The Bermuda-based and Oslo stock-listed Bruton Limited (Bruton) has announced that the company, through its subsidiaries, has entered into four shipbuilding contracts with Chinese shipbuilder Yantai CIMC Raffles Offshore Ltd (CIMC Raffles).

Pursuant to each shipbuilding contract, CIMC Raffles will build one 319,000-dwt VLCC vessel for delivery to a subsidiary of the company.

The vessels will be built in accordance with MARIC 319k dwt design, fitted with open loop scrubbers, with scheduled delivery from January to July of 2028.

The purchase price for each vessel is $124.75m, with instalment payment terms being the execution of contract (10%), steel cutting (20%), keel laying (10%) and the launch of the vessel (10%). The remaining 50% of the purchase price shall be payable on delivery, as Bruton stated.