Tor Olav Trøim is deepening his comeback in the tanker sector, with Oslo-listed Bruton revealing a fresh deal that could double its VLCC newbuilding programme at China’s New Times Shipbuilding.
The company announced a letter of intent for two firm scrubber-fitted VLCCs, plus options for two more of the same design, through affiliate Andes Tankers III, which is set to become Bruton’s subsidiary. The firm vessels are set for delivery between the fourth quarter of 2028 and the second quarter of 2029, while the optional pair, if exercised before the end of 2025, would arrive later that same year.
The design mirrors Bruton’s existing VLCCs on order at New Times and carries an option to make the ships LNG dual-fuel ready. The payment schedule and commercial terms follow a similar structure to the previous batch.
To support the expanded newbuilding programme, Bruton has launched a private placement of up to $100m.
Shares in the Euronext Growth-listed company are being offered at a subscription price equivalent to $4.29 each, with an accelerated bookbuild now underway. The issue has already attracted solid backing from key stakeholders, with Trøim’s Drew Holdings committing $11m and Koch Shipping pledging $38m.
Trøim marked his return to the tanker trade in 2023 after a 15-year break with a roughly $270m order for two VLCC newbuildings and the bet doubled via Andes at a similar cost, and in which he owns about 21% stake.
If all four latest units move ahead, Bruton’s tanker fleet under construction would rise to eight VLCCs.
