International Seaways moves to acquire Bruton in VLCC fleet expansion
International Seaways has entered into agreements to acquire Bruton Limited through a two-stage transaction valuing the Oslo-listed tanker company at approximately US$370 million, in a move that would expand its very large crude carrier (VLCC) fleet.
The proposed combination would bring Bruton’s four VLCCs, including newbuildings, into International Seaways’ fleet of approximately 70 vessels operating across the crude oil and petroleum product tanker segments.
Under the first stage, International Seaways has signed exchange agreements with Bruton shareholders representing approximately 50.5% of the company’s outstanding shares. These shareholders will receive 0.0519 International Seaways shares for each Bruton share held, with settlement expected on or around 20 October 2026.
Merger subject to shareholder approval
International Seaways has also signed a definitive transaction agreement to acquire the remaining Bruton shares through a cash-and-stock merger following completion of the initial exchange.
The company expects to issue approximately 3.12 million new shares across the transactions, representing approximately 96% of the total consideration, with the balance payable in cash.
Bruton is expected to hold a special shareholder meeting on or around 30 October 2026 to vote on the proposed merger. Shareholders participating in the initial exchange have agreed to vote in favour of the transaction.
Completion of the merger is anticipated shortly after the shareholder meeting, subject to customary closing conditions.
International Seaways President and CEO Lois K. Zabrocky said the proposed combination would support the company’s strategy to expand and modernise its fleet.
Preliminary quarterly results reflect stronger tanker market
Alongside the acquisition announcement, International Seaways released preliminary financial estimates for the third quarter of 2026.
The company expects shipping and other operating revenues of approximately US$480 million to US$490 million, with net income estimated at US$340 million to US$350 million. The anticipated net income includes an approximately US$50 million gain from the sale of a 2012-built Suezmax tanker.
Blended spot earnings averaged approximately US$68,000 per day during the quarter, compared with US$79,000 per day in the second quarter of 2026 and US$29,000 per day in the corresponding period of 2025.
International Seaways also reported approximately US$965 million in total liquidity as of 30 September 2026, comprising US$455 million in cash and short-term investments and US$510 million in undrawn revolving credit capacity.
During the first three weeks of the fourth quarter, the company secured blended spot earnings of approximately US$180,000 per day across around 37% of its expected quarterly revenue days.
The figures remain preliminary and are subject to completion of the company’s financial closing procedures. International Seaways expects to publish its full third-quarter results on 5 November 2026.
