Antwerp-based CMB.TECH has agreed to acquire Norway’s Golden Ocean in an all-stock deal that will create one of the largest diversified listed maritime groups in the world with a combined fleet of more than 250 vessels including tankers, dry bulkers and containerships.
Under the terms announced, the companies will merge with Golden Ocean shareholders receiving for each share .95 shares of CMB.TECH. They will hold 30 percent of the combined company with CMB.TECH holders retaining 70 percent. A terms sheet has been signed and they expect to complete the merger agreement in the second quarter of 2025. The deal is expected to close in the third quarter of this year.
“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,” said Alexander Saverys, CEO of CMB.TECH. “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.”
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.
Golden Ocean is a Bermuda incorporated shipping company specializing in the transportation of dry bulk cargoes. As of February 2025, the Golden Ocean fleet consists of 91 vessels, with an aggregate capacity of approximately 13.7 million deadweight tonnes.
Headquartered in Antwerp, CMB.TECH owns and operates more than 150 seagoing vessels: crude oil tankers, dry bulk vessels, container ships, chemical tankers, offshore wind vessels and workboats. CMB.TECH also offers hydrogen and ammonia fuel to customers, through own production or third-party producers. CMB.TECH has offices across Europe, Asia, United States and Africa.
(Photo of Golden Ocean vessel)