The Bermuda-based and Oslo stock-listed Bruton Limited (Bruton) has announced that it has entered into a time charter contract with a reputable counterpart for the Mount Horizon at a fixed rate of $105,700, net, for 12-15 months.
The VLCC Mount Horizon is scheduled to be delivered from the yard in mid November 2026.
With this, the first two of Bruton’s VLCCs have been chartered out at an average rate of $101,000 per day. With that achieved rate, with two ships operating, Bruton is estimated to generate a free cash-flow to equity of $0.71/share on an annualized basis it state on the stock exchange filling.
If all four ships in Bruton (subject to completion of the demerger as described in stock exchange announcement on 7 July) are fixed at $101k/day, the Company will generate a free cash-flow to equity of $1.46/share on an annualized basis once all ships are delivered.
