CMB.Tech and Golden Ocean have signed a term sheet that will see the two companies merge to form one of the largest diversified fleets on the water.

The Belgian company has been slowly increasing its stake in Golden Ocean since it purchased John Fredriksen’s stake for $1.2bn in early March 2025.

But now the two companies have signed a share-for-share agreement, which will see Golden Ocean shareholders receive 0.95 CMB.Tech shares for every Golden Ocean share they own.

The new company will continue to operate as CMB.Tech and Alexander Saverys will continue in his position as chief executive.

Golden Ocean will delist from the Nasdaq and Oslo stock exchanges once the merger is completed, which is expected to be in the third quarter of 2025.

Saverys said the deal meant the value of his company’s fleet would reach more than $11bn. “Combined with our public listings and enhanced liquidity in our shares, we will have all the necessary firepower to continue to invest in our fleet and seize opportunities,” he said.

“Our focus on decarbonisation is starting to generate meaningful long-term contracts, and the recent International Maritime Organization decisions on limiting greenhouse gas emissions from shipping give us even more wind (and ammonia) in our sails. It’s full speed ahead to decarbonise today to navigate tomorrow!”

Golden Ocean chief executive Peder Simonsen said his company’s fleet and CMB.Tech’s bulk carriers were “very complementary and would create one of the largest and most modern dry bulk fleets in the world, including 87 modern capesize and newcastlemax vessels, with a favourable long-term outlook”.

“If completed, the merged company will be one of the largest listed maritime groups both in terms of market capitalisation, net asset value and expected share liquidity.”

The deal still remains subject to shareholder, board regulatory approvals.