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

11 Sep 2025 07:00 CEST

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

More information:
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