International Seaways agrees to buy Bruton and its four supertankers in a deal valued at about $370 million

International Seaways said Friday it has agreed to acquire Bruton Limited and its four very large crude carriers in a mostly stock deal that values the Oslo-traded tanker owner at about $370 million.

A two-step takeover

International Seaways Inc., the New York-based tanker owner, has agreed to acquire Bruton Limited, an Oslo-traded company that owns four very large crude carriers (VLCCs), including newbuildings, in transactions that value Bruton at about $370 million. Seaways described the terms in a Form 8-K filed with the Securities and Exchange Commission early Friday, before the stock market opened.

The deal comes in two steps. First, Seaways signed exchange agreements with Bruton shareholders who together hold about 50.5% of its shares. They will swap each Bruton share for 0.0519 of a Seaways share in a private transaction, and the filing says that exchange has no remaining closing conditions. It is expected to settle on or about Oct. 20.

Second, Seaways and Bruton signed a merger agreement covering the rest of the shares. Holders of more than 10,000 Bruton shares will receive the same 0.0519 Seaways share for each one, while holders of 10,000 shares or fewer will be paid $6.3044 a share in cash. In all, Seaways expects to issue about 3.12 million new shares, which it said will make up about 96% of the total consideration, with the rest paid in cash.

What still has to happen

Bruton plans to hold a special shareholder meeting on or about Oct. 30 to vote on the merger, and the shareholders in the first-step exchange have agreed to vote in favor. The merger also needs the new Seaways shares to be approved for listing on the New York Stock Exchange, along with other customary conditions. Seaways expects it to close shortly after the vote. The agreement can be terminated if the merger has not been completed by Nov. 15, 2026.

Chief Executive Lois Zabrocky called the deal "accretive" and said it "underscores our disciplined approach to growth." The company did not publish a per-share accretion estimate. Seaways said its existing fleet numbers about 70 vessels across crude and product tankers.

A strong quarter, and a stronger start to the fourth

Seaways released preliminary third-quarter figures with the deal. It expects shipping and other operating revenue of about $480 million to $490 million, and net income of about $340 million to $350 million, which includes a gain of about $50 million from selling a 2012-built Suezmax tanker. Total liquidity at Sept. 30 was about $965 million, made up of $455 million in cash and short-term investments and $510 million of undrawn revolving credit.

Its tankers had blended spot earnings of about $68,000 a day in the third quarter, down from $79,000 a day in the second quarter of 2026 but more than double the $29,000 a day of the third quarter of 2025. In the first three weeks of the fourth quarter, Seaways said, it fixed about 37% of its expected fourth-quarter revenue days at blended spot earnings of roughly $180,000 a day. The company said the figures are subject to its closing procedures, and it plans to report full results on Nov. 5.

Seaways shares closed at $109.99 on Friday, down 2.8% from Thursday's close of $113.11, according to market data. At that price, 0.0519 of a Seaways share was worth about $5.71.