The Antwerp-based maritime group CMB.TECH (formerly Euronav) finalized its merger with the Norwegian carrier Golden Ocean, the company announced on Wednesday. The completion follows approval from Golden Ocean’s shareholders. Golden Ocean specializes in dry bulk shipping.
The merger creates one of the largest publicly listed shipping groups in the world, with a fleet of over 250 vessels, including 115 for dry bulk. The total fleet of the Belgian Maritime Company is estimated at $11 billion.
In early March, CMB.TECH had already acquired 40.8% of Golden Ocean for nearly $1.2 billion (around €1 billion) from Norwegian shipping magnate John Fredriksen, who controls the tanker company Frontline. Golden Ocean had been separated from Frontline in 2004. The Norwegian company mainly transports iron ore, coal, grains, and steel. These markets are expected to grow in the coming years, according to forecasts along the Scheldt. In addition, most dry bulk vessels are quite old, making this a timely investment for CMB.TECH.
However, the merger is not without controversy. Some Golden Ocean shareholders oppose the takeover and have taken legal action. Moreover, the two partners have jointly contracted a substantial loan that still requires bank approval.
Following the merger, Golden Ocean will be delisted from the Oslo Stock Exchange and Nasdaq, while CMB.TECH remains listed in Brussels and New York—and will soon be listed in Oslo as well.
