CMB.TECH, Golden Ocean merger edges closer to the finish line

Belgian shipowner CMB.TECH and dry bulk shipping company Golden Ocean Group (GOGL) have signed an agreement and plan for a stock-for-stock merger.

As disclosed, the transaction, which has been greenlit by Golden Ocean’s Board of Directors and CMB.TECH’s Supervisory Board, will see the former merge with and into CMB.TECH Bermuda, a wholly-owned subsidiary of the Belgian maritime industry player.

The merger is anticipated to result in what is described as “one of the largest listed diversified maritime groups in the world” with a combined fleet of roughly 250 vessels featuring technological solutions ‘crucial’ to maritime decarbonization such as dual fuel-fitted units.

Upon completion of this deal, GOGL will delist from the Nasdaq Global Select Market and Euronext Oslo Børs. CMB.TECH shareholders are expected to own around 70% of the total issued share capital of the company, while Golden Ocean shareholders would own approximately 30% of the total issued share capital of CMB.TECH.

As divulged, the consummation of the merger remains subject to customary conditions, including regulatory and Golden Ocean shareholder approval, among other factors. Moreover, should the relevant closing conditions be met on time, the parties reportedly intend to wrap up the merger in the third quarter of this year.

To remind, CMB.TECH and GOGL revealed the initial details of this development at the beginning of March 2025 when the two parties agreed that the former would buy around 41% of the latter’s shares as part of a diversification strategy.

By the end of April, it was unveiled that the partners had inked a term sheet for a contemplated merger. At the time of the announcement, Alexander Saverys, CEO of CMB.TECH, elaborated that the value of the company’s fleet could reach more than $11 million with this deal. Combined with public listings and enhanced liquidity, the merger could also provide the necessary firepower to continue investing in fleet and seize opportunities, he added.

In the meantime, the Antwerp-headquartered shipowner has pressed on with its vision to own an efficient and environmentally friendly fleet. Within the past month, the company marked the handovers of at least three future-proof units.

In late April, CMB.TECH welcomed a 210,000 dwt bulk carrier, the Mineral Sverige, which was constructed by Qingdao Beihai Shipbuilding Heavy Industry (BSIC). On May 20, two more BSIC-built bulkers were added to the roster. All three newbuildings can run on ammonia— a fuel that, when produced from renewable energy, can achieve a lifecycle greenhouse gas (GHG) emission reduction of up to 90% compared to traditional fossil fuels.