Bruton, the Tor Olav Trøim-backed tanker owner, is restructuring its 12-ship very large crude carrier (VLCC) programme by splitting the fleet into two listed vehicles, with the first supertanker now entering service.
The Oslo-listed company will retain the first four VLCCs from New Times Shipyard inside Bruton Limited, creating what it describes as a monthly dividend-paying company backed by near-term cash flow. The remaining eight VLCCs — four at New Times and four at CIMC Raffles — will be spun into a separate Bermuda company focused on forward-delivery asset exposure, according to a report by Splash247.
Demerger timeline and listing plans
The demerged company is expected to list on Euronext Growth Oslo by the end of August, giving Bruton shareholders tradeable securities in the new vehicle. Bruton will also start a process to move its own listing to Euronext Expand or Euronext Oslo Børs, with completion targeted by the end of September.
SEB analysts described the demerger as a value-crystallising move that would let investors choose between a high-payout, spot-exposed VLCC company and a separate forward-asset play. The bank said the cashflow company should be valued more like listed tanker peers with ships on the water and dividends, while the eight-ship forward-delivery company is likely to trade at a deeper discount because it has no current cashflow and is exposed to VLCC values two to three years out.
Delivery schedule and fleet details
Bruton has ordered 12 VLCCs for a total of $1.47 billion and raised $216 million in equity, equal to about 15% of the programme. The first four VLCCs are scheduled for delivery between July 2026 and October 2027, while the other eight are due between the first quarter of 2028 and the third quarter of 2029.
| Group | Shipyard | Number of VLCCs | Delivery Window |
|---|---|---|---|
| Retained (Bruton Limited) | New Times Shipyard | 4 | July 2026 – October 2027 |
| Spun off (new Bermuda company) | New Times Shipyard | 4 | Q1 2028 – Q3 2029 |
| Spun off (new Bermuda company) | CIMC Raffles | 4 | Q1 2028 – Q3 2029 |
The company has taken delivery of its first VLCC, Mount Vision, from New Times Shipyard. The vessel is set to begin a 3+1+1-year index-linked time charter with an international trading company this month. The first nine months of the contract were converted to a fixed rate of $95,000 per day when the deal was agreed in May.
Financing and leadership changes
Bruton has signed sale-and-leaseback financing with a Chinese leasing house for the first four New Times newbuildings, covering pre-delivery and delivery financing.
Lars-Christian Svensen (pictured) has been appointed interim chief executive officer as Bruton moves from a project company into an operating tanker owner. He replaces Gunnar Eliassen, who has led the build-up of the company. Svensen is also CEO of 2020 Bulkers and Himalaya Shipping, two other Trøim-backed listed shipping vehicles.
Implications for tanker freight markets
For logistics professionals and freight forwarders monitoring crude oil shipping capacity, the Bruton split signals a strategic separation between near-term cash generation and longer-term asset exposure. The fixed-rate charter for Mount Vision at $95,000/day provides a near-term earnings floor, while the eight undelivered VLCCs represent future supply that could affect spot rates on key crude lanes, particularly from the Middle East to Asia and the Atlantic Basin. Shippers should watch for any delays in the delivery schedule of the remaining vessels, as even small shifts could tighten or loosen tonnage availability.
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