CMB.TECH Sets Sail: A Bold Move into Dry Bulk Shipping with Golden Ocean Stake
In a strategic play that’s making waves in the maritime industry, Belgian shipowner CMB.TECH has announced its acquisition of a significant 41% stake in Golden Ocean Group (GOGL), a leading name in dry bulk shipping. This bold move marks a pivotal moment in CMB.TECH’s journey toward diversification and sustainable growth.
Charting New Waters: The Deal Breakdown
Under the terms of the agreement, CMB.TECH will purchase 81,363,730 shares from Hemen Holding, a company controlled by shipping magnate John Fredriksen, at $14.49 per share. The transaction, valued at over $1.1 billion, is a clear signal of CMB.TECH’s ambition to expand its footprint in the dry bulk sector. Importantly, the deal won’t trigger a mandatory takeover bid, ensuring a smooth transition of ownership.
This acquisition aligns seamlessly with CMB.TECH’s broader strategy to diversify its portfolio and invest in modern, eco-friendly fleets. The company has been actively rejuvenating its own fleet, recently selling three Suezmax tankers for nearly $120 million. These vessels, lacking dual-fuel engines, were deemed less aligned with CMB.TECH’s decarbonization goals, highlighting the company’s commitment to a greener future.
Golden Ocean: A Fleet Built for the Future
Golden Ocean’s fleet, comprising 91 vessels with a combined capacity of 13.7 million dwt, is a testament to its leadership in the dry bulk shipping sector. The company has also been at the forefront of adopting environmentally friendly technologies. Earlier this year, Golden Ocean took delivery of its tenth Kamsarmax bulk carrier from CSSC Tianjin Shipyard, a subsidiary of China’s Dalian Shipbuilding Industry Company (DSIC). This state-of-the-art vessel boasts a 10% improvement in fuel efficiency compared to its predecessors, underscoring Golden Ocean’s dedication to sustainable maritime operations.
A Vision for Long-Term Growth
Alexander Saverys, CEO of CMB.TECH, expressed his enthusiasm for the deal, stating, “This acquisition is a significant milestone in our diversification strategy. We’re excited to collaborate with Golden Ocean’s board, management, and employees to build on their strong legacy and drive innovation in the industry.”
By becoming a long-term shareholder in Golden Ocean, CMB.TECH is positioning itself to capitalize on the growing demand for efficient and eco-conscious shipping solutions. This partnership not only strengthens CMB.TECH’s portfolio but also reinforces its commitment to shaping a more sustainable future for global shipping.
