Belgian shipowner CMB.TECH has entered into an agreement to acquire around 41% shares in dry bulk shipping company Golden Ocean Group (GOGL) as part of its diversification strategy.
Under the share purchase agreement with Frederiksen’s Hemen Holding, CMB.TECH will acquire Hemen’s stake in Golden Ocean, including 81,363,730 shares at a price of $14.49 per share.
CMB.TECH underlined that the transaction will not trigger a mandatory takeover bid or similar offer in Bermuda, Norway, the United States, or any other jurisdiction.
As explained, the acquisition is in line with CMB.TECH’s strategic diversification objective as the company intends to become a long-term shareholder in Golden Ocean and invest in a modern dry bulk fleet.
In the meantime, the Belgian company is progressing with its fleet rejuvenation agenda and has recently sold three of its Suezmax tankers , which are not fitted with dual-fuel engines, for nearly $120 million. This move is expected to enable CMB.TECH to manage its portfolio of ships in line with its strategy of decarbonizing and optimizing its fleet.
Alexander Saverys , CEO of CMB.TECH, commented: “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.”
Golden Ocean’s fleet currently consists of 91 vessels, with an aggregate capacity of approximately 13.7 million dwt.
A few months ago, the shipping company took delivery of the tenth environmentally-friendly 85,000 dwt Kamsarmax bulk carrier from CSSC Tianjin Shipyard, a subsidiary of China’s Dalian Shipbuilding Industry Company (DSIC).
The newbuild is said to achieve approximately 10% greater fuel efficiency compared to its predecessors, underlining Golden Ocean’s commitment to environmentally responsible maritime operations.