Bruton, an Oslo-listed crude tanker owner with backing from Tor Olav Trøim, has formally inked a 2+2 vessel construction agreement with New Times Shipbuilding for Very Large Crude Carriers (VLCCs). The order was secured via Andes Tankers III, a wholly owned subsidiary of Bruton.
The new VLCCs are equipped with desulfurization systems and incorporate liquefied natural gas (LNG) pre-installation design. The first two vessels are scheduled for delivery between the fourth quarter of 2028 and the second quarter of 2029. Should the option vessels be confirmed effective by December 31, 2025, delivery is anticipated between the third and fourth quarters of 2029.
This shipbuilding contract, based on a letter of intent announced earlier this month, marks Bruton’s further expansion into the VLCC sector. Previously, Bruton raised $110 million through private financing to support its growing newbuilding program.
It is understood that after a fifteen-year hiatus, Tor Olav Trøim re-entered the tanker market in 2023, placing an order through its subsidiary Magni Partners for 2+4 320,000 DWT VLCCs with New Times Shipbuilding at $138 million per vessel. In February 2024, the option for two vessels became effective. Should Bruton exercise its option for the two additional VLCCs, the company’s fleet of tankers under construction would expand to eight VLCCs, all built by New Times Shipbuilding.
Notably, with the signing of Bruton’s letter of intent, New Times Shipbuilding has secured its first VLCC order of the year.