International Seaways agrees to $370 million Bruton acquisition
- International Seaways agreed to acquire Bruton in a transaction valued at approximately $370 million, adding four very large crude carriers to its fleet.
- The company expects third-quarter 2026 revenue of $480 million–$490 million and net income of $340 million–$350 million.
- International Seaways plans to complete the acquisition following a shareholder vote around October 30, 2026, as part of its fleet expansion strategy.
International Seaways (NYSE:INSW) has signed agreements to acquire Bruton in a transaction valued at approximately $370 million, adding four very large crude carriers (VLCCs) to its fleet of approximately 70 vessels.
The acquisition follows stronger year-over-year shipping conditions, with International Seaways reporting preliminary third-quarter 2026 spot earnings of approximately $68,000 per day, compared with $29,000 in the same quarter of 2025.
International Seaways will initially acquire approximately 50.5% of Bruton through a share exchange at 0.0519 INSW shares per Bruton share, with the remaining acquisition subject to a shareholder vote around October 30 and approximately 3.12 million new INSW shares expected to represent 96% of the total consideration.
The company expects the transaction to support its fleet expansion strategy, with completion planned shortly after Bruton shareholders approve the merger and other closing conditions are satisfied.
International Seaways also projected third-quarter 2026 shipping and other operating revenue of $480 million–$490 million and net income of $340 million–$350 million, including an approximately $50 million gain from selling a 2012-built Suezmax tanker.
The company reported approximately $965 million in liquidity as of September 30, including $455 million in cash and short-term investments and $510 million in unused credit capacity, while scheduling its complete third-quarter earnings release for November 5, 2026.
