Golden Ocean and CMB.TECH have unanimously approved a merger agreement to jointly create one of the world’s largest and most diversified listed shipping groups, with a combined fleet of over 250 vessels and a total value exceeding $11 billion.

The merged entity is set to begin trading on the Oslo Stock Exchange and the New York Stock Exchange on August 20. Shares of CMB.TECH for former Golden Ocean shareholders will be delivered on August 22 on the OSE and on August 21 on the NYSE.

The merger represents a major consolidation in the maritime industry, combining Golden Ocean’s fleet of more than 90 bulk carriers with CMB.TECH’s diverse portfolio of over 160 vessels, including tankers, bulk carriers, container ships, chemical carriers, offshore wind vessels, and service operation ships.

Upon completion, CMB.TECH shareholders will hold approximately 70% of the merged company’s total issued shares, while Golden Ocean shareholders will retain the remaining 30%. The newly merged entity is expected to integrate its financial reporting, with Golden Ocean’s Q2 2025 results to be released as part of CMB.TECH’s Q2 2025 earnings.

Golden Ocean, headquartered in Bermuda, specializes in dry bulk transportation with a fleet capacity of approximately 13.7 million deadweight tons. CMB.TECH, based in Antwerp, Belgium, offers a broader range of maritime services, including hydrogen and ammonia fuel solutions for customers.

The merger reflects a dual trend in the shipping industry: the formation of “mega-owner alliances” alongside efforts toward decarbonization. According to Clarksons, the combined company will rank 21st globally by number of vessel owners, highlighting the ongoing consolidation within the sector.