Bruton, owned by Tor Olav Trøim, has begun its strategic review. This action comes in response to rumors regarding a possible deal to sell at least two vessels from the company's new fleet.
Details of the Rumors and Strategic Review
On Thursday, Bruton confirmed the market rumors, stating that the review is aimed at maximizing shareholder value. The company refrained from identifying potential parties or elaborating on the nature of the deal, emphasizing that there is no certainty regarding the occurrence of a transaction.
Market rumors suggest that International Seaways is negotiating to purchase at least two of the vessels. Notable names include the 300,000 deadweight ton ships "Mount Frontier" and "Mount Summit," which are under construction at New Times Shipyard.
Financial Status and Acquisition Strategies
These vessels, which are scheduled for delivery between August and October 2027, currently have no employment. Bruton's latest fleet list shows that these two ships are uncovered by charters. Brokers have quoted prices above $200 million for each of these vessels, but neither Bruton nor International Seaways has provided confirmations regarding negotiations or pricing.
According to Bruton's investment materials, the yard price for the "Mount Frontier" and "Mount Summit" vessels is approximately $117 million each. However, SEB analysts have estimated the price of new VLCCs at around $131 million and the price of vessels less than a year in the water at about $240 million.
At the beginning of August, International Seaways had 10 VLCCs in its operating fleet and had previously sold two older vessels. The company has also shown interest in acquiring younger ships, having paid $119 million for the VLCC "Seaways Gibbs Hill" last year.
Recently, Bruton separated four vessels from its fleet program of 12 VLCCs in August and transferred them to the new company OMC Tankers. This move allows the company to more easily conduct its strategic review and make decisions about its future.
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