Golden Ocean Adds 91 Vessels to CMB.TECH, Becoming One of the Largest Listed Shipping Companies

The Saverys family is accelerating its strategy to develop a shipping powerhouse that will lead the industry’s sustainable transition. Just seven weeks after announcing its initial investment in dry bulk shipping company Golden Ocean, CMB.TECH, under the Saverys family, has agreed to acquire Golden Ocean in an all-share deal. The transaction will create one of the largest publicly listed maritime groups by market cap, net asset value, and expected share liquidity.

A year ago, after acquiring Euronav and merging it with CMB.TECH, Alexander Saverys outlined a strategy to leverage existing maritime assets to advance the group’s decarbonization plan. He now describes the proposed merger with Golden Ocean as "another significant step" toward building a diversified shipping group. CMB.TECH currently operates 162 vessels; after the merger, the fleet will exceed 250 vessels, covering five key segments of the industry.

CMB.TECH initiated talks in March, announcing it would acquire a 40% stake in Golden Ocean from prominent investor John Fredriksen for nearly $1.2 billion. At the time, CMB.TECH stated that the acquisition would not trigger a mandatory offer, though it has continued to increase its holding since.

Under terms announced after market close on April 22, the two companies will merge, with Golden Ocean shareholders receiving 0.95 CMB.TECH shares for every Golden Ocean share held. Golden Ocean shareholders will own 30% of the combined company, while CMB.TECH shareholders will retain 70%. A term sheet has been signed, and a final agreement is expected in Q2 2025, with the deal anticipated to close in Q3 2025.

“Our fleet will be valued at over $11 billion. Combined with our public listing and enhanced share liquidity, we will have the financial strength to keep investing in our fleet and seizing opportunities,” said Alexander Saverys, CEO of CMB.TECH. “Our focus on decarbonization is already generating meaningful long-term contracts, and recent IMO decisions to limit shipping’s greenhouse gas emissions have further boosted our confidence.”

Golden Ocean currently owns 91 vessels with a total carrying capacity of approximately 13.7 million DWT. CMB.TECH’s dry bulk fleet includes 28 Newcastlemax and 20 Suezmax bulk carriers.

Golden Ocean CEO Peder Simonsen described the merger as an opportunity to become part of a large, diversified maritime group, highlighting the complementary nature of the fleets and the benefits of scale.

Analysts view this deal as a vote of confidence in the dry bulk sector amid ongoing market uncertainty.