Rubico is to sell its interest in its newbuilding megayacht currently under construction and to exit the sector.
The company says it intends to pursue a sale of the megayacht, or of the entity that is party to the shipbuilding contract, to release capital for redeployment towards its core tanker business.
The sale will also reduce its future capital commitments, and further simplify its asset base.
The megayacht has a length of 60 metres and a gross tonnage of 1,150 tons and is scheduled for delivery in the second quarter of 2027.
The company believes that a sale could generate estimated gross cash proceeds in the range of €30 to €35 million (about $34.2 to $40 million).
The sale would eliminate a capital commitment of €26.5 million ($30.2 million) payable prior to delivery of the megayacht.
Core tanker business
“Our decision to exit the megayacht sector reflects our intention to redeploy capital towards our core tanker business,” said Kalliopi Ornithopoulou, company president, chair and chief executive officer.
“We believe a divestment at current market levels would result in a meaningful equity release, multiple to the company’s current market cap, while at the same time eliminating a significant capital commitment.”
Rubico entered into a purchase agreement for the acquisition of a vessel-owning company from Top Ships which was party to a shipbuilding contract for the newbuilding megayacht.
The M/Y Sanlorenzo 1150Exp, had an expected delivery from the shipyard in the second quarter of 2027 and a purchase price of $38 million.
Rubico is a global provider of shipping transportation services specialising in the ownership of vessels.
