Belgium’s CMB.TECH seals merger with 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.

The merged company will operate more than 250 ships, including 115 bulk carriers transporting iron ore, coal, grain and steel. Together the fleet is valued at around 11 billion dollars.

Earlier this year, CMB.TECH bought a 40 per cent stake in Golden Ocean for 1.2 billion dollars from Norwegian shipping tycoon John Fredriksen, who also controls tanker group Frontline. Fredriksen has a long history in Antwerp, where he often clashed with the Saverys family when both were major shareholders in Euronav, the predecessor of CMB.TECH.

Golden Ocean will now be delisted from the Oslo and Nasdaq stock exchanges. CMB.TECH is expected to list in Brussels, New York and Oslo.

However, some hurdles remain. A handful of Golden Ocean shareholders are challenging the share-swap deal in court, and a major joint loan still requires final bank approval.

CMB.TECH recently reported higher revenues for the second quarter of 2025, though its net result remained negative. Despite its strong presence in fossil fuel markets, the group has pledged to invest in hydrogen and ammonia as cleaner fuels for the future.

^{#FlandersNewsService | The CMB.TECH multimodal hydrogen energy charging station in Antwerp © BELGA PHOTO JASPER JACOBS}