CMB.Tech NV and Golden Ocean Group Limited are planning to merge, with CMB.Tech as the surviving entity. The merger will create one of the largest diversified listed maritime groups in the world with a combined fleet of more than 250 vessels.
CMB.Tech’s Supervisory Board and Golden Ocean’s Board of Directors support the merger and have signed a term sheet for a stock-for-stock merger. 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.
Dry bulk shipping company Golden Ocean has offices in Norway, Bermuda and Singapore. The company has a fleet of around ninety vessels, all built between 2009 and 2024.
CMB.Tech is headquartered in Antwerp, Belgium and has a fleet of over 160 seagoing vessels in dry bulk, container transport, chemical tankers, offshore wind, and oil tankers. The company is known for developing low-carbon solutions (hydrogen and ammonia) across all its divisions.
Also read: CMB.Tech and Damen ink deal for four hydrogen-powered tugs
Firepower to invest in the fleet
Alexander Saverys, CEO of CMB.Tech: ‘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 USD 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 decarbonisation 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,’ adds Saverys. ‘It’s full speed ahead to decarbonise today to navigate tomorrow!’
‘The proposed merger with CMB.Tech gives Golden Ocean a great opportunity to be part of a large diversified maritime group,’ adds Peder Simonsen, CEO of Golden Ocean. ‘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 favourable long-term outlook. If completed, the merged company will be one of the largest listed maritime groups both in terms of market capitalisation, net asset value and expected share liquidity.’
Also read: CMB.Tech to build ammonia-powered container ship
Subject to conditions
The consummation of the merger remains subject to customary conditions. Upon completion of the merger, Golden Ocean will delist from NASDAQ and Euronext Oslo Børs. CMB.Tech will remain listed on the New York Stock Exchange and Euronext Brussels and will pursue a secondary listing on the Euronext Oslo Børs following and subject to completion of the merger.
Also read: Port of Antwerp-Bruges & CMB.Tech launch the Hydrotug 1
