CMB.TECH acquires Fredriksen's stake in Golden Ocean: strategic deal sending mixed signals for dry market

The news, which took the industry by surprise, highlights a shifting dynamic between these two prominent shipowners, following their high-profile battle over Euronav’s control in recent years.

On 4 March, CMB.TECH announced it had entered into a share purchase agreement with Hemen Holding Ltd, an entity linked to John Fredriksen, to acquire 81,363,730 shares in Golden Ocean at US$14.49 per share, totalling approximately US$1.18Bn. This represents 40.8% of Golden Ocean’s outstanding shares. According to CMB.TECH, the transaction will not trigger a mandatory takeover bid.

The company also disclosed that, to the extent the transaction may impact Golden Ocean’s financing agreements, it has identified a bank syndicate to refinance all or part of the company’s existing debt. The transaction, which is not subject to any conditions, is expected to close on 12 March 2025.

Hefty premium for a strategic deal

“This acquisition is in line with CMB.TECH’s strategic objective of diversification, with the company intending to become a long-term shareholder in Golden Ocean and investing in a modern dry bulk fleet,” CMB.TECH stated.

CMB.TECH, which is listed on Euronext Brussels and the New York Stock Exchange, declined to provide further comment beyond the official press release.

Cavalier Shipping founder James Lightbourn noted on social media the price CMB.TECH paid represents a 44% premium over the last closing price of US$10.06 on 4 March, exceeding the estimated net asset value of US$14.00 per share.

Speaking to Riviera, Mr Lightbourn suggested CMB.TECH’s move was primarily driven by the opportunity to gain effective control over Golden Ocean’s 91-vessel bulk carrier fleet.

"Had they attempted to acquire a similar fleet through direct purchases in the sale-and-purchase market, they would likely have needed to fully fund the purchases or secure co-investors," Mr Lightbourn  explained.

"However, by acquiring Hemen’s stake, they effectively inherit those co-investors – the remaining 59.2% shareholders – without requiring additional capital raising," he added.

He also noted this factor, along with the potential synergies CMB.TECH could achieve by possibly integrating Golden Ocean’s operations into its broader business, helps justify the hefty premium CMB.TECH paid.

Mixed signals for the dry bulk sector

Industry expert Ted Petropoulos told Riviera in early 2025 that declining share values in the dry bulk sector have made these companies increasingly attractive to investors.

While CMB.TECH’s investment could be interpreted as a vote of confidence in the market, Mr Fredriksen’s public exit raises questions.

Mr Lightbourn described CMB.TECH’s acquisition as highly strategic and unique, rather than a broad bullish signal for the sector.

"In fact, the departure of one of the industry’s most successful shipowners could be seen as a potentially negative forward-looking indicator," he noted.

That said, Mr Fredriksen’s private firm, Seatankers, remains active in the bulk carrier market and continues to run a newbuilding programme for Newcastlemax and Kamsarmax vessels in China.

"This is certainly significant news. Mr Fredriksen is no longer a young man, and I have heard him recently express thoughts about ‘cleaning up’ before it’s too late. Given the agreed price, it must have been a very tempting offer," a market insider told Riviera.

A new chapter of co-operation

Following the announcement, both parties praised each other for their co-operation, marking a shift from their earlier rivalry over Euronav’s control.

"We look forward to engaging with the board, management and employees of Golden Ocean and to build on Golden Ocean’s and Mr Fredriksen’s strong legacy to drive long-term growth and innovation," said CMB.TECH chief executive Alexander Saverys.

Meanwhile, Hemen’s Christakis Theodoulou acknowledged CMB.TECH, "Hemen is pleased to see that a renowned dry bulk owner and operator with a rich history such as CMB.TECH recognises the strength and the value of the Golden Ocean platform and its employees and has substantiated this through an acquisition of our shares."

In October 2023, Mr Fredriksen and the Saverys family reached a tentative agreement on Euronav’s future, ending their long-running battle. Euronav was subsequently consolidated into CMB.TECH and rebranded as the group’s tanker unit.

Since then, Fredriksen-controlled Avance Gas has sold four mid-sized gas carrier newbuildings to Exmar, a company backed by the Saverys family, as Avance Gas winds down its operations. 

CMB.TECH currently owns and operates more than 150 vessels, including crude oil tankers, bulk carriers, container ships, chemical tankers, offshore wind vessels and workboats.

As of February 2025, Golden Ocean’s fleet consists of 91 vessels with a total capacity of approximately 13.7M dwt.