International Seaways, Inc. (NYSE: INSW) announced on October 16, 2026, the execution of agreements to acquire Bruton Limited (OSL: BRUT) in a two-step transaction valued at approximately $370 million. The deal combines Bruton’s fleet of four Very Large Crude Carriers (VLCCs), including newbuildings, with Seaways’ existing fleet of approximately 70 vessels.
The transaction is structured in two phases. First, Seaways entered into exchange agreements with Bruton shareholders holding approximately 50.5% of the company’s outstanding common shares. These shareholders will exchange their holdings for 0.0519 shares of International Seaways common stock per Bruton share, a transaction expected to settle on or about October 20, 2026.
Second, Seaways will acquire the remaining outstanding shares of Bruton through a merger. Under the definitive transaction agreement, holders of more than 10,000 Bruton shares will receive 0.05190 shares of Seaways stock per share, while holders of 10,000 or fewer shares will receive $6.3044 in cash per share. The merger is subject to customary closing conditions, including approval by Bruton’s shareholders at a special meeting scheduled for October 30, 2026.
Seaways expects to issue approximately 3.12 million shares in the transaction, representing about 96% of the aggregate consideration, with the remainder paid in cash. The company also disclosed preliminary financial results for the third quarter of 2026, projecting shipping revenues between $480 million and $490 million and net income of approximately $340 million to $350 million.
