Core Viewpoint - Rubico Inc. has announced an agreement to acquire 100% of a Marshall Islands company that is a counterparty to a shipbuilding contract for a new medium-range oil tanker, with delivery scheduled for 2029 [1][2]. Group 1: Acquisition Details - The acquisition involves a purchase price of approximately $4.2 million for the shares of the Special Purpose Vehicle (SPV) [4]. - The transaction was approved by a special committee of independent board members, and a fairness opinion was obtained from an independent financial advisor [4]. Group 2: Financing Arrangements - The effectiveness of the shipbuilding contract is contingent upon the issuance of a customary refund guarantee and the conclusion of financing arrangements [2]. - The SPV is finalizing a lease financing agreement with ABC Financial Leasing Co., Ltd., which will cover the majority of the shipbuilding contract's price [2]. Group 3: Revenue Potential - A time charter employment has been secured with a major oil trader for the vessel, starting from its delivery for a firm duration of seven years, with an option to extend for four additional years [3]. - The total potential gross revenue backlog from this charter contract, including optional years, is estimated to be around $75 million [3]. Group 4: Company Overview - Rubico Inc. is a global provider of shipping transportation services, specializing in vessel ownership and operation [5]. - The company operates two modern, fuel-efficient Suezmax tankers and is incorporated in the Marshall Islands with executive offices in Athens, Greece [5].

ATHENS, Greece, Feb. 23, 2026 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it has entered into an agreement with an entity affiliated with the Company’s Chief Executive Officer, (“the Seller”), to acquire 100% of the issued and outstanding shares of nine Marshall Islands companies (the “SPVs”), counterparties to ship building contracts for nine very-high specification 47,499 dwt Medium Range (“MR” ...