ATHENS, Greece, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Rubico Inc. (the "Company" or "Rubico") (NASDAQ:RUBI), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it has closed the previously announced sale and leaseback financing agreements (the "SLBs" or "Financing Agreements") with a major Chinese financier for the refinancing of its two 157,000 dwt Suezmax tankers, the M/Ts Eco West Coast and Eco Malibu.

The gross proceeds before fees and related expenses but after repayment of previous debt and a 5-day short term related party bridge loan that facilitated the transaction amounted to about $10.4 million.

Kalliopi Ornithopoulou, the President, Chief Executive Officer and Director of the Company, said:

"The amount of cash released from the concluded deals is significantly in excess of our current market capitalization. Taking into account the new debt levels of our fleet following the refinancings, the leverage of the fleet remains at a very conservative level of about 50%."

Eco West Coast Refinancing

The SLB of M/T Eco West Coast is for an amount of $42.0 million. Pursuant to the SLB terms, we will bareboat charter back the vessel for a period of ten years at bareboat hire rates comprising of 120 consecutive monthly installments of $0.18 million along with a purchase obligation of $20.0 million at the expiry of the bareboat charter, bearing an interest rate of 3-month term SOFR plus a margin of 1.95% per annum. Under the SLB terms, we will have the option to buy back the vessel following the end of the first year at ...