Antwerp – CMB.TECH, the Antwerp-based shipping firm formerly known as Euronav, has merged with Norway’s Golden Ocean after acquiring a 40% stake from billionaire John Fredriksen for $1.2 billion, positioning itself among the largest maritime companies globally, reports 24brussels.
In a significant move for the maritime industry, CMB.TECH has integrated its operations with Golden Ocean, a company renowned for transporting substantial quantities of iron ore, coal, grain, and steel. The acquisition from Fredriksen marks an essential milestone in the company’s expansion, strengthening its competitive edge in both oil and bulk transport sectors.
Industry analysts indicate that the merger is timely, as demand in the bulk sector is projected to rise in the upcoming years. Many existing bulk carriers are aging, making it a strategic moment for CMB.TECH to invest in modern vessels and greener technologies, including hydrogen and ammonia fuels, as part of their future plans.
Impact of the Merger on Antwerp’s Shipping Sector
CMB.TECH has reported significant revenue growth in its second-quarter 2025 results, reflecting its robust involvement in the shipping market, primarily focused on fossil fuel transportation. Nonetheless, the company’s commitment to investing in sustainable energy highlights a shift towards more environmentally responsible practices.
The merger will lead to Golden Ocean being delisted from the Oslo and Nasdaq stock exchanges, while CMB.TECH will continue to trade publicly and expand its listings to Brussels, New York, and Oslo.
Fredriksen’s connection to Antwerp dates back to his substantial shareholding in Euronav, where frequent tensions arose between the company’s management and his interests, often dubbed the “Vikings.” The current merger reflects a broader trend in the shipping industry, where consolidating fleets and expertise is increasingly essential to maintaining competitiveness in a challenging market.
Founded in 1991, CMB.TECH has evolved into a leading player in Antwerp’s shipping landscape, navigating complex shareholder dynamics, including past disputes with Fredriksen. In parallel, Golden Ocean has built a strong reputation in Norway, specializing in the movement of dry bulk commodities, thereby presenting a formidable alliance amidst an evolving global shipping framework.