Rubico Inc. (NASDAQ: RUBI), an Athens-based shipping company, announced it plans to divest a newbuilding megayacht currently under construction and exit the megayacht sector, according to a press release issued July 15, 2026.

The 60-meter, 1,150-gross-ton megayacht is scheduled for delivery in the second quarter of 2027. Based on independent market estimates for comparable newbuilding megayachts, Rubico said a sale could generate estimated gross cash proceeds of €30 million to €35 million (approximately $34.2 million to $40 million). A completed sale would also eliminate a remaining capital commitment of €26.5 million ($30.2 million) due prior to delivery.

The company said it intends to pursue a sale of either the megayacht itself or the entity holding the shipbuilding contract, with proceeds targeted for redeployment into its core tanker business.

Kalliopi Ornithopoulou, President, Chairwoman, and Chief Executive Officer, said: "Our decision to exit the megayacht sector reflects our intention to redeploy capital towards our core tanker business. 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 currently operates two 157,000 deadweight-ton Suezmax tankers and owns one 47,499 deadweight-ton MR tanker newbuilding scheduled for delivery in the fourth quarter of 2029.

The company cautioned that no assurance exists that a divestment will be completed, and that timing, structure, and final proceeds remain uncertain. Any transaction would require negotiation of definitive agreements, counterparty and financier consent, and satisfaction of customary conditions. Dollar amounts were converted at a rate of €1.00 to $1.14 as of July 14, 2026.