International Seaways to acquire Bruton for ~$370M; posts prelim Q3 net income $340-350M

International Seaways, Inc.

• Deal values Bruton at ~$370M; Seaways issues ~3.12M INSW shares (~96% of consideration), exchange ratio 0.0519 INSW per Bruton share; holders of 10,000 or fewer shares get $6.3044 cash.
• First-Step Exchange for 50.5% of Bruton shares settles on/about Oct 20, 2026; Bruton shareholder vote ~Oct 30; merger expected to close promptly; outside date Nov 15, 2026.
• Bruton adds 4 VLCC vessels, including newbuildings, to Seaways' fleet of ~70 crude and product tankers; CEO Lois K. Zabrocky calls the transaction accretive.
• Prelim Q3 2026: revenue ~$480-490M, net income ~$340-350M including ~$50M gain on sale of a 2012-built Suezmax; total liquidity ~$965M ($455M cash, $510M undrawn revolver).
• Blended spot earnings ~$68,000/day in Q3 2026 vs $79,000 in Q2 2026 and $29,000 in Q3 2025; Q4-to-date fixed ~$180,000/day on ~37% of expected revenue days; full Q3 results Nov 5.