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Rubico (RUBI) investor relations material
Rubico Registration Filing summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Company overview and business model
Operates as an international owner and operator of two modern, fuel-efficient Suezmax tankers focused on crude oil transportation.
Incorporated in the Marshall Islands in 2022 as a spin-off from a larger parent, with vessels contributed by the parent company.
All vessels are managed by a related party, Central Shipping Inc., under long-term management agreements.
Plans to expand fleet opportunistically into other seaborne transportation sectors, including recreational transportation, based on market conditions.
Both vessels are on long-term time charters with Clearlake Shipping Pte Ltd, providing predictable revenue.
Financial performance and metrics
Revenues for 2022, 2023, and 2024 were $24.8M, $24.5M, and $24.2M, respectively, with net income of $10.7M, $6.6M, and $5.9M.
EBITDA for 2022, 2023, and 2024 was $18.5M, $16.9M, and $16.6M, respectively.
As of June 30, 2025, cash and cash equivalents were $1.5M, with total indebtedness of $75.2M.
Operating cash flow for the six months ended June 30, 2025, was $6.6M.
Fleet utilization was 100% for 2022–2024, with average daily TCE rates of $33,254, $32,836, and $32,391.
Use of proceeds and capital allocation
Net proceeds of approximately $5.1M (or $5.9M if over-allotment is exercised) are intended to fund a potential acquisition of a newbuilding mega yacht or, if not consummated, for general corporate purposes including working capital, debt repayment, and fleet expansion.
Management retains significant flexibility in allocating proceeds, with no specific vessels identified for acquisition beyond the newbuilding yacht.
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