Bruton to split 12-ship VLCC play

AI Summary

Bruton, supported by Tor Olav Trøim, is dividing its 12-ship VLCC (Very Large Crude Carrier) fleet into two separate listed entities. The initial four VLCCs will remain under Bruton Limited, focusing on monthly dividends supported by near-term cash flow, while the other eight vessels will be separated.

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 …