Rubico Inc. Reports Net Income of $1.4 Million, Revenues of $5.4 Million and EBITDA of $3.3 Million for the Three Months Ended September 30, 2026
Key Highlights
- ➤Q3 net income $1.4 million, up from $0.5 million year over year
- ➤Q3 revenue $5.4 million, down from $5.7 million year over year
- ➤Q3 EBITDA $3.3 million, up from $2.9 million year over year
- ➤Two new MR tankers would add $150.9 million to potential revenue backlog
- ➤Total potential gross revenue backlog would reach $523.1 million
- ➤Nine-month net income fell to $0.3 million from $4.5 million
Expert Statements
Kalliopi Ornithopoulou, President, Chairwoman & Chief Executive Officer of Rubico Inc.
“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.”
Kalliopi Ornithopoulou, President, Chairwoman & Chief Executive Officer of Rubico Inc.
“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.”
Kalliopi Ornithopoulou, President, Chairwoman & Chief Executive Officer of Rubico Inc.
“Our fleet utilization for the quarter was 98.8%.”
Kalliopi Ornithopoulou, President, Chairwoman & Chief Executive Officer of Rubico Inc.
“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.”
Kalliopi Ornithopoulou, President, Chairwoman & Chief Executive Officer of Rubico Inc.
“We also continued to expand our newbuilding program.”
Kalliopi Ornithopoulou, President, Chairwoman & Chief Executive Officer of Rubico Inc.
“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.”
Kalliopi Ornithopoulou, President, Chairwoman & Chief Executive Officer of Rubico Inc.
“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.”
Kalliopi Ornithopoulou, President, Chairwoman & Chief Executive Officer of Rubico Inc.
“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.”
Kalliopi Ornithopoulou, President, Chairwoman & Chief Executive Officer of Rubico Inc.
“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.”
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.
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