Shareholders Approve CMB.TECH’s Takeover of Golden Ocean
Shareholders of Golden Ocean, the Norwegian dry bulk shipping company, have approved its takeover by Antwerp-based CMB.TECH. The decision, made at a special general meeting in Bermuda on Tuesday, creates one of the world’s largest listed maritime groups by both fleet size and capacity, reports 24brussels.
The merged entity will operate over 250 vessels, including 115 bulk carriers transporting iron ore, coal, grain, and steel. The combined fleet is valued at approximately 11 billion dollars.
Earlier this year, CMB.TECH acquired a 40 percent stake in Golden Ocean for 1.2 billion dollars from Norwegian shipping magnate John Fredriksen, who also controls tanker group Frontline. Fredriksen’s history in Antwerp includes notable clashes with the Saverys family, as both were significant shareholders in Euronav, the predecessor of CMB.TECH.
Following the acquisition, Golden Ocean will be delisted from the Oslo and Nasdaq stock exchanges, while CMB.TECH plans to list on exchanges in Brussels, New York, and Oslo.
Despite this significant milestone, challenges remain. A small group of Golden Ocean shareholders is contesting the share-swap arrangement in court, and approval for a major joint loan is still pending from banks.
CMB.TECH has reported increased revenues for the second quarter of 2025, although its net results continue to reflect losses. In addition to its strong foothold in fossil fuel markets, the company has committed to investing in hydrogen and ammonia as cleaner fuels for the future.
