CMB.TECH and Golden Ocean merger will create 250 ship behemoth

Alexander Saverys, CEO of CMB.TECH: “We will have all the necessary firepower to continue to invest in our fleet and seize opportunities.”

CMB.TECH NV [NYSE: CMBT] and Golden Ocean Group Limited [NASDAQ: GOGL] are set to merge, creating one of the largest diversified listed maritime groups in the world with a combined fleet of more than 250 vessels.

The merger agreement comes after Saverys-family-controlled tanker company CMB.TECH last month acquired the controlling stake in dry bulk operator Golden Ocean held by John Fredriksen’s Hemen Holdings for nearly $1.3 billion.

Alexander Saverys, CEO of CMB.TECH, commented: “By merging CMB.TECH and Golden Ocean, we would take another great step forward in building our leading diversified maritime group. Our fleet would grow to more than 250 modern vessels spread over five shipping divisions. The value of our fleet would reach more than $11 billion and, 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. Our focus on decarbonization is starting to generate meaningful long-term contracts, and the recent IMO decisions on limiting greenhouse gas emissions from shipping give us even more wind (and ammonia) in our sails. It’s full speed ahead to decarbonize today to navigate tomorrow!”

Peder Simonsen, CEO of Golden Ocean, commented: “The proposed merger with CMB.TECH gives Golden Ocean a great opportunity to be part of a large diversified maritime group. Our fleet and CMB.TECH’s dry bulk vessels are very complementary and would create one of the largest and most modern dry bulk fleets in the world, including 87 modern Capesize and Newcastlemax vessels, with a favorable long-term outlook. If completed, the merged company will be one of the largest listed maritime groups both in terms of market capitalization, net asset value and expected share liquidity. This transaction will allow us to offer an even broader service to our customers, a wide range of possibilities to our employees and last but not least the creation of long term added value to our shareholders.”

The contemplated stock-for-stock merger will see CMB.TECH emerge as the surviving entity, based on an exchange ratio of 0.95 shares of CMB.TECH for each share of Golden Ocean subject to customary adjustments.

The agreement has been unanimously approved by CMB.TECH’s supervisory board and by Golden Ocean’s board of directors, including its special transaction committee composed of disinterested directors. As part of this, the transaction committee has received a fairness opinion from its financial advisor DNB Markets, part of DNB Bank ASA, concluding that the exchange ratio is fair from a financial point of view to Golden Ocean’s shareholders.

The parties aim to enter into definitive transaction agreements, including an agreement and plan of merger, during the second quarter of 2025 and to complete the merger in the third quarter of 2025.