Tor Olav Trøim-backed Bruton is splitting its 12-ship VLCC programme into two listed vehicles as its first supertanker enters service.
The Oslo-listed company will keep the first four VLCCs from New Times Shipyard inside Bruton Limited, creating what it describes as a monthly dividend-paying company backed by near-term cash flow.
The remaining eight VLCCs, four at New Times and four at CIMC Raffles, will be spun into a separate Bermuda company focused on forward-delivery asset exposure.
The demerged company is expected to list on Euronext Growth Oslo by the end of August, giving Bruton shareholders tradeable securities in the new vehicle.
Bruton will also start a process to move its own listing to Euronext Expand or Euronext Oslo Børs, with completion targeted by the end of September.
The split is designed to separate the first cash-generating ships from the later-delivery part of the orderbook.
The company has ordered 12 VLCCs for a total of $1.47bn and raised $216m in equity, equal to about 15% of the programme.
The first four VLCCs are scheduled for delivery between July 2026 and October 2027, while the other eight are due between the first quarter of 2028 and the third quarter of 2029.
Bruton has also taken delivery of its first VLCC, Mount Visionfrom New Times Shipyard. The vessel is set to begin a 3+1+1-year index-linked time charter 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 when the deal was agreed in May.
The company has signed sale-and-leaseback financing with a Chinese leasing house for the first four New Times newbuildings, covering pre-delivery and delivery financing.
Lars-Christian Svensen (pictured) has been appointed interim chief executive officer as Bruton moves from a project company into an operating tanker owner. He replaces Gunnar Eliassen, who has led the build-up of the company.
Svensen is also chief executive officer of 2020 Bulkers and Himalaya Shipping, two other Trøim-backed listed shipping vehicles.
Analysts at SEB described the demerger as a value-crystallising move that would let investors choose between a high-payout, spot-exposed VLCC company and a separate forward-asset play.
The bank said the cashflow company should be valued more like listed tanker peers with ships on the water and dividends, while the eight-ship forward-delivery company is likely to trade at a deeper discount because it has no current cashflow and is exposed to VLCC values two to three years out.
