Greek tanker owner TOP Ships unveils Suezmax spin-off plan
Riviera examines TOP Ships’ plan to separate Rubico into an independently listed company. The proposed spin-off involved Eco Malibu and Eco West Coast, two 2021-built Suezmax tankers of approximately 157,000 dwt, both employed under long-term Clearlake charters.
The announcement envisaged distributing Rubico shares to eligible TOP Ships holders at a ratio of one for every two shares, using a 16 June record date. A $1.5m private placement was also planned. Completion depended on registration effectiveness and Nasdaq listing approval. The article situates the proposal after an earlier 2023 initiative, and records its announced structure rather than guaranteeing completion.
An editorial summary of the linked publication. Figures and plans refer to its publication date.