Rubico (RUBI) Registration Filing summary

Company overview and business model

• Operates as an international owner and operator of two modern, fuel-efficient Suezmax tankers focused on crude oil transportation, with plans to expand into other seaborne transportation sectors as opportunities arise.

• Incorporated in the Marshall Islands, with principal executive offices in Athens, Greece; the company was spun off from its parent, Top Ships Inc., in 2025.

• Both vessels are on time charters with Clearlake Shipping Pte Ltd, providing stable revenue streams; the company’s strategy includes opportunistic, sector-agnostic vessel acquisitions and a focus on ESG practices.

Financial performance and metrics

• Revenues were $24.2 million in 2024, with net income of $5.9 million, reflecting stable operations and high fleet utilization (100%).

• EBITDA for 2024 was $16.6 million, with daily TCE rates of $32,391 and daily vessel operating expenses of $6,359.

• As of December 31, 2024, total debt was $77.4 million, and cash and cash equivalents were $2.2 million; the company had a working capital deficit of $5.6 million.

• No contractual commitments for new vessel acquisitions as of the filing date; cash flow from operations in 2024 was $10.5 million.

Use of proceeds and capital allocation

• May receive up to $30 million in gross proceeds from the equity facility with B. Riley Principal Capital II, LLC, with estimated net proceeds of $29.5 million after fees and expenses.

• Proceeds are intended for general corporate purposes, including working capital, debt repayment, and fleet expansion, with management retaining broad discretion over allocation.