Golden Ocean Group, a dry bulk carrier owner, has announced that its shareholders have officially approved a proposed merger with Belgian shipowner CMB.TECH, integrating its dry bulk fleet into CMB.TECH’s fleet. On August 19, the last trading day for its shares on the United States’ NASDAQ and Euronext Oslo Børs.
Following the completion of the merger, the new company will become one of the world’s largest publicly listed diversified shipping groups, further diversifying CMB.TECH’s overall fleet and laying the foundation for it to continue advancing its strategy related to the energy transition of the shipping industry.
Pursuant to the terms of the merger agreement, all outstanding common shares of Golden Ocean will be exchanged for newly issued common shares of CMB.TECH, with shareholders receiving 0.95 shares of CMB.TECH for each share of Golden Ocean.
Upon completion of the merger, CMB.TECH will issue approximately 95.95 million new common shares. CMB.TECH shareholders will hold approximately 70% (or 67%, excluding treasury shares) of the total issued share capital of the merged company, while Golden Ocean shareholders will hold approximately 30% (or 33%, excluding treasury shares).
CMB.TECH is listed on Euronext Oslo, and continues to trade on the New York Stock Exchange and Euronext Brussels.
CMB.TECH was formed following the acquisition of Euronav in 2024. The company currently owns and operates over 160 ocean-going vessels, including tankers, bulk carriers, container ships, offshore wind turbines and workboats. The merger, initially announced in April, was described by Saverys as “another important step in building a diversified shipping group.”
Prior to the merger, CMB.TECH’s dry bulk fleet consisted of 28 Newcastlemax bulk carriers and two smaller coastal vessels operated under the Bocimar brand. Golden Ocean owns 89 dry bulk carriers with a total carrying capacity of approximately 13.5 million deadweight tons.
Following the merger, the new company’s fleet will comprise approximately 250 vessels, valued at over $11 billion and averaging over six years of age. Golden Ocean’s dry bulk fleet will be incorporated into CMB.TECH’s Bocimar brand, which now boasts a fleet of 119 vessels, making dry bulk shipping the largest segment of CMB.TECH’s business. Analysts speculate that some of these dry bulk vessels may be sold following the completion of the merger.
Alexander Saverys, CEO of CMB.TECH, said, “With the completion of this merger, the company has transformed itself from a pure crude oil tanker company into a large, leading, diversified and promising shipping group in less than 18 months.”
Significantly, this merger brings Golden Ocean and its dry bulk fleet back to square one, 20 years after the company was founded as an independent operator. Originally part of Frontline, Golden Ocean was spun off from Frontline’s tanker business in 2005 to become an independent company focused solely on dry bulk shipping, and has subsequently grown into a leading player in the sector.