The Oslo stock-listed Bruton Ltd. has received a financing proposal covering 90% of the construction cost for its first two dual-fuel LNG very large crude carriers (VLCCs), Mount Vision and Mount Horizon, scheduled for delivery in July 2026 and January 2027, respectively, according to a company’s announcement on January 20. To date, Bruton has paid 20% of total instalments on each vessel.
In accordance with Bruton, 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.
In parallel, Bruton has entered into a non-binding letter of intent (LOI) for a charter party with a global trading house for the employment of these vessels.
“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,” Bruton stated in its release.
Additionally, Bruton holds options for two further VLCC newbuildings at New Times Shipbuilding Co. Ltd. (NTS), with scheduled deliveries in 2029.
