Rubico (RUBI) Q4 2025 earnings summary

Executive summary

• Two Suezmax tankers, Eco Malibu and Eco West Coast, are operated under 10-year bareboat charters with purchase obligations at the end of the term.

• Both vessels are owned by Liberian entities and chartered by Marshall Islands subsidiaries, with Rubico Inc. as guarantor.

• The charters are part of sale and leaseback transactions, with detailed provisions for delivery, redelivery, and purchase options.

Charter period and structure

• Each charter period is 120 months (10 years) from delivery, with the charterers obligated to purchase the vessels at the end of the term.

• Charterers pay monthly hire in arrears, consisting of fixed and variable elements, with the variable portion linked to SOFR plus a margin.

• Early termination, voluntary prepayment, and purchase options are available under specific conditions, with defined fees and procedures.

Financial covenants and guarantees

• Rubico Inc. guarantees all payment and performance obligations of the charterers under the bareboat charters.

• Financial covenants require a leverage ratio not exceeding 85% and minimum liquidity of $400,000 or $500,000, depending on the vessel.

• Compliance certificates must be provided semi-annually, confirming adherence to covenants.