A month after announcing plans to merge, the Saverys family confirmed the integration of Golden Ocean into CMB.TECH, creating one of the largest publicly traded maritime groups. This merger values Golden Ocean, the top listed owner of large dry bulk vessels, at around $1.4 billion. Shareholders will receive 0.95 shares of CMB.TECH, resulting in CMB.TECH shareholders owning about 70% of the new entity, which will operate as CMB.TECH with Golden Ocean as a subsidiary.
Management believes this merger will establish a diversified shipping company better positioned for resilience and leadership in decarbonization efforts. The combined fleet will exceed 250 vessels, with a projected market cap of $3.2 billion, making it a significant competitor to Frontline. However, analysts have raised concerns following Golden Ocean’s recent $44 million net loss in Q1 2025, attributed to weaker market conditions and increased drydocking schedules.
Despite these challenges, Golden Ocean’s CEO Peder Simonsen maintains that the fundamentals of dry bulk shipping remain strong, particularly in the Capesize segment. The merger is pending regulatory approval and a shareholder vote, with completion expected in Q3 2025.
