Rubico Estimates NAV of $94.2 Million Based on Latest Financial Review

ATHENS, Greece — Rubico Inc. (Nasdaq: RUBI), a global provider of shipping transportation services specializing in vessel ownership, announced on March 2, 2026 that its management has estimated the company’s Net Asset Value (NAV) to be $94.2 million as of December 31, 2025. This updated valuation reflects the latest market assessments of the company’s assets and financial standing.

Detailed NAV Breakdown

According to the press release, the management’s NAV estimate translates into a value of $22.88 per common share based on the number of common shares currently outstanding. On a fully diluted basis — assuming the exercise of all 2,128,854 outstanding warrants and prefunded warrants — the NAV is calculated at $15.08 per share.

What Contributed to the NAV Estimate?

The estimate incorporates the most recent charter-free vessel value estimates from an independent third-party international broker, alongside the company’s outstanding debt and cash holdings. These inputs were used by Rubico’s management to arrive at the comprehensive valuation figure.

CEO’s Statement on Market Performance

Rubico’s CEO noted that, as of the most recent market close, the company’s stock was trading at a 94.4% discount to its fully diluted NAV estimate. This means that the current market price of the shares is significantly lower than what the internal valuation suggests.

The CEO also highlighted the company’s operational strengths, emphasizing that Rubico’s fleet has an average age of about five years and consists of modern, eco-friendly, and fuel-efficient vessels. These features are expected to support ongoing cash flow generation.

Fleet and Time Charters

Rubico’s fleet currently includes two 157,000 dwt Suezmax tankers, which are modern and fuel-efficient. The company’s existing time charters — contracts that rent vessels to customers for specific periods — are generating positive cash flow and income. The CEO expressed confidence that this cash generation will continue through the fixed charter periods, which are set to expire in Q1 2031.

About Rubico Inc.

Rubico Inc. is registered under the laws of the Republic of the Marshall Islands, with executive offices in Athens, Greece. The company’s common shares are traded on the Nasdaq Capital Market under the ticker symbol “RUBI”.

Rubico focuses on owning and operating modern shipping vessels and aims to achieve long-term value for its shareholders through strategic asset management and charter contracts.

Forward-Looking Statements

The press release also included the customary forward-looking statements disclaimer, noting that projections about future performance are subject to risks, uncertainties, and factors beyond the company’s control. These statements involve plans, goals, and assumptions that may differ from actual results.

Key Financial Figures Summarized

• Estimated Net Asset Value (NAV): $94.2 million (as of Dec. 31, 2025)
• NAV per common share: $22.88
• Fully diluted NAV per share: $15.08
• Discount to NAV: 94.4% at latest market close
• Fleet average age: Approximately 5 years
• Charter coverage through: Q1 2031

Outlook and Market Context

Although the company’s stock is trading at a significant discount to its estimated value, the management’s NAV disclosure gives investors a detailed look at Rubico’s underlying asset strength. The market reaction highlights the challenge of bridging the gap between intrinsic value and current share price in today’s market environment.

Overall, Rubico’s NAV announcement provides a comprehensive snapshot of its financial position at the end of 2025, reinforcing its asset base and operational prospects in the shipping industry.

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