Bruton Limited (BRUT) - Results for the six months ended June 30, 2026
Bruton Limited (together with its subsidiaries, "Bruton", the "Company" or the "Group") announces preliminary unaudited results for the six months ended June 30, 2026.
Key events during the six months ended June 30, 2026
* Reported a net income of $0.3 million.
* In January 2026, the Company ordered an additional two scrubber fitted VLCCs from New Times Shipyard.
* In February 2026, the Company issued 9,523,810 common shares at US$5.25 per share in a private placement.
* In March 2026, the Company appointed two new directors, Mr. Jens Martin Jensen and Mr. Christian Ness.
* In March 2026, the Company ordered four scrubber fitted VLCCs from Yantai CIMC Raffles.
* In April 2026, the Company acquired 36% of the shares in Peak Maritime Management AS ("Peak Maritime").
* In May 2026, the Company secured a 3+1+1-year time charter for Mount Vision with an international trading company. The initial nine months from delivery are fixed at US$95,000 per day, net, followed by an index-linked rate structure including scrubber benefits.
Subsequent events
* In July 2026, the Company signed a sale and leaseback financing with a Chinese leasing house with pre-delivery and delivery financing for the first four VLCCs from New Times Shipyard.
* In July 2026, the first VLCC, Mount Vision was delivered and commenced its time charter with an international trading company.
* In July 2026, the Company appointed Lars-Christian Svensen as Interim CEO following the departure of Gunnar Eliassen from his position as CEO.
* In July 2026, the Company's board of directors approved a plan of demerger, whereby eight VLCC newbuildings will be transferred to a separate Bermuda-incorporated entity OMC Tankers Ltd. The demerger is conditional upon a completed stock exchange listing of the shares in OMC Tankers Ltd.
* In August 2026, the Company secured a 12 to 15-month time charter for Mount Horizon with a reputable counterpart at a fixed rate of $105,700 per day, net, which will commence in mid-November 2026.
About Bruton Limited
Bruton Limited is a pure-play modern VLCC company with 1 vessel in operation and 11 vessels under construction at New Times Shipyard and CIMC Raffles, with scheduled deliveries between Q4 2026 and Q3 2029.
August 13, 2026 The Board of Directors