The Saverys family is advancing their plan to expand a shipping powerhouse that will lead the way in sustainable practices within the maritime industry. In a significant move, CMB.TECH, owned by the Saverys family, has agreed to acquire Golden Ocean, a dry bulk shipping company, just seven weeks after initially investing in the company. This all-stock deal will result in the creation of one of the largest listed maritime groups in terms of market capitalization, net asset value, and expected share liquidity. The merger will see the combined company operating in five key segments of the industry, with a fleet of over 250 vessels.
CMB.TECH’s strategy of leveraging existing shipping to drive decarbonization initiatives has been further solidified with the proposed merger with Golden Ocean. Alexander Saverys, CEO of CMB.TECH, views this as a significant step forward in building a diversified maritime group. The merger comes after CMB.TECH acquired a 40 percent stake in Golden Ocean from investor John Fredriksen, signaling their commitment to expanding their presence in the industry. The deal is expected to be finalized in the third quarter of this year.
Golden Ocean, currently operating 91 vessels, will bring its fleet of approximately 13.7 million dwt into the merger with CMB.TECH, which boasts a dry bulk fleet of 28 Newcastlemax and 20 Suezmax carriers. Peder Simonsen, CEO of Golden Ocean, sees the merger as an opportunity to be part of a larger, diversified maritime group. Analysts view the deal as a vote of confidence in the bulker sector amidst market uncertainties. The combined company’s fleet value is estimated to exceed $11 billion, providing the necessary resources to invest in fleet expansion and capitalize on future opportunities in the industry.
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