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International Seaways agreed on October 16 to take over Bruton, an Oslo-listed company backed by Tor Olav Trøim that has one VLCC trading and three under construction, in a deal the New York-listed owner says puts Bruton’s worth at about $370 million. About 96 percent of the price is new International Seaways stock, roughly 3.12 million shares, with cash only for Bruton’s smallest holders. Holders of 50.5 percent of Bruton, among them Koch Inc. and Drew Holdings, which is owned by a trust for Trøim and his immediate family, have already agreed to swap their shares, and the rest follows through a merger once Bruton’s shareholders vote, around October 30. The buyer is flush. International Seaways estimates its third-quarter net income at $340 million to $350 million, including about $50 million gained from selling a 2012-built Suezmax, after $581.1 million in the first half, its filings show. That is over $920 million in nine months, more than the $726.0 million it earned in 2024 and 2025 combined, on our arithmetic. The VLCCs it is buying point to a later market. Two are fixed into 2027 at $95,000 and $105,700 a day, and the other two deliver in August and October 2027 with no charter announced, so on our reading International Seaways is buying exposure to VLCC earnings after the current spike rather than to the spike itself. The stock it is paying with closed at a record $125.04 on October 13, up from $48.55 at the end of 2025, Nasdaq and Yahoo Finance data show. Trusts that John Fredriksen set up for his family were selling it in the weeks before the deal. Their holding company sold 445,290 International Seaways shares between September 18 and October 8, at about $111 to $118.50 apiece, and still holds 13.54 percent, its latest filing shows. Trøim worked alongside Fredriksen for 19 years before stepping down from Fredriksen’s Seatankers group in 2014. This brief sets out what International Seaways is buying, what the $370 million leaves out, the record year behind the bid, the two VLCCs fixed and the two left open, who gets paid, the Fredriksen and Trøim threads and what the record supports.
📋 In This Issue:
⚖️ The Story:
What International Seaways is buying, what the $370 million leaves out, the record year behind the bid, the two VLCCs fixed and the two left open, who gets paid, the Fredriksen and Trøim threads and what the record supports
📊 By The Numbers:
The $370 million valuation, the 3.12 million new shares, over $920 million of nine-month profit, the $180,000 a day fourth-quarter bookings and the 13.54 percent stake of the Fredriksen family trusts
🌍 Why It Matters:
What it changes for the tanker owner and broker, the charterer and crude trader, the underwriter and compliance officer and the ship financier and investor
👀 What To Watch:
Bruton’s meeting notice and fair value statement, the share exchange due around October 20, the vote around October 30, International Seaways’ November 5 results, Mount Horizon’s delivery and the falsifier that would change this brief’s reading
🚨 Gosships Signal:
On our reading, International Seaways is paying with a share price near its record for VLCC earnings after the spike
