ATHENS, Greece, Nov. 12, 2026 (GLOBE NEWSWIRE) — Rubico Inc. (Nasdaq: RUBI) (the “Company” or “Rubico”), a global provider of shipping transportation services specializing in the ownership of vessels, announced today its financial results for the third quarter and nine months ended September 30, 2026. For the third quarter of 2026, the Company reported net income of $1.4 million, revenues of $5.4 million, EBITDA of $3.3 million and net cash provided by operating activities of $1.4 million, compared with net income of $0.5 million, revenues of $5.7 million, EBITDA of $2.9 million and net cash provided by operating activities of $0.6 million for the third quarter of 2025. For the nine months ended September 30, 2026, the Company reported net income of $0.3 million, revenues of $15.1 million, EBITDA of $6.3 million and net cash provided by operating activities of $5.5 million, compared with net income of $4.5 million, revenues of $17.7 million, EBITDA of $11.7 million and net cash provided by operating activities of $7.3 million for the nine months ended September 30, 2025. Furthermore, as of September 30, 2026, the Company had cash and cash equivalents (including restricted cash) of $3.7 million, total assets of $159.3 million and total Stockholders’ equity of $46.8 million. The condensed consolidated financial information set out in this press release is unaudited and has been prepared in accordance with accounting principles generally accepted in the United States.
Kalliopi Ornithopoulou, the Company’s President, Chairwoman & Chief Executive Officer, stated:
“The third quarter of 2026 was the first quarter this year in which both of our Suezmax tankers were in full operation, following the completion of their scheduled drydockings during the first and second quarters. With both vessels back in service under their time charters, we generated revenues of $5.4 million and net income of $1.4 million for the quarter, compared with revenues of $5.7 million and net income of $0.5 million in the third quarter of 2025. Our fleet utilization for the quarter was 98.8%. Our results for the nine months ended September 30, 2026 reflect these drydockings, which had an estimated aggregate impact of $4.7 million on our net income, comprising $2.7 million of drydocking costs, $1.5 million of revenue forgone as a result of the off-hire days incurred during the drydocking periods and $0.5 million of bunker costs incurred during these off-hire days.
“We also continued to expand our newbuilding program. On September 30, 2026, we completed the acquisition from TOP Ships Inc. (“TOPS”), a related party, of the shipowning company of our third high-specification 47,499 dwt MR newbuilding tanker, which is scheduled for delivery in the second quarter of 2029 and will be employed upon delivery under a time charter with a major oil trader for a firm duration of seven years, with charterer’s option to extend for four additional years.
“In addition, on November 9, 2026, we entered into a share purchase agreement with TOPS to acquire two shipowning companies, each owning a high-specification 47,499 dwt MR newbuilding tanker, scheduled for delivery in the fourth quarter of 2028 and the fourth quarter of 2029, respectively, which, upon completion, will bring our MR newbuilding program to five vessels. Both vessels will be employed upon delivery under time charters with a major oil trader for a firm duration of seven years, with charterer’s option to extend for four additional years, and are expected to add approximately $150.9 million to our potential gross revenue backlog, including available charterer extension optional periods, bringing our total potential gross revenue backlog to $523.1 million, again including charterer extension optional periods. Together with the intended divestiture of our newbuilding megayacht, which we announced in July 2026, these steps reflect our focus on building a modern, fuel-efficient tanker fleet with long-term contracted employment.”
Highlights
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| (in million USD) | Q3 2025 | Q3 2026 | 9M 2025 | 9M 2026 |
| Revenues | 5.7 | 5.4 | 17.7 | 15.1 |
| Net income | 0.5 | 1.4 | 4.5 | 0.3 |
| EBITDA (1) | 2.9 | 3.3 | 11.7 | 6.3 |
| Net cash provided by operating activities | 0.6 | 1.4 | 7.3 | 5.5 |
Fleet Data
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| (in U.S. Dollars, except days and percentages) | Q3 2025 | Q3 2026 | 9M 2025 | 9M 2026 |
| Calendar days | 184 | 184 | 546 | 546 |
| Available days | 184 | 184 | 546 | 499 |
| Operating days | 174 | 182 | 536 | 497 |
| Fleet utilization | 94.4% | 98.8% | 98.1% | 99.5% |
| TCE rate (per day) | 31,718 | 28,533 | 32,174 | 28,491 |
| Daily vessel operating expenses | 10,364 | 7,424 | 7,800 | 6,575 |
Reconciliation of revenues to time charter equivalent revenues
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| (U.S. Dollars in thousands, except operating days and TCE rate in U.S. Dollars) | Q3 2025 | Q3 2026 | 9M 2025 | 9M 2026 |
| Revenues | 5,745 | 5,409 | 17,715 | 15,083 |
| Less: Voyage expenses | (226) | (216) | (470) | (923) |
| Time charter equivalent revenues | 5,519 | 5,193 | 17,245 | 14,160 |
| Operating days | 174 | 182 | 536 | 497 |
| TCE rate | 31,718 | 28,533 | 32,174 | 28,491 |
Net Income to EBITDA Reconciliation
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| (In thousands of U.S. Dollars) | Q3 2025 | Q3 2026 | 9M 2025 | 9M 2026 |
| Net income | 475 | 1,419 | 4,451 | 327 |
| Add: Vessel depreciation | 1,046 | 1,045 | 3,135 | 3,134 |
| Add: Interest and finance costs | 1,364 | 819 | 4,132 | 2,978 |
| Less: Interest income | (2) | (2) | (2) | (134) |
| EBITDA(1) | 2,883 | 3,281 | 11,716 | 6,305 |
| (1) | EBITDA represents net income before interest income and expense, income taxes, depreciation and amortization, which is not a measure prepared in accordance with U.S. GAAP (i.e., a “Non-U.S. GAAP” measure). We believe that EBITDA assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. EBITDA is also used: (i) by prospective and current customers as well as potential lenders to evaluate potential transactions; and (ii) to evaluate and price potential acquisition candidates. Management also uses this Non-U.S. GAAP measure in making financial, operating and planning decisions and in evaluating the Company’s performance. Our EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation. EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA does not reflect changes in, or cash requirements for, working capital needs; and (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA should not be considered as a principal indicator of our performance. See above for a reconciliation of EBITDA to Net Income, the most directly comparable U.S. GAAP measure. | |
Calendar days. We define calendar days as the total number of days the vessels were in our possession for the relevant period. Calendar days are an indicator of the size of our fleet during the relevant period and affect both the amount of revenues and expenses that we record during that period.
Available days. We define available days as the number of calendar days less the aggregate number of days that our vessels are off-hire due to scheduled repairs, or scheduled guarantee inspections in the case of new buildings, vessel upgrades or special or intermediate surveys and the aggregate amount of time that we spend positioning our vessels. Companies in the shipping industry generally use available days to measure the number of days in a period during which vessels should be capable of generating revenues. Our calculation of Available Days may not be comparable to that reported by other companies due to differences in methods of calculation.
Operating days. We define operating days as the number of available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen technical circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period that our vessels actually generate revenues. Our calculation of Operating Days may not be comparable to that reported by other companies due to differences in methods of calculation.
Fleet utilization. We calculate fleet utilization by dividing the number of operating days during a period by the number of available days during that period. The shipping industry uses fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels and minimizing the number of days that its vessels are off-hire for reasons other than scheduled repairs or scheduled guarantee inspections in the case of new buildings, vessel upgrades, special or intermediate surveys and vessel positioning. We believe monitoring Fleet utilization assists management in making decisions regarding areas where we may be able to improve efficiency and increase revenue and as such provides useful information to investors regarding the efficiency of our operations.
TCE Revenues / TCE Rates. We define TCE or time charter equivalent revenues as revenues minus voyage expenses. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by a charterer under a time charter, as well as commissions. We believe that presenting revenues net of voyage expenses neutralizes the variability created by unique costs associated with particular voyages or the deployment of vessels on the spot market and facilitates comparisons between periods on a consistent basis. We calculate daily TCE rates by dividing TCE revenues by operating days for the relevant time period. Our calculation of TCE may not be comparable to that reported by other companies due to differences in methods of calculation.
TCE revenues and TCE rate, which are standard shipping industry performance metrics, provide additional supplemental information in conjunction with shipping revenues, the most directly comparable U.S. GAAP measure. We use TCE rates and TCE revenues to compare period-to-period changes in our performance and assist investors and our management in evaluating our financial performance.
Daily vessel operating expenses. We define vessel operating expenses to include crew wages and related costs, spares and consumable stores, insurance, maintenance and repairs and registration, taxes and other related expenses. Daily vessel operating expenses are calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.
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| Rubico Inc. Unaudited Condensed Consolidated Balance Sheets (In thousands of U.S. Dollars) |
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| December 31, 2025 | September 30, 2026 | |
| ASSETS | ||
| Cash and cash equivalents and restricted cash | 4,864 | 3,696 |
| Vessels, net | 106,189 | 103,055 |
| Advances for vessels under construction and asset acquisitions | 19,500 | 51,426 |
| Other assets | 3,516 | 1,094 |
| TOTAL ASSETS | 134,069 | 159,271 |
| LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | ||
| Long-term debt and current portion, net of deferred finance costs | 82,282 | 95,913 |
| Other liabilities | 5,989 | 11,688 |
| Mezzanine equity | – | 4,871 |
| Stockholders’ equity | 45,798 | 46,799 |
| TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | 134,069 | 159,271 |
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| Rubico Inc. Unaudited Condensed Consolidated Statements of Comprehensive Income (In thousands of U.S. Dollars, except share and per share data) |
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| Nine months ended September 30, 2025 | Nine months ended September 30, 2026 | |
| Revenues | 17,715 | 15,083 |
| Expenses: | ||
| Voyage expenses | (470) | (923) |
| Vessel operating expenses | (4,259) | (3,590) |
| Drydocking costs | – | (2,738) |
| Vessel depreciation | (3,135) | (3,134) |
| Management fees – related parties | (475) | (636) |
| General and administrative expenses | (795) | (891) |
| Operating income | 8,581 | 3,171 |
| Other income / (expenses): | ||
| Interest and finance costs | (4,132) | (2,978) |
| Interest income | 2 | 134 |
| Total other expenses, net | (4,130) | (2,844) |
| Net income | 4,451 | 327 |
| Less: Deemed dividend equivalents on Series G Shares related to redemption value | – | (635) |
| Less: Dividends of Series G Shares | – | (183) |
| Less: Deemed dividend on warrant inducement | – | (26) |
| Net income / (loss) attributable to common shareholders | 4,451 | (517) |
| COMPREHENSIVE INCOME | ||
| Net income | 4,451 | 327 |
| Change in foreign currency translation adjustments | – | (307) |
| Total comprehensive income | 4,451 | 20 |
| Earnings / (loss) per common share, basic and diluted | 1,420,797.67 | (13.76) |
| Weighted average number of common shares outstanding, basic and diluted | 3.13 | 37,564.25 |
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| Rubico Inc. Unaudited Condensed Consolidated Statements of Comprehensive Income (In thousands of U.S. Dollars, except share and per share data) |
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| Three months ended September 30, 2025 | Three months ended September 30, 2026 | |
| Revenues | 5,745 | 5,409 |
| Expenses: | ||
| Voyage expenses | (226) | (216) |
| Vessel operating expenses | (1,907) | (1,366) |
| Drydocking costs | – | (105) |
| Vessel depreciation | (1,046) | (1,045) |
| Management fees – related parties | (187) | (213) |
| General and administrative expenses | (542) | (228) |
| Operating income | 1,837 | 2,236 |
| Other income / (expenses): | ||
| Interest and finance costs | (1,364) | (819) |
| Interest income | 2 | 2 |
| Total other expenses, net | (1,362) | (817) |
| Net income | 475 | 1,419 |
| Net income attributable to common shareholders | 475 | 1,419 |
| COMPREHENSIVE INCOME | ||
| Net income | 475 | 1,419 |
| Change in foreign currency translation adjustments | – | (142) |
| Total comprehensive income | 475 | 1,277 |
| Earnings per common share, basic | 150,419.94 | 14.30 |
| Earnings per common share, diluted | 150,419.94 | 6.02 |
| Weighted average number of common shares outstanding, basic | 3.16 | 99,219.18 |
| Weighted average number of common shares outstanding, diluted | 3.16 | 235,598.55 |
Share and per share data for all periods presented have been retroactively adjusted to reflect the stock dividend of 0.5 common shares per common share distributed on October 6, 2026 and the 1-for-25 reverse stock split of the Company’s common shares effected on October 30, 2026.
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| Rubico Inc. Unaudited Condensed Consolidated Statements of Cash Flows (In thousands of U.S. Dollars) |
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| Nine months ended September 30, 2025 | Nine months ended September 30, 2026 | |
| Net cash provided by operating activities | 7,259 | 5,538 |
| Cash flows used in investing activities: | ||
| Advances for vessels under construction and capitalized expenses | – | (18,648) |
| Payments for net assets of shipowning companies acquired under common control | – | (2,609) |
| Net cash used in investing activities | – | (21,257) |
| Cash flows from financing activities: | ||
| Net payments to Former Parent company | (4,999) | – |
| Proceeds from debt | – | 5,763 |
| Principal payments of debt | (3,300) | (3,375) |
| Payment of financing costs | – | (110) |
| Proceeds from issuance of common stock | 1,500 | 37,838 |
| Equity offering issuance costs | (272) | (2,116) |
| Dividends of Series G Preferred Shares | – | (183) |
| Consideration paid in excess of purchase price over book value of vessels | – | (23,266) |
| Net cash (used in)/provided by financing activities | (7,071) | 14,551 |
| Net increase / (decrease) in cash, cash equivalents and restricted cash | 188 | (1,168) |
| Cash, cash equivalents and restricted cash at beginning of period | 2,161 | 4,864 |
| Cash, cash equivalents and restricted cash at end of period | 2,349 | 3,696 |
| Cash breakdown: | ||
| Cash and cash equivalents | 1,349 | 2,796 |
| Restricted cash, non-current | 1,000 | 900 |
| Supplemental cash flow information: | ||
| Interest paid, net of capitalized interest | 3,959 | 2,809 |
| Capital expenditures included in Accounts payable / Accrued liabilities / Due to related parties | – | 513 |
| Financing fees included in Accounts payable / Accrued liabilities / Due to related parties | – | 7 |
| Equity issuance costs included in liabilities | 577 | 340 |
| Settlement of excess consideration over acquired assets with issuance of Series G Shares | – | 4,236 |
| Excess consideration over acquired assets included in Due to related parties | – | 5,370 |
| Rubico Inc. Unaudited Condensed Consolidated Statements of Cash Flows (In thousands of U.S. Dollars) |
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| Three months ended September 30, 2025 | Three months ended September 30, 2026 | |
| Net cash provided by operating activities | 645 | 1,449 |
| Cash flows used in investing activities: | ||
| Advances for vessels under construction and capitalized expenses | – | (5,944) |
| Payments for net assets of shipowning companies acquired under common control | – | (2,609) |
| Net cash used in investing activities | – | (8,553) |
| Cash flows from financing activities: | ||
| Net receipts from Former Parent company | 55 | – |
| Proceeds from debt | – | – |
| Principal payments of debt | (1,100) | (1,125) |
| Payment of financing costs | – | (2) |
| Proceeds from issuance of common stock | 1,500 | 5,338 |
| Equity offering issuance costs | (272) | (200) |
| Dividends of Series G Preferred Shares | – | – |
| Consideration paid in excess of purchase price over book value of vessels | – | (4,771) |
| Net cash provided by / (used in) financing activities | 183 | (760) |
| Net increase / (decrease) in cash, cash equivalents and restricted cash | 828 | (7,864) |
| Cash, cash equivalents and restricted cash at beginning of period | 1,521 | 11,560 |
| Cash, cash equivalents and restricted cash at end of period | 2,349 | 3,696 |
| Cash breakdown: | ||
| Cash and cash equivalents | 1,349 | 2,796 |
| Restricted cash, non-current | 1,000 | 900 |
| Supplemental cash flow information: | ||
| Interest paid, net of capitalized interest | 1,308 | 720 |
| Capital expenditures included in Accounts payable / Accrued liabilities / Due to related parties | – | 513 |
| Financing fees included in Accounts payable / Accrued liabilities / Due to related parties | – | 7 |
| Equity issuance costs included in liabilities | 577 | 340 |
| Excess consideration over acquired assets included in Due to related parties | – | 5,370 |
About the Company
Rubico Inc. is a global provider of shipping transportation services specializing in the ownership of vessels. The Company is an international owner and operator of two modern, fuel-efficient, eco 157,000 dwt Suezmax tankers. Furthermore, the Company owns three 47,499 dwt MR newbuilding tankers scheduled for delivery in the second, third and fourth quarters of 2029 and a 60-meter newbuilding megayacht scheduled for delivery in the second quarter of 2027, which the Company intends to divest. In addition, the Company has entered into a share purchase agreement to acquire two shipowning companies, each owning a high-specification 47,499 dwt MR newbuilding tanker, scheduled for delivery in the fourth quarter of 2028 and the fourth quarter of 2029, respectively, with closing expected to occur by March 31, 2027.
The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Athens, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “RUBI”.
Please visit the Company’s website at: https://rubicoinc.com/
For further information please contact:
Nikolaos Papastratis
Chief Financial Officer
Rubico Inc.
Tel: +30 210 812 8107
Email: npapastratis@rubicoinc.com
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including statements regarding the expected delivery of our newbuilding vessels, the expected closing of the share purchase agreement described herein, potential gross revenue backlog and the declaration of optional periods under the related time charters, our intention to divest our newbuilding megayacht and our expectations regarding the positioning of our fleet and our future operating performance.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Please see the Company’s filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.
