Rubico (RUBI) Registration Filing summary

Company overview and business model

• Operates as an international owner and operator of two modern, eco Suezmax tankers focused on crude oil transport, with plans for opportunistic fleet expansion and sector diversification.

• Incorporated in the Marshall Islands, with principal offices in Greece; fleet managed by a related party, Central Shipping Inc.

• Vessels are employed on time charters with Clearlake Shipping Pte Ltd, providing stable revenue.

• Management agreements with the fleet manager include technical, commercial, and operational services, with fees adjusted annually for inflation.

• Committed to ESG practices, including fuel efficiency, emissions compliance, and diversity policies.

Financial performance and metrics

• Revenues for 2024 were $24.2 million, with net income of $5.9 million and EBITDA of $16.6 million.

• Operating cash flow for 2024 was $10.5 million; cash and equivalents at year-end were $2.2 million.

• Total debt as of December 31, 2024, was $77.4 million; leverage ratio covenant set at 85%.

• Fleet utilization remained at 100% for 2022–2024, with TCE rates around $32,400–$33,200 per day.

• General and administrative expenses increased in 2024 due to higher bonuses; interest and finance costs rose due to refinancing and higher debt.

Use of proceeds and capital allocation

• May receive up to $30 million in gross proceeds from the committed equity facility, with net proceeds estimated at $29.5 million after fees.

• Proceeds will be used for general corporate purposes, including working capital, debt repayment, and fleet expansion; no specific acquisitions identified at this time.