en.Wedoany.com Reported - Bruton — the Oslo-listed company backed by Tor Olav Trøim — is splitting its 12 very large crude carrier (VLCC) project into two listed vehicles, while the first supertanker has entered service.
Under the split plan, the first four VLCCs from New Times Shipyard will remain within Bruton Limited, creating a monthly dividend company said to be supported by near-term cash flow. The remaining eight VLCCs — four built at New Times Shipyard and four at CIMC Raffles — are transferred to a separate Bermuda company, focusing on exposure to forward-delivery assets.
The spun-off new company is expected to list on Euronext Growth Oslo by the end of August, with Bruton shareholders receiving tradable securities in the new vehicle. Bruton itself will also initiate a listing transfer process, aiming to move to Euronext Expand or Euronext Oslo Børs by the end of September.
This split aims to distinguish the initial cash-generating vessels from those scheduled for later delivery on the order book. The company has ordered 12 VLCCs for a total of $1.47 billion, raising $216 million through equity financing, representing approximately 15% of the total project cost. The first four VLCCs are scheduled for delivery between July 2026 and October 2027, with the remaining eight set for delivery between the first quarter of 2028 and the third quarter of 2029.
Bruton has taken delivery of its first VLCC, the "Mount Vision" (built by New Times Shipyard). The vessel will begin a 3+1+1-year index-linked time charter contract 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 upon agreement in May. Additionally, the company has signed sale-and-leaseback financing agreements with a Chinese leasing company for the first four newbuildings at New Times Shipyard, covering both pre-delivery and post-delivery financing.
As Bruton transitions from a project company to an operating tanker owner, Lars-Christian Svensen has been appointed interim CEO, succeeding Gunnar Eliassen, who led the company's formation. Svensen also serves as CEO of two other Trøim-backed listed shipping vehicles — 2020 Bulkers and Himalaya Shipping.
SEB analysts describe the split as a value crystallization move, allowing investors to choose between a high-dividend, spot-exposed VLCC company and a separate forward asset allocation. The bank stated that the cash flow company should be valued closer to listed tanker peers with operating vessels and dividends, while the eight-vessel forward delivery company may trade at a significant discount, as it currently has no cash flow and faces VLCC value risk two to three years out.
