CMB.TECH and Golden Ocean Finalize Merger Terms to Create
Saverys Family Finalizes Golden Ocean Merger
In a significant development for the maritime industry, the Saverys family has confirmed the merger of Golden Ocean with their company, CMB.TECH. This strategic move, valued at approximately $1.4 billion, aims to create one of the largest publicly traded diversified maritime groups. Shareholders of Golden Ocean will receive shares in CMB.TECH, with the merger expected to enhance resilience and leadership in the industry’s decarbonization efforts.
Details of the Merger Agreement
The merger agreement stipulates that Golden Ocean shareholders will receive 0.95 shares of CMB.TECH for each share they own. Following the merger, CMB.TECH shareholders will control about 70 percent of the combined entity, which will continue to operate under the CMB.TECH name, while Golden Ocean will function as an operating subsidiary. This consolidation will result in a fleet exceeding 250 vessels, positioning the new company to rival Frontline as the largest publicly traded shipping company.
CMB.TECH currently boasts over 160 vessels, including 30 dry bulk carriers, tankers, containerships, offshore wind vessels, and workboats. Golden Ocean adds more than 90 dry bulk vessels, contributing an aggregate capacity of approximately 13.7 million deadweight tons (dwt). The merger is projected to yield a market capitalization of around $3.2 billion, significantly enhancing the competitive landscape of the shipping industry.
Despite the promising outlook, analysts have raised concerns regarding the merger due to recent pressures in the dry bulk sector. Golden Ocean reported a net loss of $44 million for the first quarter of 2025, attributing the downturn to weaker market conditions, lower charter rates, and increased macroeconomic uncertainty, including new trade tariffs. CEO Peder Simonsen acknowledged these challenges but emphasized that the fundamental aspects of dry bulk shipping remain strong, particularly for the Capesize segment, citing limited fleet growth and shifting trade patterns as positive indicators for the future.
Future Prospects and Strategic Vision
Alexander Saverys, who will continue as CEO of the merged company, has articulated a vision of leveraging conventional shipping to spearhead initiatives in ammonia and hydrogen as alternative maritime fuels. CMB.TECH has already made strides in establishing ammonia and hydrogen fuel offerings, positioning itself as a pioneer in the adoption of these emerging fuels.
The merger is still subject to customary conditions, including regulatory approvals and a vote by Golden Ocean shareholders. Both companies anticipate finalizing the merger by the third quarter of 2025, marking a pivotal moment in the evolution of the maritime sector.
