Maritime group CMB.TECH has announced the acquisition of a significant stake in Bermuda-based shipping company Golden Ocean Group.
The transaction involved the purchase of 81,363,730 shares priced at $14.49 per share, representing approximately 40.8% of Golden Ocean’s outstanding shares and votes.
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Golden Ocean specialises in the transportation of dry bulk cargoes. Its fleet comprises 91 vessels with a combined capacity of around 13.7 million deadweight tonnes (dwt).
The acquisition will not necessitate a mandatory takeover bid in Bermuda, Norway, the US, or any other jurisdiction.
CMB.TECH’s proactive approach includes plans to refinance all or parts of Golden Ocean’s existing debt, with a bank syndicate already identified for this purpose.
CMB.TECH CEO Alexander Saverys said: “The acquisition of the Golden Ocean shares from Hemen represents a significant milestone in CMB.TECH’s diversification strategy.
“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.”
CMB.TECH operates a fleet of more than 150 vessels, including crude oil tankers, dry bulk vessels, and container ships.
The company, headquartered in Antwerp, Belgium, also provides fuel solutions such as hydrogen and ammonia, produced either in-house or sourced from third parties.
Recently, CMB.TECH sold various vessels, raising $46.52m in total capital. The vessels include the Suezmax Cap Lara, VLCC Alsace and Windcat 6.
In 2023, CMB.TECH collaborated with Belgian shipping firm Boeckmans to construct four 5,000dwt cargo vessels equipped for hydrogen propulsion.
Built at Vietnam’s Dung Quat shipyard and designed with Handelskade, the first vessel is set for delivery in the second half of 2025.
