Greek shipowner Rubico has entered into a share purchase agreement to acquire a company holding a shipbuilding contract for a new chemical and product oil carrier. The vessel will be constructed by Guangzhou Shipyard International and China Shipbuilding Trading.
The 47,499 DWT vessel is scheduled for delivery in the third quarter of 2029. Rubico will purchase the shares of the special purpose vehicle from Top Ships for approximately $6.25 million, with the transaction expected by the company to close by September 30, 2026.
The acquired company has secured a seven-year time charter contract for the vessel with a major oil trader, which includes an option to extend the charter for four additional years. This employment agreement is estimated to generate a total potential gross revenue backlog of about $75.4 million, including the optional years.
To fund the construction, the acquired company has entered into a sale and leaseback agreement with a Chinese leasing firm to finance 85 per cent of the installment payments. The total shipbuilding contract price is $45.2 million, of which $6.8 million has already been paid.
Kalliopi Ornithopoulou, President, Chairwoman and Chief Executive Officer of Rubico stated that the transaction increases the total potential gross revenue backlog from the company's two newbuilding tankers to approximately $151 million.
Including contracted time charters for the operating fleet, the total potential gross revenue backlog rises to approximately $304.6 million.
