Bruton Limited

M&A Activity • Sep 11, 2025

Bruton Limited (BRUT): Strategy Update - Contemplating the creation of a leading VLCC platform

Bruton Limited (BRUT): Strategy Update - Contemplating the creation of a leading VLCC platform

Hamilton, Bermuda, 11 September 2025

Bruton Limited ("the Company" or "Bruton") announces today that it is

contemplating to become a pure play modern VLCC company based on the same

successful payout model as established by 2020 Bulkers Ltd and Himalaya

Shipping Ltd. Further, the Board of Directors will initiate discussions with

Andes Tankers II ("Andes"), the owner of two VLCC vessels from New Times

Shipyard for a business combination. A business combination would form the

basis of a pure play VLCC platform with the most modern fleet, targeting a low

leverage balance sheet to facilitate monthly dividend payments to its

shareholders.

In 2023, Magni Partners sponsored the ordering of four VLCCs from New Times

Shipyard with the first two vessels today being fully owned by Bruton and

vessel #3 and #4 owned by Andes, a private Bermuda incorporated company with

affiliates of Magni Partners being a significant shareholder together with

other reputable institutional and industrial investors.

As part of a potential business combination between Bruton and Andes,

discussions have been entered into with New Times Shipyard to potentially

equip vessel 3 and vessel 4 with similar dual fuel LNG propulsion systems as

for the Bruton fleet. An adoption by IMO of its IMO Net-Zero Framework for

global CO2 taxation on shipping, currently being voted on in October 2025,

could lead to additional significant benefits for dual-fuel tonnage and

benefit the Bruton fleet accordingly.

Bruton has received attractive proposals for financing of up to 85% of the

vessels' construction cost. Since 10 % have already been paid, this will be

leaving a limited additional equity need to fully finance its two vessels.

However, based on the positive investor reception of the 2020 Bulkers and

Himalaya Shipping monthly payout strategies, the Company will aim for a model

with a strong balance sheet, low cash break even and a similar pay-out model.

As a first step in its growth strategy, Bruton is contemplating an initial

equity raise of up to $100 million.

Should Bruton be successful combining with Andes, the Company will target a

listing at a reputable international stock exchange in addition to its

existing Euronext listing.

Bruton will also pursue other fleet expansion opportunities beyond the Andes

fleet with the objective of creating a leading and shareholders friendly VLCC

platform based on modern tonnage.

The largest shareholder in Bruton, Drew Holdings Ltd with 48% ownership which

also holds 21% in Andes is supporting the proposed strategy, the initiative

for a consolidation and the contemplated equity offering.

Forward-looking statements: This announcement contains forward-looking

statements that involve risks and uncertainties. These statements relate to

future events or the Company's future performance, including but not limited

to statements regarding contemplated business combinations, potential equity

raises, fleet expansion opportunities, dividend payment strategies, and

listing plans. Actual results may differ materially from those expressed or

implied in these forward-looking statements due to various factors including

market conditions, regulatory changes, financing availability, and other

business risks. The Company undertakes no obligation to update or revise any

forward-looking statements, whether as a result of new information, future

events, or otherwise.

Any questions should be directed to:

Gunnar Eliassen,

CEO, gunnar@magnipartners.com