US tanker owner International Seaways has agreed to acquire Oslo-listed Bruton in transactions valuing the company at approximately $370 million, adding four very large crude carriers (VLCC) to its fleet of around 70 crude and product tankers.
Bruton took delivery of Mount Vision in July. Mount Horizon is due in November 2026, and Mount Frontier and Mount Summit in August and October 2027. The first two ships are dual-fuel LNG designs, and the remaining two are conventional VLCCs.
Shareholders holding approximately 50.5 per cent of Bruton, including Drew Holdings and Koch, have agreed to exchange their shares for 0.0519 International Seaways shares each.
International Seaways will acquire the remaining shares through a cash-and-stock merger, with stock making up about 96 per cent of total consideration. Bruton expects completion in early November, following a special shareholder meeting on or about October 30.
International Seaways also released preliminary third-quarter figures. It expects net income of $340–350 million, including a gain of about $50 million on the sale of a 2012-built Suezmax.
Blended spot earnings averaged about $68,000 per day in the third quarter, down from $79,000 in the second quarter. The company has booked roughly 37 per cent of expected fourth-quarter revenue days at about $180,000 per day.
Bruton originally ordered 12 VLCCs before transferring eight later-delivery newbuildings into OMC Tankers. It retained the four initial vessels, having secured financing for the series and term charters for Mount Vision and Mount Horizon earlier in the year.
