Golden Ocean shareholders back merger with CMB.TECH, forming new shipping powerhouse

🚢⚓️Golden Ocean Group shareholders have voted in favor of merging with Belgium-based CMB.TECH, paving the way for the creation of one of the world’s largest publicly traded maritime groups.

 

The deal, first unveiled in late May, was formally approved at a special meeting in Hamilton, Bermuda on August 19. With the green light secured, Golden Ocean’s shares will cease trading on NASDAQ and the Oslo Stock Exchange as of today, with the merger closing before markets open on August 20.

 

Under the agreement, Golden Ocean stockholders will exchange each share for 0.95 ordinary shares of CMB.TECH. The combined company will list on both the Oslo exchange and the New York Stock Exchange, with new CMB.TECH shares set to be distributed to former Golden Ocean investors this week.

 

The merger brings together two complementary fleets: Golden Ocean’s 90-plus bulk carriers and CMB.TECH’s portfolio of more than 160 vessels spanning crude oil tankers, chemical tankers, container ships, offshore wind vessels, and workboats. In total, the new entity will control roughly 250 ships, cementing its position as a leading force in the sector.

 

Ownership will tilt heavily toward CMB.TECH, whose investors will hold about 70% of the combined company, leaving Golden Ocean shareholders with roughly 30%. Industry observers see the merger as both a scale play and a strategic bet on new fuels, as CMB.TECH has been pushing forward with hydrogen and ammonia solutions for its customers.

 

Golden Ocean, based in Bermuda, has long specialized in dry bulk cargoes, while Antwerp-headquartered CMB.TECH offers a far more diversified platform. The company said Golden Ocean’s upcoming Q2 results will be integrated directly into CMB.TECH’s reporting, underscoring the speed of the transition.

 

Source: GCaptain

Picture: Golden Ocean Group, LinkedIn