International Seaways agrees $370m takeover of Bruton and its four 300,000 dwt VLCCs
Mount Vision is trading and three New Times newbuildings follow; Trøim's Drew Holdings and Koch are among holders of 50.5% swapping into INSW shares
New York-listed International Seaways has agreed to acquire Bruton, the Oslo-listed VLCC owner backed by Tor Olav Trøim, in a series of transactions that value Bruton's equity at about $370m. The deal, announced on 16 October, takes all four of Bruton's 300,000 dwt supertankers, going well beyond the sale of two newbuildings that had been discussed when Bruton confirmed market rumours and opened a strategic review the week before.
The fleet comprises the LNG dual-fuel Mount Vision, which entered service in July 2026, and three sisters under construction at New Times Shipbuilding in China: Mount Horizon, due in November 2026, Mount Frontier, due in August 2027, and Mount Summit, due in October 2027. Mount Vision is on a 3+1+1-year charter to a trading house at $95,000 a day for the first nine months, then at an index-linked rate. Mount Horizon is fixed for 12 to 15 months at $105,700 a day. The two 2027 ships are unchartered; Bruton's own figures put their original yard cost at about $117m each.
How is the deal structured?
In a first step, holders of about 50.5% of Bruton's shares, including Trøim's Drew Holdings and Koch, will exchange them for new International Seaways shares at 0.0519 INSW shares per Bruton share, with settlement expected on or about 20 October. The remaining shares will be acquired through a cash-and-stock merger, with smaller shareholders receiving $6.3044 a share in cash. International Seaways expects to issue about 3.12 million shares, about 96% of the total consideration, according to its announcement.
Bruton's board has unanimously recommended the transaction, and the shareholders in the first step have agreed to vote for the merger at a special meeting expected on or about 30 October. Completion is targeted for early November, after which Bruton intends to delist from Euronext Growth Oslo. Bruton's remaining business carries financing from Chinese lessors covering 85% to 90% of construction costs. The eight newbuildings it moved into separately listed OMC Tankers in August are not part of the deal.
Where does this leave International Seaways?
The buyer has about 70 vessels in crude and product tankers, including newbuildings. Earlier this year it sold seven older tankers, two of them VLCCs, for more than $216m, ordered LR1s at K Shipbuilding in South Korea and in January took full ownership of Tankers International. Chief executive Lois Zabrocky said the company was "excited about the opportunity to expand and modernize our fleet".
International Seaways also gave preliminary third-quarter figures: revenue of about $480m to $490m and net income of about $340m to $350m, including a gain of about $50m on the sale of a 2012-built suezmax. Blended spot earnings were about $68,000 a day in the quarter, and about $180,000 a day so far in the fourth quarter on 37% of expected revenue days. Liquidity stood at about $965m at the end of September. Family trusts set up by John Fredriksen, Trøim's former business partner, hold 13.54% of International Seaways.
This story is part of the Maritime Briefing of 18 October 2026.
Ships in this story
