Golden Ocean-CMB.Tech merger

Golden Ocean’s shareholders approved an all-stock merger with CMB.Tech at a meeting on August 19 with the green light from Golden Ocean’s shareholders the merger was expected to close on August 20, reports Seatrade Maritime News.

Under the terms of the merger all common shares in Golden Ocean will be cancelled an exchanged for 0.95 shares in the newly enlarged CMB.Tech.

CMB.Tech shareholders will own around 70% of the merged company, and Golden Ocean shareholders will have a roughly 30% stake.

The deal will see Golden Ocean’s fleet of 90 bulk carriers, comprising 59 Capesizes and 31 Panamaxes, with a capacity of 13.7 million tons, join CMB.Tech’s diversified fleet of 160 vessels. CMB.Tech operates a range of crude oil tankers, dry bulk vessels, container ships, chemical tankers, offshore wind vessels and workboats.

The merged company will have a combined fleet of 250 vessels estimated to be worth US$11 billion.

The merger will see Golden Ocean delisted from the NASDAQ and Euronext Oslo Børs, while CMB.Tech adds a secondary listing on Euronext Oslo Børs in addition to its NYSE and Euronext Brussels listings.

The merger followed CMB.Tech acquiring John Fredriksen’s Hemen Holdings 40.8% stake in Golden Ocean for US$1.18 billion in March this year. It was a move that was to see Fredriksen selling most of his dry bulk shipping assets.

Antwerp-headquartered CMB.Tech is controlled by the Savery’s family. The listed-company formerly known as Euronav acquired 106 vessels from the Savery’s owned CMB in 2024.

The move was part of a strategy to diversify the business of the former Euronav from tankers into dry bulk, container ships and offshore wind, with a focus on green ships and renewable energy.