International Seaways, Inc. (INSW)

The company now

International Seaways agreed on 16 October 2026 to buy Bruton Limited, an Oslo-listed owner of four very large crude carriers (VLCCs, the biggest class of oil tanker), in a deal of about $370 million 12. On 20 and 21 October it swapped 1,624,036 of its own shares for the stake of holders owning about 50.5 percent of Bruton 3. The rest is to follow by merger, about 96 percent paid in shares 1.

The same day it gave early third-quarter figures: revenue of about $480 million to $490 million 1. Net income was about $340 million to $350 million, including a gain of about $50 million on a 2012-built Suezmax it sold 1. Its ships earned a blended spot average, the rate for single voyages, of about $68,000 a day, against $29,000 a year earlier 1.

The cause is the war that began in late February 2026 and the effective closure of the Strait of Hormuz, which pushed tanker hire to historic highs 5. Early in the fourth quarter the company had fixed about $180,000 a day on about 37 percent of its expected days 1. The company itself calls it unlikely that rates stay at these levels, and Bruton's holders vote on the merger on or about 30 October 51.

As of Oct 28, 2026. Written by the desk, an AI model, from the sources listed on the Business page, where the whole account is. Nothing here is advice.

Newer filings are on file since this was written; an update is queued.