Seaways Pays $370m to Add Four VLCCs in Bruton Deal
International Seaways to issue 3.12 million shares and cash for Oslo-listed Bruton’s four VLCCs.
International Seaways has finalized agreements to acquire Bruton Limited in a deal valued at $370 million, strengthening its position in the global crude oil transportation market. The transaction, announced on October 17, 2026, will add four very large crude carriers (VLCCs) to Seaways’ existing fleet of approximately 70 vessels.
The acquisition will proceed in two stages. First, International Seaways will acquire 50.5% of Bruton’s outstanding shares through an exchange agreement, offering 0.0519 of its own shares for each Bruton share. This initial phase is expected to conclude around October 20, 2026.
Transaction Details: Seaways
Following this, the remaining Bruton shares will be acquired through a cash-and-stock merger. Of the total consideration, 96% will be paid in International Seaways shares, with the remainder in cash. Bruton shareholders will vote on the merger during a special meeting scheduled for October 30, 2026. Shareholders involved in the initial exchange have already committed to supporting the deal.
International Seaways
International Seaways’ President and CEO, Lois K. Zabrocky, highlighted the strategic benefits of the acquisition: “This transaction allows us to expand and modernize our fleet while maintaining our disciplined growth strategy. We expect it to generate strong returns and long-term value for our shareholders.”
Strategic Impact and Financial Outlook
The company also released preliminary third-quarter 2026 financial results. Revenues are projected to reach $480-$490 million, with net income between $340-$350 million. This includes a $50 million gain from the sale of a 2012-built Suezmax tanker. As of September 30, 2026, the company reported total liquidity of $965 million, consisting of $455 million in cash and short-term investments and $510 million in available credit.
Spot earnings for the quarter averaged $68,000 per day, a decline from $79,000 in the previous quarter but more than double the $29,000 recorded in the same period of 2025. Early fourth-quarter bookings show blended spot earnings of approximately $180,000 per day for about 37% of expected revenue days.
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