CMB.TECH and Golden Ocean Finalize Merger Terms to Create Shipping Giant
A month after announcing the intent to merge their shipping operations, the Saverys family reported that terms have been reached for the combination of Golden Ocean into the family company CMB.TECH. The resulting combination is set to create one of the largest publicly traded diversified maritime groups.
The transaction is valuing Golden Ocean, the largest listed owner of large-size dry bulk vessels, at approximately $1.4 billion. Under the agreed terms, the shareholders will receive .95 shares of CMB.TECH. After the merger, CMB.TECH shareholders will own approximately 70 percent of the shares of the combined company which will continue as CMB.TECH with Golden Ocean becoming an operating subsidiary.
Presenting the rationale for the combination, management cites the creation of a diversified shipping company that will be more resilient and positioned to lead in the industry’s decarbonization efforts. CMB.TECH currently has more than 160 vessels, including, 30 dry bulk carriers as well as tankers, containerships, offshore wind, and workboats. Golden Ocean has more than 90 dry bulk vessels with an aggregate capacity of approximately 13.7 million dwt. With a fleet of more than 250 vessels and a projected market cap of $3.2 billion, the combined company will rival Frontline as the largest publicly traded shipping company and dwarf other shipping companies.
The deal, however, has been called into question by analysts and investors after pressures emerged on the dry bulk sector. Golden Ocean reported a week ago a net loss of $44 million for the first quarter of 2025.
“Our first quarter results reflect a weaker market environment, with softer charter rates and lower trading activity impacting our performance, in addition to our current intensive drydocking schedule. These headwinds were not unexpected given the seasonal slowdown and increased macroeconomic uncertainty, including the disruption caused by recently announced trade tariffs,” said Peder Simonsen, Chief Executive Officer and Chief Financial Officer of Godel Ocean.
He however asserted that the fundamentals underpinning of dry bulk shipping remain intact, in particular for the Capesize segment. He points to limited fleet growth, shifting trade patterns, and infrastructure-led demand in key regions as continuing to support a constructive medium-term outlook for the group.
Alexander Saverys, who will remain CEO of the combined company, has in the past spoken of a strategy of using conventional shipping to drive the company's efforts to become a leader in ammonia and hydrogen as maritime fuels. CMB.TECH has established ammonia and hydrogen fuel offerings and some of the first ships to operate on the emerging alternative fuels.
The merger remains subject to customary conditions, including regulatory approval and a vote by Golden Ocean shareholders. The companies report they expect to complete the merger in the third quarter of 2025.