Oslo listed tanker owner Bruton will order 2+2 VLCCs from China’s New Times Shipbuilding, according to foreign media reports.
Bruton announced a letter of intent to order two Very Large Crude Carriers (VLCCs) through its subsidiary Andes Tankers III, including two option vessels. The two newbuilds are expected to be delivered between the fourth quarter of 2028 and the second quarter of 2029. Should the two option vessels be confirmed by the end of 2025, they will be delivered by the end of 2029.
The new vessels are identical to the existing VLCCs ordered by Bruton’s CEO Tor Olav Troim from New Times Shipbuilding, featuring scrubbers and retaining the option for conversion to LNG dual-fuel propulsion systems.
To support its expanded new building program, Bruton has initiated a private financing round of up to $100 million.
It is understood that after a 15-year hiatus, Tor Olav Troim announced its return to the tanker market in 2023. Through its subsidiary Magni Partners, the company placed an order with New Times Shipbuilding for 2+4 320,000 dwt VLCCs at a price of $138 million each. In February 2024, the option for two additional vessels was exercised.
If all the latest orders for four VLCCs are finalized, Tor Olav Troim’s fleet of VLCCs under construction will increase to eight vessels.
