Rubico (RUBI) stock rocketed higher on Tuesday after the shipping company announced agreements with the time charterer of two of its vessels. This agreement extends the time charter contracts until January 11, 2027, with an option to extend the contracts for an additional two years.
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Rubico noted that under these extended contracts, each of the vessels will earn a gross daily hire rate of $32,850 until Jan. 11, 2027, and a gross daily hire rate of $29,990 afterward. The extension option sets the gross daily rate to $34,750 for the first year and $36,750 for the second.
Rubico noted that these updated time charter contracts change the company’s revenue backlog. This brings the total revenue backlog to $120.8 million.
Rubico Stock Movement Today
Rubico stock was up 53.63% in pre-market trading on Tuesday, following a 6.49% rally yesterday. However, the stock has fallen 95.51% year-to-date and the same over the past 12 months.
With today’s news came heavy trading of RUBI stock. This saw more than 159 million shares change hands as of this writing, which was well above the company’s three-month daily average trading volume of about 63,000 units.
While today’s news has increased interest in Rubico stock, investors will want to be careful about taking a stake in the shipping company. Its shares are well within penny stock range, which opens them up to additional volatility. This means retail traders could push the shares higher on today’s news, only to abandon the stock and leave other unfortunate investors holding the bag.
