Rubico (RUBI) Registration Filing summary

Company overview and business model

• Operates as an international owner and operator of two modern, fuel-efficient 157,000 dwt Suezmax tankers focused on crude oil transport, with both vessels on long-term time charters to Clearlake Shipping Pte Ltd.

• Incorporated in the Marshall Islands in August 2022 as a holding company for vessel-owning subsidiaries spun off from Top Ships Inc.

• Seeks to expand into other seaborne transportation sectors, including further Suezmax tankers and potential diversification into related sectors, depending on market opportunities.

• Fleet management and day-to-day operations are outsourced to Central Shipping Inc., a related party affiliated with the significant shareholder's family.

Financial performance and metrics

• Reported revenues of $24.2 million, $24.5 million, and $24.8 million for 2024, 2023, and 2022, respectively, with net income of $5.9 million, $6.6 million, and $10.7 million for those years.

• EBITDA for 2024, 2023, and 2022 was $16.6 million, $16.9 million, and $18.5 million, respectively.

• As of December 31, 2024, had total assets of $113.4 million, total debt of $75.8 million, and cash and cash equivalents of $1.2 million.

• Fleet utilization was 100% for each of the last three years, with average daily TCE rates of $32,391 in 2024.

• General and administrative expenses increased in 2024 due to higher bonuses allocated from the Parent.

Use of proceeds and capital allocation

• The company will not receive any proceeds from the sale of shares by the selling shareholders; all proceeds go to the selling shareholders.

• Net proceeds from the prior private placement were used for general corporate purposes and to strengthen liquidity.

• Capital allocation focuses on maintaining a high-quality fleet, refinancing debt, and potential vessel acquisitions.