In a move that’s set to shake up the maritime industry, Golden Ocean Group and CMB.TECH have thrown their hats into the ring with a proposed stock-for-stock merger. This isn’t just any old merger; it’s a power play that could reshape the landscape of global shipping. If the deal goes through, CMB.TECH will be the surviving entity, issuing a whopping 95.95 million new shares. CMB.TECH shareholders will own a commanding 70% of the merged company, while Golden Ocean shareholders will hold the remaining 30%. The result? A behemoth of a maritime group with a combined fleet of over 250 vessels, making it one of the largest diversified listed maritime groups in the world.
So, what’s the game plan? Golden Ocean will delist from NASDAQ and Euronext Oslo Børs, while CMB.TECH will stay listed on the NYSE and Euronext Brussels. But here’s where it gets interesting: CMB.TECH is eyeing a secondary listing on Euronext Oslo Børs post-merger. The parties are aiming to finalise merger agreements in Q2 2025 and wrap up the deal by Q3. But hold onto your hats, folks, because Golden Ocean has dropped a hint that the terms might change. It’s like they’re saying, “Expect the unexpected.”
Peder Simonsen, CEO of Golden Ocean, is singing the merger’s praises, calling it a “great opportunity” to be part of a large, diversified maritime group. He’s not wrong. The fleets are complementary, and the merged company would boast one of the largest and most modern dry bulk fleets in the world. Simonsen is betting on broader services for customers, more opportunities for employees, and long-term value for shareholders. It’s a bold claim, but if anyone can deliver, it’s these industry heavyweights.
Alexander Saverys, CEO of CMB.TECH, is equally bullish. He’s talking about a diversified maritime group with over 250 modern vessels across five divisions, valued at over $11 billion. That’s not pocket change. Saverys is also keen on the increased share liquidity, which he believes will give them the “firepower” to invest and seize opportunities. And let’s not forget their focus on decarbonisation, which is generating long-term contracts and, according to Saverys, giving them more wind (and ammonia) in their sails. It’s a nod to the recent IMO decisions, which are pushing the industry towards greener pastures.
But this merger isn’t happening in a vacuum. Just last week, NYK Line announced that three shipping and ship-management companies within the NYK Group will merge as part of a strategic business integration. It’s a trend that’s hard to ignore. The maritime industry is consolidating, and those who don’t adapt risk being left behind.
So, what does this mean for the future? Well, for starters, it’s a clear signal that size matters. Bigger fleets, broader services, and increased share liquidity are the name of the game. But it’s not just about size; it’s about sustainability too. The focus on decarbonisation is a clear indication that the industry is serious about going green. And with the IMO’s recent decisions, it’s a trend that’s only set to accelerate.
But here’s the million-dollar question: will this merger live up to the hype? Only time will tell. But one thing’s for sure: it’s a game-changer. And in an industry as dynamic as maritime, that’s saying something. So, buckle up, folks. It’s going to be one heck of a ride.
