CMB.TECH and Global Ocean ink agreement to merge, creating dry bulk giant

Golden Ocean Group Limited and CMB.TECH NV announce that they have signed an agreement and plan of merger for a stock-for-stock merger, as previously announced in late April.

The merger will create one of the largest listed diversified maritime groups in the world with a combined fleet of approximately 250 vessels. Its completion remains subject to customary conditions, including regulatory approvals and Golden Ocean shareholder approval.

Upon completion of the merger, CMB.TECH shareholders would own approximately 70% of the total issued share capital of CMB.TECH and Golden Ocean shareholders would own approximately 30% of the total issued share capital of CMB.TECH, assuming the Exchange Ratio is not adjusted.

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 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.  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.”

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 USD 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. It’s full speed ahead to decarbonise today to navigate tomorrow!”

Upon completion of the Merger, Golden Ocean will delist from Nasdaq and the Euronext Oslo Børs. CMB.TECH will remain listed on the NYSE and Euronext Brussels and will pursue a secondary listing on Euronext Oslo Børs. Assuming timely fulfilment of the relevant closing conditions, the parties aim to complete the merger in the third quarter of 2025.