Belgium’s Saverys family continues its steady pace of acquisition, consolidation and fleet building
The Saverys family controlled CMB.TECH and Norway-based dry bulk specialist Golden Ocean have signed a merger term sheet some six weeks afterCMB.TECH bought a 40% stake in Golden Ocean from former rival shipping magnate John Fredriksen.
The term sheet sets out the companies’ intention to pursue a stock-based merger that would fold in Golden Ocean’s 91-vessel dry bulk fleet under CMB.TECH’s fleet and brand name.
“Existing shares of Golden Ocean, which are notowned by CMB.TECH, will be cancelled and ultimately exchanged for newly issued CMB.TECH shares at an exchange ratio of 0.95 shares of CBM.TECH for each share of Golden Ocean,” the companies said.
If the merger is completed, CMB.TECH will control 70% of the share capital, leaving Golden Ocean shareholders with 30% of the stake in the capital involved in the merger.
Joining the two companies would create a fleet of nearly 250 vessels under the CMB.TECH brand. Golden Ocean has a fleet of 91 dry cargo vessels with 13.7M dwt in capacity. The vessels are Capesize and Panamax, built between 2009 and 2024, and Golden Ocean does not have any contracts for newbuildings listed in its fleet database.
Declining share values in the dry bulk sector have made these companies increasingly attractive to investors, according to analysts.
“Our fleet and CMB.TECH’s dry bulk vessels are 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,” Golden Ocean chief executive Peder Simonsen said.
While Mr Fredriksen exited the bulk sector through the sale of his stake in Golden Ocean, he quickly reinvested by taking a10% stake in Greek dry bulk company Star Bulk less than two weeks later.
CMB.TECH, a rebranded and extended Euronav fleet sailing under theSaverys’ brand after another deal agreed between the Saverys family and John Fredriksen, a fleet carve out in October 2023, counts some 150 vessels in its fleet. More than half of the current CMB.TECH fleet list is made up of 54 tankers and 28 Newcastlemax bulkers, so the addition of nearly 100 bulkers would be asignificant strategic shift for CMB.TECH.
“The value of our fleet would reach more than US$11Bn and, 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. Our focus on decarbonisation is starting to generate meaningful long-term contracts, and the recent IMO decisions on limiting greenhouse gas emissions from shipping give us even more wind (and ammonia) in our sails,” CMB.TECH chief executive Alexander Saverys said.
The joint statement on the proposed merger from CMB.TECH and Golden Ocean emphasised the ’fairness’ of the deal by way of opinions on the terms from financial advisor DNB Markets and a dedicated transaction committee for the deal composed of what the companies called ’disinterested directors’.
The Saverys faced legal challenges in Belgian and US courts over the acquisition of the Euronav fleet.
Another wing of the Saverys diversified maritime holdings, Nicolas Saverys’ holding company Saverex, is currently closing in on capturing a 95% stake in Belgian gas shipowner Exmar after multiple bids to retake the company private.
