybulk vessels [12][16]

Core Insights - Costamare Inc (CMRE) has one of the oldest fleets in the shipping industry and is currently in the process of renewing it [1] - Despite experiencing its most profitable years, shareholder dividends have been frozen for the last few years [1] Company Overview - Costamare Inc operates in the shipping industry with a focus on container vessels [1] - The company is taking steps to modernize its fleet, which may enhance operational efficiency and competitiveness [1] Financial Performance - The company has seen significant profitability in recent years, yet this has not translated into dividend payouts for shareholders [1]

Core Points - C3is Inc. announced a public offering expected to generate approximately $9 million in gross proceeds before expenses [1][3] - The offering consists of 7,500,000 units, each including one Common Share or one Pre-Funded Warrant, along with Class D and Class E Warrants [2] - The transaction is anticipated to close on or about December 12, 2025, subject to customary closing conditions [3] Offering Details - Each unit in the offering is priced at $1.20 for a Common Share and $1.19999 for a Pre-Funded Warrant, with the Pre-Funded Warrants being immediately exercisable [2] - Class D Warrants have an initial exercise price of $1.20 per Common Share and are exercisable immediately, expiring 60 months after issuance [2] - Class E Warrants have an exercise price of $0.00001 per Common Share and are also immediately exercisable [2] Use of Proceeds - The net proceeds from the offering will be used for capital expenditures, including the acquisition of additional vessels, working capital, and other general corporate purposes [3] Company Overview - C3is Inc. is a ship-owning company that provides dry bulk and crude oil seaborne transportation services, owning four vessels with a total fleet capacity of 213,464 deadweight tons [6]

Core Viewpoint - Costamare Inc. (CMRE) is rated as a hold due to its recent spin-off of dry bulk activities, now focusing solely on being a containership lessor, which makes it an interesting company to follow [1]. Company Summary - The company has transitioned to a containership lessor after spinning off its dry bulk operations, indicating a strategic shift in its business model [1]. - The analyst expresses a dynamic finance background with expertise in corporate finance, M&A, and investment analysis, particularly in real estate, renewable energy, and equity markets [1]. Investment Analysis - The article emphasizes the importance of financial modeling, valuation, and qualitative analysis in understanding the company's potential and market position [1]. - The analyst aims to share insights and engage in discussions about investment opportunities, reflecting a commitment to informed decision-making in finance [1].