Oslo-listed Bruton Ltd has received a financing proposal covering 90% of the construction cost for its first two dual-fuel LNG very large crude carriers (VLCCs).

The ships, Mount Vision and Mount Horizon, are scheduled for delivery in July 2026 and January 2027, Bruton said in a press release on Tuesday. 

The company has already paid 20% of the total instalments on each vessel.

The proposed facility has a 15-year tenor and an attractive cost structure, which the company said is expected to result in a highly competitive cash break-even level.

Bruton has also entered into a non-binding letter of intent with an unnamed global trading house for the charter of the two vessels.

The company also holds options for two further VLCC new ships at China‘s Nantong Xiangyu Shipyard for delivery in 2029.

According to Bruton’s website, the company has six VLCCs on order, with deliveries up to 2029.