International Seaways to Buy Bruton in $370 Million Stock Deal
The tanker operator will fold Bruton’s four VLCCs, including newbuildings, into a fleet of about 70 vessels spanning crude and product.
International Seaways, Inc. (INSW) agreed to acquire Bruton Limited in a mixed transaction valued at approximately $370 million, issuing 0.0519 INSW shares for each Bruton share held.
The combination is a fleet-adding move rather than a cash purchase. Bruton contributes four VLCCs, including newbuildings, to Seaways’ existing fleet of approximately 70 vessels across both the crude and product segments.
The merger is expected to close promptly following the Bruton special meeting of shareholders, subject to the satisfaction of other customary closing conditions.
Lois K. Zabrocky, International Seaways President and CEO, said the deal is an accretive step to expand and modernize the fleet. “We’re excited about the opportunity to expand and modernize our fleet through this accretive transaction with Bruton. The transaction underscores our disciplined approach to growth. Following completion of the transaction, Seaways will remain well-positioned to continue executing on our growth strategy, generating attractive returns and creating long-term value for our shareholders.”
Seaways has already been reshaping its fleet through newbuildings and sales. In the second quarter of 2026, it contracted four additional LR1 newbuildings for an aggregate price of $244 million, with deliveries expected in 2028, and said the remaining two LR1 vessels from the original six-vessel program were expected to be delivered in the third quarter of 2026. Upon delivery, all ten newbuild vessels are expected to trade in the jointly owned Panamax International Pool.
Earlier in the year, the company sold or agreed to sell five of its oldest vessels for aggregate proceeds of approximately $185 million, net of commissions and fees, and expected to recognize gains of approximately $65 million. Those vessels included three MRs with an average age of 18 years and two VLCCs with an average age of 15 years.
The Bruton deal adds VLCC tonnage on top of that program. Seaways described Bruton’s four VLCCs, including newbuildings, as the asset being folded into a fleet of about 70 vessels across crude and product.
Zabrocky framed the Bruton purchase as consistent with that same growth path, saying the company will remain positioned to continue executing on its growth strategy after the close.