CMB.TECH and Golden Ocean to Merge Forming Shipping Giant
The Saverys family is pushing forward with its strategy to grow a shipping giant that will play a leadership role in the sustainable transition in the maritime sector. Just seven weeks after announcing its initial investment in dry bulk shipping company Golden Ocean, the Saverys’ CMB.TECH has agreed to acquire Golden Ocean in an all-stock deal that will create one of the largest listed maritime groups in terms of market capitalization, net asset value, and expected share liquidity.
A year ago after completing the takeover of Euronav and the combination with CMB.TECH, Alexander Saverys outlined a strategy leveraging existing shipping to drive the group’s decarbonization initiatives. He is now calling the proposed merger with Golden Ocean “another great step forward” in building a diversified maritime group. The company, which currently has 162 vessels, will increase to more than 250 and operate in five key segments of the industry.
CMB.TECH began its approach in March announcing it was acquiring a 40 percent stake in Golden Ocean from renowned investor John Fredriksen at a cost of nearly $1.2 billion. At the time, it said the share purchase would not trigger a mandatory takeover bid or similar offer, but since then it has continued to accumulate its position.
Under the terms announced after the market closed on April 22, the companies will merge with Golden Ocean shareholders receiving for each share .95 shares of CMB.TECH. They will hold 30 percent of the combined company with CMB.TECH holders retaining 70 percent. A terms sheet has been signed and they expect to complete the merger agreement in the second quarter of 2025. The deal is expected to close in the third quarter of this year.
“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,” said Alexander Saverys, CEO of CMB.TECH. “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.”
Golden Ocean currently has 91 vessels with an aggregate capacity of approximately 13.7 million dwt. CMB.TECH’s dry bulk fleet currently includes 28 Newcastlemax and 20 Suezmax carriers
Peder Simonsen, CEO of Golden Ocean, said it would be an opportunity to be part of a large diversified maritime group. He cited the complementary nature of the fleet and the strengths of the larger company. The deal is also being seen by analysts as a vote of confidence in the bulker sector at a time of market uncertainties.