Athens-based tanker owner Rubico has agreed to acquire two additional newbuilding MR tankers, raising its total MR newbuild program to five vessels. The company entered into a share purchase agreement with related party Top Ships to acquire two special purpose vehicles (SPVs) holding shipbuilding contracts with Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for 47,499-dwt chemical/product oil carriers. The aggregate purchase price for 100% of the SPV shares is $14.5m, payable in cash or, at Rubico's election, in Series G Perpetual Convertible Preferred Shares. The deal is expected to close by 31 Mar 2027, subject to customary conditions. The two vessels are scheduled for delivery in the fourth quarter of 2028 and the fourth quarter of 2029. Each has secured seven-year time charter employment with Trafigura Maritime Logistics, with an option for a four-year extension, and each SPV has arranged sale and leaseback financing covering 85% of shipbuilding installment payments at term SOFR plus 1.80%. The new contracts add about $150.9m to Rubico's gross revenue backlog. Chairwoman and CEO Kalliopi Ornithopoulou said total potential gross revenue backlog from the five MR newbuildings, including charterer extension options, will rise to approximately $377.1m upon closing, and to roughly $523.1m including the company's operating fleet charters. Rubico currently operates two 157,000-dwt suezmax tankers, Eco Malibu and Eco West Coast, both built in 2021, alongside three existing 47,499-dwt MR newbuildings due for delivery across 2029.