Merger of Golden Ocean into CMB.TECH Approved and Set to Close

 

After the shareholders of Golden Ocean Group officially ratified the proposed merger, the companies reported they expect the closing to be completed tomorrow, August 20. The result will create a giant in the industry, further diversifying CMB.TECH’s overall fleet and setting the stage as it continues to push forward with a strategy tied to the energy transformation of the shipping industry.

Golden Ocean confirmed that August 19 will be the last day of trading for its stock in the United States on NASDAQ and the Euronext Oslo Børs. Under the terms of the merger agreement, each outstanding common share of Golden Ocean will be cancelled and exchanged for newly issued CMB.TECH ordinary shares at an exchange ratio of 0.95 ordinary shares of CMB.TECH for each common share of Golden Ocean.

Plans for the merger were announced in April with Alexander Saverys, CEO of CMB.TECH, calling the transaction “another great step forward” in building a diversified maritime group. CMB.TECH, which was formed by the 2024 takeover of Euronav, owns and operates more than 160 seagoing vessels in the crude oil tankers, dry bulk, containership, chemical tanker, offshore wind, and workboat sectors. CMB.TECH’s dry bulk fleet before the merger included 28 Newcastlemax vessels as well as two smaller coasters operating under the Bocimar brand.

Saverys said in April, explaining the rationale for the merger, “The value of our fleet would reach more than $11 billion and, combined with our public listings and enhanced liquidity in our shares, we will have all the necessary firepower to continue to invest in our fleet and seize opportunities. Our focus on decarbonization 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.”

The transaction in effect brings Golden Ocean and the bulker fleet full circle 20 years after the company emerged as an independent operator. Originally part of Frontline, Golden Ocean was spun off in 2005 to create a pureplay bulker company separate from Frontline’s tanker operations. The company grew to a leading position in the dry bulk.

The Golden Ocean fleet consists of 89 dry bulk vessels, with an aggregate capacity of approximately 13.5 million deadweight tonnes. Analysts have speculated that a portion of the fleet might be sold after the merger is completed.