A major merger between CMB.TECH and Golden Ocean has been finalized, creating a diversified maritime group valued at $11.1 billion with a fleet of over 250 vessels.
In a landmark deal reshaping the global shipping landscape, CMB.TECH has completed its stock-for-stock merger with Golden Ocean Group, culminating in the creation of a diversified maritime powerhouse. The merger, valued at an impressive $11.1 billion, was given the green light by an overwhelming majority of Golden Ocean shareholders, with 92.72% voting in favor during a special general meeting on August 19, 2025. This strategic union transforms CMB.TECH from a crude tanker operator into one of the world's largest listed maritime companies, with a combined fleet of approximately 250 vessels.
The newly consolidated fleet, with an average age of just 6.1 years, spans a wide array of sectors, including dry bulk, crude oil, chemical, offshore wind, and container shipping. A key highlight of this merger is the company's forward-looking approach to decarbonization: over 80 of these vessels are already equipped to run on low-carbon fuels like hydrogen or ammonia. This aligns perfectly with CMB.TECH's long-term strategy and positions the company as a leader in the transition toward greener marine fuels.
To facilitate the deal, CMB.TECH issued 95,952,934 new shares to Golden Ocean shareholders at a 0.95-to-1 exchange ratio. These shares, which began trading on August 20, 2025, are now listed on three major exchanges: Euronext Brussels, the New York Stock Exchange (NYSE), and a new secondary listing on Euronext Oslo under the ticker CMBTO. This three-tiered listing strategy, combined with a 38% free float, is expected to significantly boost liquidity and enhance the company's global market presence.
According to CMB.TECH CEO Alexander Saverys, the merger marks a pivotal moment for the company's evolution. "This merger closes a chapter in our transformation—from a crude tanker operator to a diversified, decarbonisation-ready shipping giant," he stated. Saverys emphasized the new entity's scale and strategic focus, highlighting its $11 billion in assets, triple exchange listings, and a third of its fleet prepared for green fuels. He underscored the company's singular goal: "decarbonise today to navigate tomorrow."
The merger also strengthens the group's financial position, providing both operational resilience and financial visibility. The combined entity now holds a contract backlog worth $3 billion and possesses liquidity exceeding $400 million, which includes a mix of cash and undrawn credit lines. This robust financial footing is expected to enable CMB.TECH to capitalize on emerging opportunities in both traditional shipping markets and the burgeoning clean energy marine fuel sector.
