BRUT.OL Bruton Limited

Tankers Crude · VLCC · 52 documents

Bruton Limited's 1-vessel crude tanker fleet should earn about $98,618 a day in 2026Q4. Bruton Limited last announced $0.025 a share a month (2026Q3); nothing is announced for 2026Q4 yet, so our forecast carries that rate. All of those vessel-days are already fixed at rates Bruton Limited has disclosed.

Last paid · ex 2026-09-10
$0.025
5.0% annualised
$95,000/d earned
2026Q4 · our model
$0.025
5.0% annualised
$98,618/d modelled
ASSUMED
100% booked · its last monthly distribution, carried forward

Yields annualise each month ×12 at the last close, $6.00 (2026-10-19). Our model is not company guidance.

What will Bruton Limited pay for 2026Q4?

Company said
Bruton Limited has booked 100% of its 2026Q4 days (2026-08-06, source; by class on the right). It has last announced $0.025 a share — per month (August 2026); one vessel on a fixed charter at US$95,000/day net (2026-09-04, source).
$98,618/d
booked average
$0.025
last announced
Our model
Booked days at those rates, open days at market rates; dividend by its last monthly distribution, carried forward.
$98,618/d
modelled
$0.025
modelled · ASSUMED

Booked vs market $/day

ClassBookedAtSpot now
VLCC · Mount Vision 66.2% $95,000 $720,196
VLCC · Mount Horizon 33.8% $105,700 $720,196

Rates in, dividend out 2026Q4

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

ClassCompany earnedBooked 2026Q4Market now8 weeks
VLCC · 1 $95,0002026Q3 · fleet avg $98,618100% of days $720,1962026-10 median · 4 routes +264%

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q4. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.

Your rates open days only — booked days stay at the booked rate

VLCC 100% booked at $98,618 · 0 open days

2026Q4 P&L and cash

LineModelYour scenarioΔ
Vessel-days, days pattern

Net of off-hire and drydock: the fleet history's net days.

 139 139
By class
ClassDaysModel $/dayYours $/day
VLCC13998,61898,618
Fleet TCE, $/day pattern 98,618 98,618
Revenue (TCE basis), $m pattern

Vessel-days × fleet TCE.

 13.7 13.7
Vessel opex, $m

Not on file for any quarter (not extracted, or not disclosed).

 —
G&A, $m

Not on file for any quarter (not extracted, or not disclosed).

 —
EBITDA, $m

Needs vessel opex and G&A on a per-day basis; missing cash-cost component(s): gna_m, interest_expense_usd_m, mandatory_amortization_usd_m, opex_m.

 — —
Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

 —
Interest expense, $m

Not on file for any quarter (not extracted, or not disclosed).

 —
Scheduled debt amortisation, $m

Not on file for any quarter (not extracted, or not disclosed).

 —
Drydock cost, $m

No separate drydock cash line on file; off-hire is in the vessel-day count above.

 — —
Cash break-even, $/day

No cash break-even: missing cash-cost component(s): gna_m, interest_expense_usd_m, mandatory_amortization_usd_m, opex_m.

 — —
Cushion vs fleet TCE, $/day — —
Free cash flow to equity, $m

No cash break-even: missing cash-cost component(s): gna_m, interest_expense_usd_m, mandatory_amortization_usd_m, opex_m.

 — —
Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

 —

Dividend policy stated

No stated payout policy on file.

The company’s own word sets this dividend; it does not move with the rate.

OutputModelYour scenarioΔ
Estimated DPS, $/share assumed $0.03
Forward yield, run-rate % 5.0%
vs last declared ($0.03, ex:2026-09-10) +0%

Yield annualises the quarter’s DPS × 12 (a run-rate, not a forecast of the year) against the $6.00 close on 2026-10-19.

This dividend is set by its last monthly distribution, carried forward, not by the rate — your scenario moves the cash line, not the DPS.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Market context — rates, the dividend, and the price

Dividend — declared

0
0.01
0.03
2026-08

Solid bars are declared distributions.

Forward (our model — model month ×12): $0.30/yr · @ $6.00 (as of 2026-10-19) = 5.0% yield (forward, model)

Fleet rate — what the market pays a fleet like this one

Fleet-weighted market rate with the class benchmarks behind it: 91 points, 2025-01-03 to 2026-10-16; BRUT.OL fleet-weighted latest 711,081.00; VLCC benchmark latest 711,081.00.

image/svg+xml Jul 2026 Jul 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 711,081 711,081 BRUT.OL fleet-weighted VLCC benchmark USD/day

Latest $711,081/day at 2026-10-16 (-2.5% on the prior print), weighted 1×VLCC.

This fleet is one class, so its fleet-weighted rate and its class benchmark are the same series — the line is that class's blend. Each class benchmark is a median across every route mapped to that class, not a single assessment. A laden-leg benchmark runs hotter than a fleet earns — ballast days, waiting time, TC-out legs and off-hire all dilute it — so this is market direction, not revenue.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →

Where BRUT.OL departs from that

  • This issuer declares monthly, not quarterly. Yields annualise at 12x a monthly rate rather than 4x a quarterly one.
  • No fleet TCE is on file for this issuer, so the dividend is shown on its own rather than against the rate behind it.

What drives it — fleet TCE, 2026Q4

Expected fleet TCE
$98,618/d
STATED
Days already fixed
100%
at disclosed rates
How we got to the DPS
Its last monthly distribution, carried forward ASSUMED $0.03
Cash walk from earnings declined — debt service is not on file yet, and the model will not assume it is zero
Stated payout policy declined — the company publishes no payout policy this model can read

Earnings bridge — 2026Q3 → 2026Q4

Booked cover — issuer guidance targets a different quarter than the anchor — no same-vintage comparison TBD
Open cover (spot-exposed) — VLCC 0% of days without booked cover — spot-exposed TBD
Expected DPS (2026Q4) $0.03

Monthly dividends — declared

Declared (1 monthly)

MonthDPSEx-datePay dateSource
2026-08$0.0250/share2026-09-102026-09-18as of 2026-09-04

Declared monthly distributions only. The forward estimate is the single model in Dividend forecast — model estimate (§25 distribution model over the captured Braemar curve).

Dividend history & forecast accuracy

Upcoming

QuarterEx-date (est.)Forecast DPSActual DPS
2026Q4 E—$0.03—
PeriodDPSKindEx-datePay dateSource
ex 2026-09-10 $0.03/share regular 2026-09-10 — as of 2026-09-10 ex-dividend notice

DPS method: its last monthly distribution, carried forward.

Financials & fleet

Latest quarter 2026Q4

Fleet
1
Realized TCE
$95,000/d 2026Q3
Declared DPS
$0.025 ex 2026-09-10
TTM DPS
—
Coverage
—

1× vlcc 2026Q3

Fleet model — 2026Q4

20/92 days elapsed (22%) · Est. revenue to date $3.0M of $13.7M projected · Fleet model estimate — not issuer guidance.

ClassShipsTCSpot% FixedGuided $/dSpot $/dBlended $/dQTD rev $MModeled Q rev $M
VLCC1—— 100% 98,618 1,257,500 98,618 3.0 13.7
Total1 98,618 3.0 13.7

Guided rates are issuer-booked cover for 2026Q4 blended with Gibson and route-basket spot medians for the open days.

Expected DPS
$0.03/share
Annualized
$0.30/yr
Revenue if rates hold
$13.7M

Bear, Base and Bull use booked coverage only for open vessels on a market index — this issuer has no realized-TCE history to anchor the index to what its fleet earns.

Model gaps & assumptions

vlcc: using issuer guidance 100% fixed @ $98,618/day — day-weighted across its charters: VLCC Mount Vision (fixed TC, first 9 months) $95,000/day x 92 days; VLCC Mount Horizon (fixed TC, 12-15 months) $105,700/day x 47 days · nothing announced for 2026Q4 yet: the last monthly distribution, $0.025 a share (2026Q3, per month (August 2026); one vessel on a fixed charter at US$95,000/day net), carried forward — an assumption, not the company's word on this quarter

Guidance & sources

Issuer guidance — forward-looking

PeriodMetricValueCoverageAs ofSource
2026Q4VLCC Mount Horizon (fixed TC, 12-15 months) $105,700 100.0% 2026-08-06 print
Historical guidance (1 rows)
PeriodMetricValueCoverageAs ofSource
2026Q3VLCC Mount Vision (fixed TC, first 9 months) $95,000 100.0% 2026-05-05 print
Sources — press, filings & documents

Interim updates since 2026Q3

  • dividend high 2026-10-18T23:04:00 X-dag månadsutdelning BRUT 0.2325925 source
  • dividend high 2026-10-18T23:04:00 X-dag ordinarie utdelning BRUT 0.00 NOK source
  • dividend high 2026-10-18T23:04:00 X-dag ordinarie utdelning BRUT 0.00 NOK source
  • other low 2026-10-16T08:30:00 Bruton Limited (“ Bruton ” or the “ Company ”) is pleased to announce that it has entered into a Transaction Agreement and a Bermuda law Sta… source
  • other low 2026-10-16T08:30:00 Pursuant to the Merger Agreements, Merger Sub will merge with and into Bruton, with Bruton surviving as an indirect subsidiary of Internatio… source
  • other low 2026-10-16T08:30:00 The execution of the Merger Agreements follows an initial private placement by International Seaways, whereby International Seaways has agre… source
  • other low 2026-10-16T08:30:00 The completion of the Exchange is expected on or about 20 October 2026. source
  • other low 2026-10-16T08:30:00 On the effective time of the Merger, each ordinary share in Bruton immediately prior to the effective time, other than certain excluded shar… source
  • other low 2026-10-16T08:30:00 Holders of more than 10,000 NDRs in Bruton will receive newly issued shares in International Seaways’ common stock (the “ Consideration Shar… source
  • other low 2026-10-16T08:30:00 The Share Consideration will be delivered to the applicable NDR holders in the form of Computershare Direct Registration System (DRS) book-e… source
  • other low 2026-10-16T08:30:00 Holders of 10,000 NDRs or less will receive cash consideration of the NOK equivalent to USD 6.3044 per NDR/share in Bruton (the “ Cash Consi… source
  • other low 2026-10-16T08:30:00 The Merger is expected to complete early November 2026, subject to customary conditions, including approval by the Company’s Special General… source
  • other low 2026-10-16T08:30:00 Pursuant to the Exchange, holders of approximately 50.5% of the shares/NDRs in the Company have agreed to vote their shares/NDRs in favour o… source
  • other low 2026-10-16T08:30:00 The Cash Consideration will be distributed to the applicable NDR holders shortly after the completion of the Merger. source
  • other low 2026-10-16T08:30:00 The board of directors of Bruton (the “ Board ”) has unanimously approved the Merger Agreements and determined that the terms of the Merger … source
  • other low 2026-10-16T08:30:00 In connection with its determination, the Board has received a fairness opinion from Pareto Securities AS (“ Pareto ”), as financial adviser… source
  • other low 2026-10-16T08:30:00 The Board has considered the Merger Agreements on the basis of the applicable rules and regulations concerning equal treatment. source
  • other low 2026-10-16T08:30:00 The Board is of the view that it will be in the common interest of the Company and its shareholders to enter into the Merger Agreements, and… source
  • other low 2026-10-16T08:30:00 The Board acknowledges that the Merger implies different treatment of NDR holders in two respects, the first being as between those receivin… source
  • other low 2026-10-16T08:30:00 The Board has considered the proposed deviation from equal treatment principles well founded, as it is designed to relieve a larger number o… source
  • other low 2026-10-16T08:30:00 Further, the Board acknowledges that the second respect in which shareholders will be treated differently is as between the fixed Exchange R… source
  • other low 2026-10-16T08:30:00 The Board has considered both forms of consideration to be of equivalent value when agreed, and has found this approach reasonable as it giv… source
  • other low 2026-10-16T08:30:00 The Board acknowledges that, in the period between signing and completion, the value of the consideration shares could diverge from the cash… source
  • other low 2026-10-16T08:30:00 Bruton's shares are registered in the name of Equro Issuer Services AS (“ Equro ”) in Bruton's register of members, and Equro has issued the… source
  • other low 2026-10-16T08:30:00 The NDRs will, with certain exceptions, carry the same shareholder rights as the underlying shares, including the right to Consideration Sha… source
  • other low 2026-10-16T08:30:00 For the mentioned exceptions, including the right to dissent, holders of NDRs should refer to the notice of the SGM for further information,… source
  • other low 2026-10-16T08:30:00 The Merger is conditional upon the approval by the SGM. source
  • other low 2026-10-16T08:30:00 Notice of the SGM, together with a copy of the Statutory Merger Agreement, a statement of the fair value of Bruton's shares as determined by… source
  • other low 2026-10-16T08:30:00 Bruton intends to apply for its shares to be delisted from Euronext Growth Oslo as promptly as practicable after the completion of the Merge… source
  • other low 2026-10-16T08:30:00 Morgan Stanley & Co LLC and Pareto Securities AS are acting as financial advisors to Bruton. source
  • other low 2026-10-16T08:30:00 Conyers Dill & Pearman Limited is acting as Bermuda legal counsel and Ro Sommernes Advokatfirma AS is acting as Norwegian legal counsel to B… source
  • other low 2026-10-16T08:30:00 Moelis & Company LLC and Clarksons Securities AS are acting as financial advisor to International Seaways. source
  • other low 2026-10-16T08:30:00 Wachtell, Lipton, Rosen & Katz is acting as U.S. legal counsel, Carey Olsen is acting as Bermuda legal counsel and Schjødt is acting as Norw… source
  • other low 2026-10-16T08:30:00 This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirem… source
  • other low 2026-10-16T08:30:00 This announcement was published by Alfi Lao on behalf of Bruton Limited on 16 October 2026 at 08.30 CET. source
  • other low 2026-10-16T08:30:00 Bruton Limited is a pure play modern VLCC company with 1 vessel operating and 3 vessels under construction at New Times Shipyard with schedu… source
  • dividend high 2026-10-08T15:38:00 X-dag månadsutdelning BRUT 0.2325925 source
  • dividend high 2026-10-08T15:38:00 X-dag ordinarie utdelning BRUT 0.00 NOK source
  • dividend high 2026-10-08T15:38:00 X-dag ordinarie utdelning BRUT 0.00 NOK source
  • other low 2026-10-08T15:38:00 Bruton Limited (the " Company ") refers to media speculation regarding a potential transaction involving the Company. The Company has initia… source

Market: VLCC FFA curve $1,257,500/day

Press & filings by quarter

QuarterReportPresentationDividendOther
2026Q4 — — — Bruton Limited (BRUT): Notice of Special Gener…, Bruton Limited (BRUT) - Mandatory Notification…, Bruton Limited (BRUT) – Agreement to Merge wit…, Bruton Limited (BRUT) Company update
2026Q3 Bruton Limited (BRUT) - Results for the six mo…, Bruton Limited (BRUT) - Results of 2026 Annual… — Bruton Limited (BRUT) - Ex cash distribution U…, Bruton Limited (BRUT) - Ex cash distribution U…, Bruton Limited (BRUT) – Commercial update and …, Bruton Limited (BRUT) - Ex distribution in kin…, Bruton Limited (BRUT) - Ex distribution in kin…, Bruton Limited (BRUT) – Key Information in con…, Bruton Limited (BRUT) - Resolved distribution … BRUT: Financial calendar, Bruton Limited (BRUT) – Time charter agreement…, Bruton Limited (BRUT) - Amended Notice of Annu…, Bruton Limited (BRUT) - Notice of Annual Gener…, Bruton Limited (BRUT) – Change of CEO and Mand…, BRUT: Financial calendar, Bruton Limited (BRUT) – Delivery of Mount Visi…, BRUT: Financial calendar, BRUT: Financial calendar
2026Q2 — — — Bruton Limited (BRUT) - Mandatory Notification…, Bruton Limited (BRUT) - Mandatory Notification…, Bruton Limited (BRUT) – Time charter agreement…
2026Q1 Bruton Limited (BRUT) Annual Report 2025 Bruton Limited (BRUT) - Company Presentation — Bruton Limited (BRUT) – Grant of Share Options…, Bruton Limited (BRUT) – Strengthening of the B…, Bruton Limited (BRUT) – Newbuilding contracts …, Bruton Limited (BRUT) – Share Capital Increase, Bruton Limited (BRUT) – Mandatory notification…, Bruton Limited (BRUT) – Completion of a Privat…, Bruton Limited (BRUT) – Potential Vessel Optio…, Bruton Limited (BRUT) – Exercise of options fo…, Bruton Ltd. (BRUT) – Received financing propos…, BRUT: Financial calendar
2025Q4 — — — BRUT: Financial calendar, Bruton Limited (BRUT) – Grant of Share Options…, Bruton Limited (BRUT) – Issue of Consideration…, Bruton Limited (BRUT) - Final contracts for ad…, Bruton Limited – Acceptance of the Offer to th…, Correction: Bruton Limited (BRUT) – Mandatory …, Bruton Limited (BRUT) – Mandatory notification…, Bruton Limited (BRUT) – Mandatory notification…, Bruton Limited – Share Capital Increase, Bruton Limited (BRUT) – Completion of a Privat…, Bruton Limited (BRUT) – Launch of a Private Pl…, Bruton Limited (BRUT) – Order of additional fi…, Bruton Limited (BRUT) – Exchange Offer to the …
2025Q3 — Bruton Limited (BRUT) - Presentation at Pareto… — Bruton Limited (BRUT): Strategy Update - Conte…

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