International Seaways, Inc. (NYSE: INSW) has agreed to acquire Bruton Limited (OSL: BRUT) in a series of transactions valuing Bruton at approximately $370 million, according to a company press release.

The deal combines Bruton's four very large crude carrier (VLCC) vessels, including newbuildings, with International Seaways' existing fleet of approximately 70 vessels across crude and product segments.

International Seaways has entered into exchange agreements with Bruton shareholders holding approximately 50.5% of Bruton's outstanding common shares, to be acquired in exchange for 0.0519 INSW shares per Bruton share. That first step is expected to settle on or about October 20, 2026.

The remaining Bruton shares will be acquired through a cash and stock merger. International Seaways expects to issue approximately 3.12 million INSW shares across both transactions, representing approximately 96% of the total consideration, with the remainder paid in cash. Bruton will hold a special shareholder meeting on or about October 30, 2026, to vote on the merger.

The company also reported preliminary third-quarter 2026 financial results. Shipping revenues and other operating revenues are expected to be approximately $480 million to $490 million. Net income is estimated at $340 million to $350 million, including a gain of approximately $50 million from the sale of a 2012-built Suezmax vessel. Total liquidity stood at approximately $965 million as of September 30, 2026, comprising $455 million in cash and short-term investments and $510 million in undrawn revolving credit capacity.

Blended spot earnings for the third quarter were approximately $68,000 per day, compared with $79,000 per day in the second quarter of 2026 and $29,000 per day in the third quarter of 2025. During the first three weeks of the fourth quarter, the company fixed blended spot earnings of approximately $180,000 per day on about 37% of expected revenue days.

Full third-quarter results are scheduled for release on November 5, 2026. The preliminary figures remain subject to completion of financial closing procedures.