Overview of the Merger

The international shipping sector is set for substantial transformation as Golden Ocean Group Limited (NASDAQ & OSE: GOGL) and CMB.TECH NV (NYSE & Euronext Brussels: CMBT) formalize the final phases of their highly anticipated merger. With the effective date scheduled for August 20, 2025, and the last trading day for GOGL shares on August 19, the transaction marks a pivotal consolidation in the dry bulk and shipping technology markets.

The merger will see Golden Ocean merge with CMB.TECH Bermuda Ltd., a wholly-owned subsidiary of CMB.TECH, with the latter as the surviving entity. Shareholders of GOGL will receive shares in the new combined company, and trading in CMB.TECH shares will commence on both the Oslo Stock Exchange (OSE) and New York Stock Exchange (NYSE) from August 20, 2025.

Key Dates for Investors

• August 19, 2025: Last trading day for GOGL shares on OSE and NASDAQ.
• August 20, 2025: Merger completion prior to market open; first day of trading for CMB.TECH shares on OSE and NYSE.
• August 20, 2025: Record date for CMB.TECH shares to GOGL shareholders on NYSE.
• August 21–22, 2025: Former GOGL shareholders receive allocated CMB.TECH shares (delivery: NYSE on Aug 21, OSE on Aug 22).
• ISIN for CMB.TECH shares: BE0003816338
• CUSIP for CMB.TECH shares: B38564108

This structured timeline provides certainty for investors and ensures a transparent, orderly transition into the new combined entity.

Strategic Rationale and Sector Context

The merger between Golden Ocean and CMB.TECH is set against a backdrop of continued industry consolidation in global shipping. Golden Ocean, headquartered in Bermuda with a fleet of 89 vessels and a carrying capacity exceeding 13.5 million deadweight tonnes, is a recognized leader in dry bulk transportation. CMB.TECH, driven by its innovation in maritime technology and hydrogen propulsion solutions, offers synergies which are expected to accelerate decarbonization and digital transformation across the combined fleet.

By merging, the companies seek to combine scale, operational excellence, technological depth, and market reach, improving capital access and competitiveness amid tightening regulatory and environmental guidelines in shipping. The dual listing on major exchanges further enhances liquidity and investor reach.

Recent Industry and Company Developments

• Golden Ocean reported over $1.65 billion in market capitalization as of August 2025 and is a top dividend player within marine shipping.
• In June 2025, Golden Ocean and CMB.TECH secured joint loan facilities of $2 billion to refinance outstanding debt, providing a robust financial foundation for the post-merger entity.
• CMB.TECH, based in Belgium, has been at the forefront of green shipping, developing hydrogen-powered vessels and technologies in response to increasingly stringent International Maritime Organization (IMO) emissions standards.
• Industry-wide, global dry bulk trade has rebounded in 2025, with increased demand driven by raw material flows into Asia and persistent bottlenecks in supply chains. M&A activities in shipping are on the rise, as operators seek scale to weather both volatility and the cost of transition to sustainable practices.

The merger will support both companies’ efforts to achieve greater fuel efficiency, reduce emissions, and harness digital technologies for vessel optimization, positioning the combined group as a leader in both operational capacity and environmental innovation.

Financial Reporting and Shareholder Considerations

With the completion of the merger slated just before the second-half reporting cycle, Golden Ocean’s Q2 2025 results will be included in CMB.TECH’s Q2 financial disclosures. Golden Ocean will not release a standalone Q2 or half-year report, signaling seamless integration of operational and financial performance.

Shareholders of GOGL should note that their positions will be automatically converted to shares in the new CMB.TECH entity according to the terms detailed prior to closing. Given the dual listing, the new company is expected to become one of the world’s largest and most traded pure-play shipping and maritime technology stocks, further bolstering institutional participation and trading volumes.

Outlook, Risks, and Opportunities

While the strategic merger opens up significant opportunities—increased fleet size, shared R&D, access to broader capital markets, and improved ESG credentials—it also presents challenges. Integration of management structures, harmonization of corporate cultures, and realization of projected synergies will be closely watched by investors and analysts. Both boards have emphasized their commitment to a smooth transition and preserving value for all stakeholders.

With insider ownership exceeding 50% in Golden Ocean and institutional participation over 35%, alignment of interests between management and shareholders remains strong. However, the sector’s exposure to macroeconomic shocks, geopolitical disruptions, and fluctuating freight rates adds a continued measure of uncertainty to post-merger performance.

Notably, the newly merged company will be uniquely positioned to address growing customer and regulatory demand for cleaner, more digitally connected shipping solutions—potentially setting the pace for further consolidation and innovation across the market.

Frequently Asked Questions

When will GOGL shares stop trading?

August 19, 2025, will be the final day GOGL shares are traded on OSE and NASDAQ.

What do shareholders receive after the merger?

GOGL shareholders will receive CMB.TECH shares according to the announced exchange terms, with delivery expected between August 21–22, 2025.

Will the combined company be listed on the same exchanges?

Yes, CMB.TECH will remain dual-listed on both the Oslo Stock Exchange (OSE) and New York Stock Exchange (NYSE).

How does this impact Golden Ocean’s financial reports?

Golden Ocean’s Q2 2025 financials will be fully incorporated into CMB.TECH’s Q2 results; no separate Golden Ocean report will be published for this period.