International Seaways said it will acquire Bruton Limited in a transaction valuing the VLCC owner at about $370 million, adding four VLCC vessels, including newbuildings, to its fleet.
Under the first step of the deal, International Seaways will immediately acquire Bruton shares representing about 50.5% of Bruton’s outstanding common stock from existing shareholders in exchange for 0.0519 International Seaways shares for each Bruton share. That portion is expected to settle on or about October 20, 2026.
The company also signed a merger agreement to buy the remaining Bruton shares after the first-step exchange. International Seaways expects to issue about 3.12 million shares in the transaction, with roughly 96% of the total consideration paid in stock and the rest in cash.
Bruton shareholders are scheduled to vote on the merger at a special meeting on or about October 30, 2026. International Seaways said the merger should close soon after that meeting, once customary conditions are met.
The deal expands International Seaways’ fleet of about 70 vessels across crude and product tankers.
Alongside the acquisition announcement, International Seaways released preliminary third-quarter 2026 figures. It said shipping revenues and other operating revenues should come in at about $480 million to $490 million, while net income is expected at $340 million to $350 million. That net income estimate includes an approximately $50 million gain from the sale of a 2012-built Suezmax tanker.
The company said total liquidity stood at about $965 million at September 30, 2026, including $455 million in cash and short-term investments and $510 million of undrawn revolving credit capacity.
Operationally, blended spot earnings averaged about $68,000 per day in the third quarter, down from $79,000 per day in the second quarter of 2026 but up sharply from $29,000 per day in the third quarter of 2025.
For the first three weeks of the fourth quarter, International Seaways said it has fixed blended spot earnings of about $180,000 per day on roughly 37% of expected fourth-quarter revenue days. Following these announcements, the company's shares moved -4.74%, and are now trading at a price of $113.11. For more information, read the company's full 8-K submission here.
