As filed with the U.S. Securities and Exchange Commission on December 31, 2025. Registration No. 333-292077 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 Id ...

Core Insights - SFL Corporation Ltd. has agreed to sell two 2015-built Suezmax tankers to a subsidiary of Koch Industries for approximately $57 million each, with net proceeds estimated at $26 million per vessel after debt repayment and termination fees [1][2] - The transaction is expected to yield an aggregate book gain of approximately $23 million, which will be allocated between the two vessels [2] - The company will also terminate charters for two 2020-built Suezmax tankers with Koch, incurring a termination fee as per a pre-agreed profit-sharing arrangement [3] - The retained vessels are eco-designed and equipped with scrubbers, initially employed in the spot market, with potential for longer-term employment [3] - The CEO highlighted the transaction as a demonstration of the fleet's embedded value, allowing for significant profit realization from older vessels while benefiting from solid cash flows [4] - A portion of the proceeds from the sale will be reinvested in younger, more fuel-efficient vessels to capitalize on the current strong charter market [4] Company Overview - SFL Corporation has a diverse fleet including tankers, bulkers, container vessels, car carriers, and offshore drilling rigs, and has paid dividends quarterly since its NYSE listing in 2004 [5] - The company's long-term distribution capacity is supported by a portfolio of long-term charters and significant growth in its asset base over time [5]

Core Points - Nordic American Tankers Ltd. (NAT) has entered into firm agreements to sell two suezmax tankers for a total net price of $50 million, which will enhance the company's cash position [1] - The vessels are expected to be delivered to the buyers in January 2026, and the sale is anticipated to generate a book profit of approximately $14 million [1] - The company has also entered into a preliminary agreement for the construction of two newbuildings at a South Korean shipyard, with a firm agreement expected to be signed in January 2026 [2] Financial Summary - The sale of the two tankers will improve NAT's cash position by $50 million [1] - The expected book profit from the sale is around $14 million [1] Future Prospects - The company expresses optimism regarding its future prospects following the agreements for both the sale of tankers and the construction of new vessels [2]

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]

Core Viewpoint - Nordic American Tankers Limited (NAT) reported disappointing Q3 earnings, missing both EPS and revenue estimates, while maintaining a dividend to support investor confidence and planning fleet expansion through new tanker construction [2][3][5]. Financial Performance - NAT reported an earnings per share (EPS) of -$0.01, missing the estimated EPS of $0.10 [2][6] - Revenue was approximately $45.7 million, falling short of the expected $70.3 million [2][6] - The company's return on equity stands at 2.67%, with a net margin of 7.58% [4] Stock Market Reaction - Following the earnings announcement, NAT's stock price declined by 3.6%, reaching a low of $3.62 [4] - The trading volume was 1.6 million shares, a 37% decrease from the average session volume of 2.5 million shares [4] Dividend Declaration - NAT declared a quarterly cash dividend of $0.13 per common share, payable on December 22, aiming to retain investor confidence [3][6] - This dividend represents an increase from previous payouts [3] Strategic Developments - NAT entered into a letter of intent with a Korean shipyard for the construction of two Suezmax tankers, each priced at $86 million [5][6] - This move indicates the company's commitment to expanding its fleet and enhancing operational capabilities [5][6]

Core Viewpoint - The company is experiencing positive momentum, focusing on crew and ship safety, as well as maintaining dividends, while the reduction of the grey/black fleet enhances its market position [1] Financial Performance - The dividend for Q3 2025 is set at $0.13 per share, marking the 113th consecutive quarterly cash dividend, payable on December 22, 2025, to shareholders on record as of December 8, 2025 [2] - The average time charter equivalent (TCE) for the fleet in Q3 2025 was $27,490 per day per ship, with operating costs at $9,000 per day per ship [2] - The adjusted EBITDA for Q3 2025 was $21.4 million, while a net book loss of -$2.8 million was recorded [2] - The company's cash position exceeds $70 million as of the report date [2] Market and Operational Insights - Strong demand for oil persists, with rates holding steady during a slow Q3 compared to Q2, and the fourth quarter is starting positively, allowing for cash accumulation [2] - A preliminary agreement has been made with a South Korean shipyard to construct two new Suezmax tankers for delivery in the second half of 2028, with a firm contract expected to be signed in early 2026 [2] - The fleet currently consists of 20 well-maintained Suezmax tankers [2] - The high quality of the vessels is demonstrated through favorable vetting performance by major oil companies [2] - Emissions have been reduced through careful voyage planning and speed adjustments of the ships [2]

Core Viewpoint - Performance Shipping Inc. has secured long-term time charter contracts with Repsol Trading S.A for two newly acquired Suezmax tankers, enhancing revenue visibility and operational reliability [1][2][3]. Group 1: Charter Contracts - The company has entered into three-year time charter contracts for the M/T P. Bel Air and M/T P. Beverly Hills at a gross rate of US$36,500 per day per vessel, generating approximately US$78 million in gross revenue over the minimum firm period [2][4]. - The charter contracts will commence upon delivery of the vessels, which are scheduled for early 2026 [1][2]. Group 2: Financial Impact - The secured revenues from these charters will cover more than half of the vessels' acquisition cost, increasing the company's total fleetwide revenue to approximately US$335 million and charter coverage to 70% for 2026 and 57% for 2027 [4]. - This employment enhances the company's fleetwide contracted revenue backlog and earnings visibility [2][4]. Group 3: Operational Insights - The CEO highlighted that the modern, fuel-efficient, and environmentally friendly characteristics of the scrubber-fitted vessels contributed to securing long-term employment at attractive terms [3]. - The agreement with Repsol marks the company's first business engagement with a major energy company, expanding its network of reputable charterers [3].

Core Points - The company has agreed to a letter of intent (LOI) for the construction of two Suezmax tankers at a South Korean shipyard, with deliveries planned for the second half of 2028 [1] - The price for each tanker is set at USD 86 million, and the final contract is expected to be signed in early 2026 [1] Company Overview - The announcement was made by Herbjorn Hansson, the Founder, Chairman, and CEO of Nordic American Tankers Ltd [3] - The company aims to leverage the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 in its communications [4]