International Seaways has agreed to acquire Oslo-listed Bruton in a transaction valuing its equity at about $370m, Splash247 reported. The New York-listed tanker owner would gain four 300,000 dwt VLCCs through the takeover of the Tor Olav Trøim-backed company, extending beyond earlier market reports linking it to two Bruton newbuildings. The valuation covers Bruton’s equity, not the gross value of its ships.
Shareholders controlling 50.5% of Bruton, including Trøim’s Drew Holdings and Koch Inc, have agreed to swap their holdings for newly issued International Seaways shares. The exchange ratio is 0.0519 Seaways shares for each Bruton share, with initial settlement expected around 20 October. A merger would secure the remaining holdings. Seaways expects to issue approximately 3.12m shares, representing 96% of the consideration, while smaller Bruton shareholders would receive $6.3044 per share in cash.
The fleet comprises Mount Vision, an LNG dual-fuel tanker that entered service in July, and sister vessel Mount Horizon, due from China’s New Times Shipbuilding in November. Mount Frontier and Mount Summit are scheduled for delivery in August and October 2027 respectively. According to Splash247, those two later deliveries remain without charters and were the focus of the earlier sale speculation.
The first two vessels have charter employment secured. Mount Vision has a three-year arrangement with a trading house, plus two one-year options, paying $95,000 a day for the opening nine months before moving to an index-linked rate. Mount Horizon has been chartered for 12–15 months at $105,700 a day. Bruton also has financing agreements with Chinese lessors covering 85%–90% of construction costs.
Bruton retained these four ships following an August demerger that transferred eight other newbuildings to separately listed OMC Tankers. Those eight vessels are excluded from the takeover. For Seaways, the purchase continues fleet renewal following the sale of seven older tankers earlier this year for more than $216m. Its fleet before the agreement numbered around 70 vessels, including newbuildings.
Alongside the acquisition announcement, Seaways disclosed preliminary third-quarter net income of $340m–$350m, including an approximately $50m gain on a suezmax sale, Splash247 reported. End-September liquidity stood at about $965m. Bruton’s board unanimously supports the transaction, with a shareholder vote expected around 30 October. Completion is planned for early November, subject to approvals, followed by Bruton’s intended delisting from Euronext Growth Oslo.