Norwegian shipping company Bruton has received a financing proposal covering 90 per cent of the construction cost for its first two dual-fuel LNG very large crude carriers (VLCCs), Mount Vision and Mount Horizon, which are scheduled for delivery in July 2026 and January 2027, respectively.
To date, Bruton has paid 20 per cent of total instalments on each vessel.
Bruton said the proposed financing carries a 15-year tenor and offers an attractive cost structure, which is expected to provide the company with a highly competitive cash break-even level.
In parallel, Bruton has entered into a non-binding letter of intent (LOI) for a charter party with a global trading house for the employment of these vessels.
The proposed charter arrangement is designed to provide exposure to the spot market while securing a premium for the vessels’ improved fuel efficiency and environmental performance enabled by their dual-fuel LNG capability.
Additionally, Bruton holds options for two further VLCC newbuildings at China's New Times Shipbuilding, with scheduled deliveries in 2029.