CMB.TECH and Golden Ocean to Merge Forming Shipping Giant
Saverys Family Merges with Golden Ocean in Bold Move
The Saverys family is making significant strides in the maritime industry by advancing their vision for a sustainable shipping giant. Just seven weeks after their initial investment in Golden Ocean, CMB.TECH has announced an all-stock acquisition of the dry bulk shipping company. This merger is set to create one of the largest publicly traded maritime groups, enhancing market capitalization, net asset value, and share liquidity.
Strategic Growth and Decarbonization Efforts
Last year, following the acquisition of Euronav and the integration with CMB.TECH, Alexander Saverys laid out a comprehensive strategy aimed at leveraging existing shipping operations to bolster the group’s decarbonization initiatives. He describes the merger with Golden Ocean as “another great step forward” in building a diversified maritime entity. With this acquisition, the fleet will expand from 162 to over 250 vessels, operating across five critical segments of the industry.
CMB.TECH’s journey began in March when it announced the acquisition of a 40 percent stake in Golden Ocean from prominent investor John Fredriksen for nearly $1.2 billion. Initially, the company indicated that this share purchase would not trigger a mandatory takeover bid. However, CMB.TECH has continued to increase its stake in Golden Ocean, leading to this significant merger announcement.
According to the terms disclosed after the market closed on April 22, Golden Ocean shareholders will receive 0.95 shares of CMB.TECH for each share they hold. This arrangement means that Golden Ocean shareholders will own 30 percent of the newly formed entity, while CMB.TECH shareholders will retain 70 percent. The companies expect to finalize the merger agreement by the second quarter of 2025, with the deal anticipated to close in the third quarter of this year.
Future Prospects and Market Confidence
Alexander Saverys, CEO of CMB.TECH, emphasized the merger’s potential, stating, “The value of our fleet would reach more than $11 billion. Combined with our public listings and enhanced liquidity in our shares, we will have all the necessary firepower to continue to invest in our fleet and seize opportunities.” He noted that their focus on decarbonization is beginning to yield substantial long-term contracts, especially in light of recent International Maritime Organization (IMO) decisions aimed at limiting greenhouse gas emissions from shipping.
Golden Ocean currently operates 91 vessels with a total capacity of approximately 13.7 million deadweight tons (dwt). Meanwhile, CMB.TECH’s dry bulk fleet includes 28 Newcastlemax and 20 Suezmax carriers. Peder Simonsen, CEO of Golden Ocean, expressed optimism about joining a larger, diversified maritime group, highlighting the complementary nature of their fleets and the strengths of the combined company. Analysts view this merger as a strong endorsement of the bulker sector amid ongoing market uncertainties.
