CMB.TECH Expands Bulker Position Paying Fredriksen $1.2B for Golden Ocean
In a surprise move that was also seen as a vote of confidence for the lagging dry bulk sector, the Saverys family announced they are paying nearly $1.2 billion to become investors in Golden Ocean. The company describes itself as one of the world’s leading dry bulk shipping companies currently with a fleet of 91 vessels.
The Saverys’ company CMB.TECH continues its efforts at consolidating the shipping industry after acquiring Euronav and converting it to the tanker operating company under its umbrella. The company currently has more than 150 seagoing vessels with operations in crude oil, dry bulk, containers, chemicals, offshore wind, and workboats.
Under the terms of the agreement, CMB.TECH is acquiring a 40 percent stake in Golden Ocean (more than 81 million shares) at a price of $14.49 per share. They represent renown investor John Fredriksen’s entire stake in the company, but CMB.TECH reports it will not trigger a mandatory takeover bid or similar offer.
According to CMB.TECH, the acquisition is in line with its strategic objective of diversification. It says it intends on becoming a long-term shareholder and investing in a modern dry bulk fleet. Last year, CEO Alexander Saverys told the investment community that they planned to use the traditional sectors of the shipping world to help fund and drive their push for decarbonization. CMB.TECH is at the forefront of developing ammonia and hydrogen systems for shipping.
"The acquisition of the Golden Ocean shares from Hemen represents a significant milestone in CMB.TECH’s diversification strategy,” said Alexander Saverys, CEO of CMB.TECH while announcing the agreement. “We look forward to engaging with the board, management, and employees of Golden Ocean and to build on Golden Ocean’s and Mr. Fredriksen’s strong legacy to drive long-term growth and innovation.”
For Fredriksen, it ends his long association with the dry bulk sector and Golden Ocean. He made his investment in 2000 and a decade ago merged the company with Knightsbridge Shipping. Golden Ocean continues to grow its position reporting in late 2024 that it had completed the delivery of 10 new 85,000 dwt vessels. They were built in South Korea.
While the dry bulk sector has been under pressure, analysts viewed the acquisition as a sign of confidence in the opportunities. They noted that the Saverys are paying a strong premium to the valuation of Golden Ocean. The stock, which reached a recent high of $15 a share in May 2024 on NASDAQ, has been trading under $10 a share for all of 2025.
CMB.TECH has been active in the dry bulk sector through Bocimar. The company owns 30 bulkers that transport coal, iron ore, grain, and minor bulks.