As filed with the Securities and Exchange Commission on September 19, 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) Republic of the Marshall Islands (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 ...

Financial Data and Key Metrics Changes - The company reported a net income of $64.5 million or $1.70 per share for the first half of 2025, compared to a net income of $49 million in the same period of 2024 [23][22] - Adjusted EBITDA for the first six months of 2025 was $193.2 million, reflecting a strong operational performance despite a slight decrease in gross revenues to $390 million from $415 million in the first half of 2024 [23][19] - The net debt-to-capital ratio stood at 43.6%, with total debt net of cash at $1.4 billion [23][22] Business Line Data and Key Metrics Changes - The company secured charters increased by about 14% while spot contracts declined by about 27% in the first half of 2025 [18] - Fleet utilization increased from 91.9% in the first half of 2024 to 96.9% in the first half of 2025, indicating improved operational efficiency [19] - The fleet generated $193 million of gross revenues in Q2 2025, averaging $30,767 per vessel per day, a slight increase from the previous year [24][25] Market Data and Key Metrics Changes - The tanker market remains healthy, with energy majors continuing to approach the company for tanker charter business [10] - The company has a total fleet contracted revenue backlog of approximately $3.7 billion, equating to more than $120 per share [10][11] - The company is one of the largest transporters of energy globally, with a pro forma fleet of 82 vessels [10] Company Strategy and Development Direction - The company is focusing on renewing its fleet by selling older vessels and replacing them with new, environmentally friendly ships [4][7] - The strategy includes increasing the number of VLCCs in the fleet to fill a previously identified gap [4][10] - The company aims to maintain a competitive edge by building vessels at top shipyards and ensuring a young, modern fleet [8][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker market, anticipating solid results in the near future due to increasing global demand [46][47] - The company is navigating challenges posed by sanctions and geopolitical events, which have positively affected the tanker market [8][17] - Management highlighted the importance of maintaining a strong balance sheet and cash reserves to support future growth [16][22] Other Important Information - The company has sold 17 older vessels and replaced them with 33 modern vessels, significantly increasing deadweight capacity [16] - The company is currently one of the largest owners of dual-fuel LNG-powered Aframax tankers, with six vessels in operation [17] - The company plans to announce its next dividend in November, with expectations of a healthy payout [9][35] Q&A Session Summary Question: Discussion on new build orders for VLCCs - The company decided to proceed with new builds due to the strong second-hand market and the need for environmentally friendly vessels [30] Question: Clarification on exercising options for VLCC new builds - The company has exercised the option for additional vessels and is in the process of renewing existing VLs with increased rates [33] Question: Preview of second half dividend - It is too early to provide specifics, but the company is looking at a healthy market for potential dividends [35] Question: Comments on potential restructuring - The company is not restructuring but is exploring ways to enhance shareholder value [37] Question: Direction of OpEx and G&A for the second half - The company aims to maintain operating expenses under control despite inflation pressures [40]

Financial Data and Key Metrics Changes - The company reported a net income of $64.5 million or $1.70 per share for the first half of 2025, compared to a net income of $49 million in the same period of 2024 [23][22] - Adjusted EBITDA for the first six months of 2025 was $193.2 million, reflecting a strong operational performance [23] - The total fleet contracted revenue backlog is approximately $3.7 billion, equating to more than $120 per share [10] Business Line Data and Key Metrics Changes - The company secured charters increased by about 14% while spot contracts declined by about 27% in the first half of 2025 [18] - Fleet utilization increased from 91.9% in the first half of 2024 to 96.9% in the first half of 2025 [19] - The fleet generated $390 million of gross revenues during the first half of 2025, averaging $30,754 per ship per day [19] Market Data and Key Metrics Changes - The tanker market remains healthy, with energy majors continuing to approach the company for tanker charter business [10] - The company has a pro forma fleet of 82 vessels, indicating growth and resilience in the face of market challenges [10] Company Strategy and Development Direction - The company is focusing on renewing its fleet by selling older vessels and replacing them with new, environmentally friendly ships [4][7] - The strategy includes increasing the number of VLCCs in the fleet to fill a previously identified gap [4][12] - The company aims to maintain a competitive edge by building vessels at top shipyards and ensuring a young, modern fleet [8][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker market, anticipating solid results in the near future due to increasing global demand [46][47] - The company is navigating challenges such as sanctions and geopolitical events, which have positively affected the tanker market [17] - Management highlighted the importance of maintaining a strong balance sheet and cash reserves to support future growth [16] Other Important Information - The company has sold 17 older vessels and replaced them with 33 modern vessels, significantly increasing deadweight capacity [16] - The company is one of the largest owners of dual-fuel LNG-powered Aframax tankers, indicating a commitment to greener operations [17] Q&A Session Summary Question: Can you talk about the new build orders for the VLCCs? - The company is building new vessels in Korea and Japan, focusing on environmentally friendly designs and maintaining competitive operating expenses [30][31] Question: Have you exercised the option for the VLCC new builds? - Yes, the company has opted for the option and is in the process of renewing existing VLs with increased base rates and profit-sharing arrangements [33] Question: Can you preview the second half dividend? - It is early to provide specifics, but the company expects to declare a healthy dividend based on market conditions [35] Question: Any progress on restructuring the company? - The company is not restructuring but is exploring ways to enhance shareholder value and improve market perception [37][38] Question: Direction of OpEx and G&A over the second half of the year? - The company is focused on maintaining operational efficiency and controlling expenses despite inflationary pressures [40]

Financial Data and Key Metrics Changes - Tsakos Energy Navigation reported a net income of $64.5 million for the first half of 2025, equating to $1.70 per share, compared to a net income of $26.8 million or $0.67 per share for the second quarter of 2025 [22][24] - Adjusted EBITDA for the first half of 2025 was $193.2 million, while for the second quarter it was approximately $94 million [22][24] - The company generated $390 million in gross revenues during the first half of 2025, averaging $30,754 per ship per day, compared to $415 million in the first half of 2024 [18][19] Business Line Data and Key Metrics Changes - The company secured charters increased by about 14% in the first half of 2025, while spot contracts declined by about 27% [17] - Fleet utilization increased from 91.9% in the first half of 2024 to 96.9% in the first half of 2025 [18] - The fleet generated $193 million of gross revenues in the second quarter of 2025, equating to $30,767 per vessel per day [23] Market Data and Key Metrics Changes - The tanker market remains healthy, with energy majors continuing to approach the company for tanker charter business [10] - The company has a total fleet contracted revenue backlog of approximately $3.7 billion, equating to more than $120 per share [10] - The company is one of the largest transporters of energy globally, with a pro forma fleet of 82 vessels [10] Company Strategy and Development Direction - The company is focusing on renewing its fleet by selling older vessels and replacing them with new, environmentally friendly ships [4][7] - Tsakos Energy Navigation has ordered three new VLCCs with scrubbers and has an option for one more, aiming to fill a gap in its fleet [4][10] - The company emphasizes maintaining a young fleet and has divested 17 older vessels while acquiring 33 modern vessels with a significantly higher deadweight capacity [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the energy market, anticipating solid results in the near future [45] - The company is navigating a challenging environment with sanctions and tariffs but remains confident in its operational model [8][9] - Management noted that the market does not fully appreciate the company's contracted revenue, indicating potential for stock value appreciation [49] Other Important Information - The company has a solid balance sheet with a fair market value of the fleet at $3.8 billion against $1.8 billion in debt, leading to a net debt-to-cap ratio of around 42% [15] - The company paid its first dividend in July 2025 and plans to announce the next dividend in November [9][49] Q&A Session Summary Question: Can you talk about the new build orders for the VLCCs? - The company is always looking for good quality vessels in the open market but decided to proceed with new builds due to favorable conditions and the need for environmentally friendly vessels [28][30] Question: Have you exercised the option for the VLCC new builds? - Yes, the company opted for the option and secured an additional option for more vessels, indicating a strong market for VLCCs [32] Question: Can you preview the second half dividend? - It is early to provide specifics, but the company expects to declare a healthy dividend based on market conditions [34] Question: Any progress on restructuring the company? - The company is not restructuring but is exploring ways to enhance shareholder value and efficiency [36][38] Question: What is the direction of OpEx and G&A for the second half of the year? - The company is focused on maintaining operating expenses under control despite inflation, aiming to keep them competitive [40]

Fleet & Strategy - TEN Ltd has a diversified fleet with secured revenues and potential for market upside and "Greenship" growth[6] - As of September 8, 2025, 39% of vessels in the water have market exposure (Spot + TC P/S), while 87% are in secured revenue contracts (TC + TC P/S)[13] - Since January 1, 2023, the company has contracted/acquired 33 vessels with a total DWT of 47 million, and divested 17 vessels with a total DWT of 14 million[24] - The company's employment policy focuses on long-term relationships with known industrial concerns, providing cash flow sustainability and visibility[30] Financial Performance - For the six months ended June 30, 2025, voyage revenues were $39036 million, compared to $415644 million for the same period in 2024[45] - Net income attributable to common stockholders for the six months ended June 30, 2025, was $50531 million, compared to $116922 million for the same period in 2024[45] - Adjusted EBITDA for the six months ended June 30, 2025, was $193191 million, compared to $213978 million for the same period in 2024[48] - The company paid a total dividend of $150 per common share in 2024 ($060 in July and $090 in December), compared to $100 for 2023 operations[30] Market Outlook - World oil demand reached a record 1032 million barrels per day in 2024, with growth expected to be around 068 million barrels per day in 2025 and 070 million barrels per day in 2026[31] - The total newbuild orderbook is 147% of the current fleet over 15 years old[39] - As of August 2025, 29 vessels have been scrapped, totaling 23 million dwt[44]

Core Insights - The article discusses Okeanis Eco Tankers (NYSE: ECO) and highlights the company's aligned ownership, modern fleet equipped with scrubbers, and strong operational execution as key factors for future success [1]. Company Overview - Okeanis Eco Tankers has a young fleet that is fitted with scrubbers, which is expected to enhance operational efficiency and compliance with environmental regulations [1]. - The company is positioned to benefit from favorable market conditions due to its strategic advantages and effective management [1]. Investment Thesis - The initial investment thesis presented a year ago emphasized the combination of aligned ownership and exceptional execution as a foundation for potential growth and returns [1].

Core Viewpoint - TORM plc has been informed that Hafnia Limited will acquire approximately 14.1 million A shares from Oaktree Capital Management, representing about 14.45% of TORM's issued share capital at a price of USD 22 per share, totaling approximately USD 311.43 million [1][2]. Group 1: Share Purchase Details - The share purchase is contingent upon entering a definitive agreement and fulfilling customary conditions, including regulatory approvals and the appointment of a new independent board chairman for TORM [2]. - TORM is not involved in the transaction and has no additional information regarding the share purchase [2]. Group 2: Company Overview - TORM is recognized as one of the leading carriers of refined oil products globally, operating a fleet of product tanker vessels with a strong focus on safety, environmental responsibility, and customer service [3]. - Founded in 1889, TORM conducts business worldwide and is listed on Nasdaq in Copenhagen and New York under the tickers TRMD A and TRMD [3].

Core Insights - Frontline plc reported a profit of $77.5 million, or $0.35 per share, for Q2 2025, with an adjusted profit of $80.4 million, or $0.36 per share [4] - The company declared a cash dividend of $0.36 per share for the second quarter of 2025 [4] - Revenues for Q2 2025 reached $480.1 million [4] Industry Overview - The second quarter of 2025 experienced volatility due to unrest in the Middle East impacting tanker trade and freight [2] - OPEC's strategy of reducing voluntary production cuts has led to only modest increases in exports [2] - Anticipated high domestic demand for oil as summer approaches is expected to increase market volume [2] - Sanctions from the US, G7, and EU, particularly against Russia, have caused inefficiencies in oil trade [2] Financial Performance - Average daily spot time charter equivalent (TCE) earnings for VLCCs, Suezmax tankers, and LR2/Aframax tankers in Q2 2025 were $43,100, $38,900, and $29,300 respectively [4] - Estimated average daily cash breakeven rates for VLCCs, Suezmax, and LR2/Aframax are $28,700, $22,900, and $22,900 respectively [3] - The company expects spot TCEs for Q3 2025 to be lower than currently contracted due to ballast days [3] Strategic Developments - Frontline entered into a senior secured term loan facility of up to $1,286.5 million in April 2025 to refinance outstanding debt on 24 VLCCs [4] - The company agreed to sell its oldest Suezmax tanker built in 2011 for a net sales price of $36.4 million, expected to generate net cash proceeds of approximately $23.7 million in Q3 2025 [4]

Financial Data and Key Metrics Changes - For Q2 2025, the company achieved an adjusted EBITDA of $134.2 million and a net profit of $75.3 million, reflecting strong operational execution and market conditions [7][24] - The net asset value at the end of Q2 was approximately $3.3 billion, equating to an NAV of $6.55 per share [9] - The net loan-to-value (LTV) ratio remained unchanged at 24.1%, indicating a balance between reduced vessel market values and further debt reduction [11][29] Business Line Data and Key Metrics Changes - The commercial pool and bunkering operations contributed $7.9 million to overall results, with the Seascale Energy joint venture commencing operations in mid-May [7][24] - The average time charter equivalent (TCE) income for the quarter was $231.2 million, averaging $24,452 per day across vessel segments [26] Market Data and Key Metrics Changes - Clean product volumes transported on sanctioned vessels decreased by 17%, despite an increase in the number of product tankers sanctioned [13] - The company noted a strong recovery in accumulated tonne days for the clean segment, significantly surpassing the three-year average by Q3 [16] - Global refinery margins remain strong, with limited refinery outages projected for the remainder of the year, supporting higher volumes and longer haul trading [18] Company Strategy and Development Direction - The company aims to maintain a transparent and consistent dividend policy, having paid out 82.8% of net profit through dividends and share buybacks in 2024 [11] - Hafnia is focused on sustainability initiatives and aims to provide reliable, efficient, and sustainable solutions through partnerships and smart investments [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the market fundamentals, citing limited fleet supply and improved spot rates as drivers for future performance [35] - The company anticipates robust net profits for the full year, with analysts' consensus indicating profits in the range of $300 million to $310 million [31] Other Important Information - The company secured a $750 million revolving credit facility in July, which is expected to reduce overall funding costs and lower cash flow breakeven levels [29][30] - The company has maintained a strong liquidity profile, with over $450 million in liquidity at the end of Q2 [25] Q&A Session Summary Question: Can you quantify the improvement to cash breakeven rates after refinancing? - The refinancing is expected to improve cash flow breakeven to roughly $13,000 per day, reflecting a margin improvement of 50 to 60 basis points [39][40] Question: What is driving the divergence in performance between MRs and LRs? - The LR1s and LR2s have remained resilient, and the improvement in MRs is more about catching up rather than LRs declining [48] Question: How do sanctions impact the market and tonnage availability? - OFAC sanctions are seen as more impactful, but EU and UK sanctions also significantly affect market dynamics, making it challenging to operate sanctioned vessels [56][58] Question: What are the expectations regarding the IMO's net zero framework? - The company believes the IMO will vote through the proposed regulations, despite geopolitical uncertainties [67][68] Question: Will the company consider share buybacks in addition to dividends? - The company maintains a clear dividend policy and will consider share buybacks as an addition to the existing policy [71][74]

Registration No. 333-289552 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Rubico Inc. (Exact name of Registrant as specified in its charter) Republic of the Marshall Islands (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 Athens, Greece +30 210 81 ...