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Bruton announced the LoI on Tuesday, saying the potential charterer is a “leading global trading house.”
The proposed charter arrangement is designed to provide exposure to the spot market while securing a premium for the vessels’ “superior fuel efficiency and environmental performance” enabled by their dual-fuel LNG capability, it said.
In addition, Bruton also said that it has received a financing proposal covering 90 percent of the construction cost for its first LNG dual-fuel vessels, Mount Vision and Mount Horizon, scheduled for delivery in July 2026 and January 2027, respectively.
To date, Bruton has paid 20 percent of the total instalments on each vessel.
The proposed financing carries a 15-year tenor and offers an attractive cost structure, which is expected to provide the company with a highly competitive cash break-even level, it said.
China’s New Times Shipbuilding is constructing these LNG dual-fuel VLCCs.
Bruton also holds options for two further VLCC newbuildings at NTS, with scheduled deliveries in 2029.
“This development underscores Bruton’s strategy to build a modern, environmentally advanced VLCC fleet, positioning the company to benefit from strong tanker market fundamentals and increasing demand for sustainable tonnage,” Bruton said.
Bruton is sponsored by Magni Partners, the investment office of Tor Olav Troim.
In 2023, Magni Partners sponsored the ordering of four VLCCs from New Times and these vessels are part of Bruton’s fleet.
Last year, Bruton’s wholly-owned subsidiary Andes Tankers III also ordered two new scrubber-fitted VLCCs at New Times.
These newbuilds are scheduled for delivery in 2028 and 2029.
