CMB.TECH and Golden Ocean to Merge Forming Shipping Giant

The wave of recent mergers and acquisitions in the shipping industry continues with the news that CMB.TECH is to merge with Golden Ocean to form what will be one of the largest maritime groups in terms of market capitalisation, net asset value, and expected share liquidity. 

The combined entity will have a fleet of more than 250 vessels, representing one of the largest diversified listed maritime groups in the world. 

The merger follows CMB.TECH’s acquisition of a 40 percent stake in Golden Ocean in March at a cost of more than $1.2 billion. Whilst the CMB.TECH at the time stated that share purchase wouldn’t necessarily trigger a mandatory takeover bid, it continued to consolidate its position.

Whilst the consummation of the merger remains subject to customary conditions, CMB.TECH will be the ‘surviving entity’, effectively absorbing Golden Ocean. As a statement outlined, ‘The transaction would be structured as a merger with Golden Ocean merging with and into CMB.TECH Bermuda Ltd., a wholly-owned subsidiary of CMB.TECH (the “Merger”).

Commenting on the merger, Peder Simonsen, CEO of Golden Ocean, said:

“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”.

Echoing Simonsen’s comments, Alexander Saverys, CEO of CMB.TECH, said: 

“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 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!”

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