CMB.TECH closes merger with Golden Ocean

The long-awaited merger between CMB.TECH, controlled by the Saverys family, and Golden Ocean that was expected to be finalised this week, creating one of the world’s largest publicly listed, diversified maritime groups, has closed on time and with majority approval, according to statements from the two companies.

"Golden Ocean has announced that all resolutions set out in the notice of the Golden Ocean special general meeting were approved by the shareholders, meaning that, among other things, the stock-for-stock merger of Golden Ocean with and into CMB.TECH Bermuda, a wholly owned subsidiary of CMB.TECH with CMB.TECH Bermuda as the surviving company, and with CMB.TECH as the issuer of the merger consideration shares has been approved," CMB said.

The controlling company said the merger was approved by shareholders holding almost 93% of the shares present or represented at the meeting, and that the new entity would enter trading on both the Euronext Brussels exchange and New York Stock Exchange on 20 August. 

On 18 August, Golden Ocean said in an update that the merger is scheduled to become effective on 20 August, prior to the opening of the NYSE, following its special general meeting on 19 August. The same day will also mark the company’s last trading session on both the NYSE and the Oslo Børs.

The record date for the delivery of CMB.TECH shares to former Golden Ocean shareholders is set for 20 August on the NYSE and 21 August on the Oslo exchange.

Upon completion, CMB.TECH shareholders will own approximately 70% of the combined entity (67% excluding treasury shares), while Golden Ocean shareholders will hold about 30%.

Q2 business update

Golden Ocean will not issue a separate report for the second quarter and the first half of 2025, as these results will be included in CMB.TECH’s Q2 earnings release.

In a preliminary update ahead of its full earnings report on 28 August, CMB.TECH reported Q2 2025 revenue of US$388M, up from US$252M a year earlier. However, the group swung to a net loss of around US$8M, compared with a net profit of US$184M in the second quarter of 2024.

Voyage expenses and commissions rose to US$81M in Q2 2025, up from US$49M last year.

CMB.TECH currently operates a fleet of more than 150 vessels, including tankers, bulk carriers, container ships, offshore wind vessels and workboats. Golden Ocean contributes a fleet of 89 bulk carriers with a combined capacity of about 13.5M dwt.