In a tanker fleet consolidation deal, International Seaways has agreed to acquire Bruton Limited for approximately $370 million.[3][8] The agreement announced on 16 October covers four very large crude carriers, one already operating and three under construction at China's New Times Shipyard.[3] Seaways has approximately 70 vessels across the crude oil and product tanker markets.[3][8]
The first step is a share exchange covering approximately 50.5% of Bruton's outstanding shares, expected to settle around 20 October.[3][8] Seaways would then acquire the remaining shares through a merger involving cash and stock.[3][8] It expects to issue approximately 3.12 million shares, representing about 96% of the total consideration, with the balance in cash.[3][8]
Bruton's operating vessel is Mount Vision, a tanker of 300,000 deadweight tonnes delivered in July.[3] Its three sister ships are scheduled for delivery between November 2026 and October 2027.[3] Eight other newbuildings that Bruton previously spun off into OMC Tankers are outside this acquisition.[3]
Bruton shareholders are due to vote on the merger around 30 October, with closing expected shortly afterwards if the other conditions are satisfied.[3][8] Shareholders participating in the initial exchange have agreed to vote in favour.[8] The agreement would expand Seaways' fleet, but it does not put all four ships into service now.[3][8]
Sources: [3] https://gcaptain.com/international-seaways-adds-to-vlcc-fleet-with-370-million-bruton-deal [8] https://finance.yahoo.com/markets/stocks/articles/international-seaways-expands-vlcc-fleet-063000630.html Cover photograph is a representative tanker at anchor, not an identified Bruton vessel. Credit: Nickeo23/Shutterstock, via gCaptain.