Rubico (RUBI) said Tuesday that it has signed an agreement with Top Ships (TOPS) to acquire a special-purpose vehicle that is a party to a shipbuilding contract for about $6.5 million.

The contract is with Guangzhou Shipyard International and China Shipbuilding Trading to construct a 47,499 deadweight tonnage chemical/product oil carrier, the company said. The tanker is scheduled for delivery in Q2 of 2029.

The SPV has secured time charter employment for the vessel with a major oil trader, starting from its delivery and for a firm duration of seven years, with charterer's option to extend for four additional years, Rubico said.

The total potential gross revenue backlog from this contract, including optional years, is about $75.4 million, it added.

The firm said it expects to close the deal by Sept. 30. Top Ships is a related party controlled by Rubico's controlling shareholder.

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