Seaways Buys Bruton's VLCC Fleet for $370M, Pre-Announces $340M+ Q3 Profit
INSW has more than doubled off its 52-week low of $43.62.
Summary
International Seaways is acquiring Bruton Limited for about $370 million, adding four VLCC vessels including newbuildings to its roughly 70-ship fleet. The deal is mostly stock: INSW will issue about 3.12 million shares, roughly 96% of consideration, with the rest in cash. A first-step exchange for 50.5% of Bruton shares settles around October 20, and a Bruton shareholder vote on the merger is set for about October 30. Separately, Seaways pre-announced Q3 2026 net income of $340-$350 million, including a $50 million gain on a Suezmax sale, on revenue of $480-$490 million, with liquidity of about $965 million. Spot earnings averaged roughly $68,000 per day in Q3 and have surged to about $180,000 per day so far in Q4 on 37% of revenue days, a sharp acceleration from $29,000 per day a year ago. Full Q3 results are due November 5.
At the time of this announcement, INSW was trading at $113.70 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $5.6B. The 52-week trading range was $43.62 to $126.27. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: BusinessWire.