What Rubico does

Rubico Inc. (Nasdaq: RUBI) is a publicly traded, Marshall Islands-incorporated shipping company headquartered in Paiania (Athens), Greece, that owns and operates an eco-conscious fleet of crude oil and product tanker vessels. The company was founded in September 2023, completed its spin-off from Top Ships Inc. in August 2025, and currently operates two modern 157,000 dwt Suezmax crude oil tankers (Eco Malibu, built 2021, and Eco West Coast) under multi-year time charters with Clearlake Shipping. Rubico is expanding its fleet by acquiring three newbuilding 47,499 dwt MR product/chemical tankers from Top Ships, all pre-chartered to Trafigura Maritime Logistics at $18,750/day for seven years with delivery scheduled for 2029, lifting total potential gross revenue backlog to approximately $379 million. Vessels feature fuel-efficiency technologies (energy-saving devices, electronic two-stroke engines, SOx scrubbers, Hyundai ISS, ballast water treatment) delivering up to 20% fuel savings and 30% emissions reductions versus prior-generation tonnage.

The company generates substantially all of its revenue from time charter hire rates under multi-year contracts with major oil traders and charterers (Clearlake Shipping and Trafigura Group), with $120.8 million of contracted backlog from extensions on the existing Suezmax fleet alone. Pricing is structured as daily hire rates ranging from $18,750 to $32,850 depending on vessel and counterparty, providing subscription-style recurring revenue. Third-party ship manager Central Shipping Inc. handles commercial and technical management, while newbuilding acquisitions are financed through Chinese shipyard relationships (Guangzhou Shipyard International, China Shipbuilding Trading) and ABC Financial Leasing lease facilities covering 85% of the shipbuilding price.

Rubico's go-to-market is enterprise field sales targeting major oil traders and oil majors for long-term time charter agreements, with no spot trading exposure disclosed. Capital is raised through underwritten public offerings on Nasdaq (three offerings totaling ~$16.5M in late 2025 and 2026) and previously through a $30M B. Riley equity facility (terminated July 2026 after $27.1M drawn). The company has executed three reverse stock splits in 2026 to maintain Nasdaq listing compliance amid significant share-price decline. Rubico has also decided to exit the megayacht sector and divest its newbuilding Sanlorenzo 1150Exp to refocus capital on its core tanker business.

Name

Rubico

Legal name

Rubico Inc.

Website

https://rubicoinc.com/

Company type

Public

Founded year

2023

Operating status

Operating

Headcount range

1–10 employees

Short description

Rubico Inc. is a Nasdaq-listed, Greece-headquartered shipping company that owns and operates eco-conscious crude oil and product tanker vessels under multi-year time charters with major oil traders including Clearlake Shipping and Trafigura.

Ownership category

akta.pro rank

Product category

Tanker Shipping / Crude Oil Transportation

NAICS

Marine Cargo Handling (488320)

SIC

Deep Sea Foreign Transportation Of Freight (4412)

akta.pro primary industry

Liquid Bulk / Crude & Product Tanker Operators (VLCC/Suezmax/Aframax/MR) (TLADABAD)

akta.pro secondary industries

Crude Oil Tanker Shipping (EUALADAG), Product Tanker Shipping (Clean/Dirty) (EUALADAH)

Keywords

• Crude oil shipping
• Tanker operations
• Vessel management
• Maritime transportation
• Suezmax tankers

Headquarters

HQ city

Paianía

HQ country

Greece

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Technology or R&D, Infrastructure, Supply Chain, Personnel, Others

Revenue model

1. Time Charter Revenue: Revenue generated from time charter agreements where Rubico provides vessel ownership and operational services to charterers. Charterers include major oil traders and shipping companies who pay daily hire rates for vessel employment over fixed periods. The company operates two Suezmax tankers under time charters generating positive cashflow until Q1 2031, with extensions at $32,850/day until Q1 2027 and $29,990/day thereafter for four years.
2. Contracted Revenue Backlog: Total contracted revenue from existing time charter agreements, including extensions. Following November 2025 extensions, total contracted revenue backlog stood at approximately $120.8 million across both operating vessels.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Rubico Inc. owns and operates an eco-conscious fleet of tanker vessels for crude oil and product/chemical transportation, deploying two operational 157,000 dwt Suezmax tankers (Eco Malibu and Eco West Coast) under multi-year time charter agreements to major oil traders including Clearlake Shipping and Trafigura. The company is expanding its fleet through acquisitions of newbuilding MR product/chemical tankers (47,499 dwt), with vessels featuring fuel-efficient engines, energy-saving devices, SOx scrubbers, and ballast water treatment systems achieving up to 20% fuel savings and 30% emissions reductions.

Product overview

Rubico Inc. is an eco-conscious international crude oil shipping company that owns and operates a fleet of tanker vessels. The company's portfolio consists of two operating Suezmax crude oil tankers (Eco Malibu and Eco West Coast), one newbuilding MR product/chemical tanker (Hull 25110062), and one newbuilding megayacht (Sanlorenzo 1150Exp). The vessels feature eco-friendly technologies including fuel-efficient engines, energy saving devices, and SOx scrubbers that achieve up to 20% fuel savings and 30% emissions reductions compared to previous generation tankers. Fleet operations are managed by third-party ship management company Central Shipping Inc., and vessels are chartered to major oil traders including Clearlake and Trafigura.

Differentiator

Problem solved

Functional benefit

Products and services

• Eco Malibu A 157,286 DWT Suezmax crude oil tanker built in 2021, featuring eco-friendly technologies for enhanced fuel efficiency and reduced emissions. Operates under time charter with Clearlake Shipping at daily rates of $32,850 until Q1 2027, then $29,990 until Q1 2031.
• Eco West Coast A Suezmax crude oil tanker with eco-conscious design features, operating under time charter with firm duration until Q4 2026.
• Hull 25110062 A 47,499 DWT newbuilding MR product/chemical oil tanker scheduled for delivery in Q2 2029, built by Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. Chartered to Trafigura Maritime Logistics Pte. Ltd. for 7 years at $18,750/day with optional 4-year extension periods, representing approximately $75.4 million in potential gross revenue.
• Time Charter Services Long-term time charter vessel employment services providing crude oil and product/chemical transportation to major oil traders and oil majors under multi-year contracts with daily hire rates.

Quantifiable outcome

• Up to 20% fuel savings compared to previous generation tankers
• +4 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature11 records

Partnerships

Six partnerships are on record, tiered core.

• Central Shipping Inc. (CSI)coreImplementation/ SI/ Consulting PartnerThird-party ship management company providing commercial and technical management for all vessels, including newbuilding supervision. CSI is an independent private entity serving tankers, dry bulk carriers, and containers, working with all oil majors and major oil traders.
• Top Ships Inc.coreStrategic or Co-development PartnerRelated party and former parent company. Multiple acquisition transactions including MR tanker newbuildings and megayacht. Rubico acquired vessel-owning SPVs from Top Ships at prices ranging from $4.2 million to $38.0 million. Transactions approved by special independent committees.
• Guangzhou Shipyard International Company LimitedcoreOthersShipyard constructing MR product/chemical tanker newbuildings (47,499 dwt) scheduled for delivery in Q2 2029, with lease financing arranged through Chinese lessors covering 85% of shipbuilding price.
• China Shipbuilding Trading Co., Ltd.coreOthersJoint partner with Guangzhou Shipyard for construction of 47,499 dwt MR tanker newbuildings scheduled for Q2 2029 delivery.
• Trafigura Maritime Logistics Pte. Ltd.coreChannel Partner/ Reseller/ DistributorMajor oil trader and charterer with 7-year time charter at $18,750/day for newbuilding MR tanker Hull 25110062, representing approximately $75.4 million in potential gross revenue. Trafigura is one of the world's leading commodity trading companies with revenue over $170 billion.
• Clearlake ShippingcoreChannel Partner/ Reseller/ DistributorMajor charterer of Rubico's Eco Malibu Suezmax tanker at $32,850/day until Q1 2027. Clearlake is one of the largest charterers of tanker vessels globally, operating a fleet of about 120 bulk carriers and shipping approximately 12 million MT of dry bulk cargo annually.

Scale indicators20 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Euronav NV: Pure-play crude oil tanker operator with a large Suezmax/VLCC fleet. Most directly comparable to Rubico on vessel class mix (Suezmax exposure), time-charter business model, and customer base of major oil traders.
• Frontline plc: Large publicly listed Suezmax/VLCC operator. Directly comparable to Rubico on crude-tanker focus, modern eco fleet positioning, and time-charter revenue model targeting oil majors and traders.
• DHT Holdings, Inc. Pure-play VLCC operator publicly listed in New York. Comparable to Rubico on crude-tanker ownership model and time-charter exposure to oil majors and commodity traders.
• International Seaways, Inc. Tanker owner/operator with VLCC, Suezmax and Aframax vessels. Directly comparable to Rubico on crude-tanker mix, public-company structure, and exposure to major oil-trader charterers.
• Teekay Tankers Ltd. Suezmax/Aframax crude-tanker operator. Comparable to Rubico on vessel class, time-charter revenue model, and small publicly listed pure-play tanker profile.
• Scorpio Tankers Inc. Product/crude tanker operator with significant MR exposure. Closely comparable to Rubico as the company expands into MR product/chemical tankers with Trafigura charters.
• Torm plc: Pure-play product-tanker operator with a large MR fleet. Comparable to Rubico's MR expansion and time-charter-driven revenue model serving oil traders.

Emerging players

• Ardmore Shipping Corporation: Smaller publicly listed product-tanker owner focused on MR/chemical tankers. Comparable to Rubico's emerging MR product/chemical tanker segment with Trafigura exposure.

Broad incumbents

• Capital Product Partners L.P. Diversified shipping partnership with tanker and container exposure. Comparable to Rubico on publicly listed tanker ownership and time-chartered revenue, but with broader asset diversification.
• Star Bulk Carriers Corp. Large dry-bulk owner-operator with some tanker exposure. Compares as a publicly listed shipping peer with similar scale and time-charter employment model, though focused on dry bulk.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rubico