Serial entrepreneur Tor Olav Troim’s new VLCC venture has revealed a listing on Oslo’s Euronext Growth board as it takes the next step in its development.
Bruton has brought in Magni Partners’ Gunnar Eliassen as chief executive.
He is a former special adviser at John Fredriksen’s private Seatankers group.
The fledgling operation, also backed by Richard Fulford-Smith-led UK shipbroker Affinity (Shipping), has two 299,500-dwt ships on order at New Times Shipbuilding in China.
The company, formerly known as Andes Shipping, was founded in 2023.
The first day of trading for Bruton’s sponsored Norwegian depository receipts (SNDRs) is Thursday.
The Bermuda-registered company is listing 15.6m SNDRs, representing the same number of underlying common shares in the company, with a par value of $0.10.
The initial share price is NOK 33, giving a market cap of NOK 514.8m ($46.7m).
Troim has a 48% share, and Affinity 24%. Eliassen owns 225,000 SNDRs in the company.
Bruton has engaged ABG Sundal Collier as adviser.
The company said it “intends to actively seek further opportunities within the core markets identified by our sponsor”.
An information document filed to the Oslo bourse details an accounting management agreement with bulker owner Himalaya Shipping and a newbuilding management agreement with 2020 Bulkers.
Troim was a founding shareholder of both companies.
Paying extra for LNG
Bruton was spun out of his investment office, Magni Partners, which ordered two VLCCs last year and another two in February this year.
The two VLCCs assigned to Bruton are costing $133.85m, including $18.2m for LNG dual-fuel engines.
They will be delivered in 2026 and 2027.
Bruton added it will take an opportunistic approach to mergers and acquisitions, and its commercial focus will include sourcing opportunities in maritime sectors, as well as other cyclical businesses at an attractive price.
“The company may develop its business by acquisition of individual assets, such as the VLCCs, or through equity stakes in companies where the company’s resources can support their development,” Bruton said.
The new operation carried out two equity offers in 2023 worth a combined $31m.
Bruton’s board is made up of chairman Bjorn Isaksen, also of Magni Partners, who is chair at Himalaya Shipping, plus Himalaya director Hong Yoon and Patrick Schorn, CEO of Troim-backed Borr Drilling.
