International Seaways’ proposed $370 million acquisition of Bruton Limited would bring four very large crude carriers to a fleet of about 70 ships, including one already operating and three awaiting delivery.
The agreement has two stages. At the outset, investors holding roughly 50.5% of Bruton’s issued shares will exchange them for International Seaways stock. The exchange gives 0.05190 International Seaways shares for every Bruton share, and settlement is due around Oct. 20.
The second stage would address Bruton shares not covered by the initial exchange. Investors with NDR balances above 10,000 would receive International Seaways stock at the same exchange ratio. Those with 10,000 or fewer NDRs would be paid in Norwegian kroner, at a rate equivalent to $6.3044 for each Bruton share. The receipt threshold applies to NDR holdings, while the quoted dollar sum is the U.S.-dollar equivalent of the kroner payment.
The two stages are expected to involve about 3.12 million newly issued shares, with cash covering the balance. International Seaways estimates stock will represent about 96% of the overall consideration. This percentage measures the payment mix for the entire acquisition, while 50.5% refers to the Bruton shares in the initial exchange.
Of Bruton’s four ships, one is operating; work on the other three is under way in China. The vessels are named Mount Summit, Mount Frontier, Mount Horizon and Mount Vision. All four are listed at 300,000 deadweight tons. Delivery is expected to start in the final three months of 2026 and continue into the final three months of 2027. International Seaways says its fleet comprises about 70 crude and product tankers.
Lois K. Zabrocky, International Seaways’ president and CEO, called the deal an “accretive transaction” and said it would expand and modernize the fleet.
A special meeting where Bruton investors will consider the deal is expected around Oct. 30. International Seaways is targeting an early-November closing after the meeting, contingent on shareholder approval and customary closing conditions.
