Athens-based shipowner Rubico has announced its decision to exit the mega yacht sector by divesting its interest in a 60-metre vessel currently under construction. The firm said the move is intended to release capital for its core tanker business.
The vessel is scheduled for delivery in the second quarter of 2027, according to Rubico, and has a gross tonnage of 1,150 tonnes.
Based on independent market valuations for comparable newbuilds, the sale could generate estimated gross cash proceeds of €30 million ($34.2 million) to €35 million ($40 million).
Capital commitments of €26.5 million due before the scheduled delivery would also be eliminated through the divestment.
Although negotiations and definitive agreements are required, the company believes focusing resources on tankers represents the most effective use of its management assets.
Rubico cautioned that there is no assurance the divestment will be completed or that any proceeds will be redeployed into the tanker sector.
Kalliopi Ornithopoulou, the company's President, Chairwoman and Chief Executive Officer said, “We believe a divestment at current market levels would result in a meaningful equity release, multiple to the company’s current market cap, while at the same time eliminating a significant capital commitment.”
