Athens, November 13, 2025 — Rubico Inc., a vessel-owning company specialising in modern, fuel-efficient Suezmax tankers, has successfully completed the refinancing of two of its vessels through sale-and-leaseback agreements, strengthening its balance sheet and securing long-term financial stability.
The refinancing covers the M/T Eco West Coast and M/T Eco Malibu, each valued at approximately US$42 million. Following repayment of existing loans and a short-term bridge facility, Rubico reported that the transactions released around US$10.4 million in net proceeds, enhancing its overall liquidity position.
Under the new arrangements, both vessels have entered into 10-year bareboat charters, with monthly installments of roughly US$0.18 million for the Eco West Coast and US$0.19 million for the Eco Malibu. Each charter includes a purchase obligation at the end of the term — US$20 million and US$19 million respectively. Interest rates are tied to the three-month SOFR benchmark plus margins ranging from 1.95 % to 2.10 %.
Rubico indicated that after the refinancing, its fleet leverage remains at a conservative 50 %, ensuring operational flexibility and resilience in a fluctuating tanker market. The new loan covenants include maximum leverage limits of 85 % and minimum liquidity thresholds of US$0.4 million for Eco West Coast and US$0.5 million for Eco Malibu. Both Rubico and its parent company, Top Ships Inc., serve as guarantors for the subsidiaries owning the vessels.
According to the company, these transactions align with Rubico’s ongoing strategy to strengthen its financial base, optimise debt costs, and sustain steady fleet operations amid evolving market conditions.
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