CMB.TECH, which is controlled by the Saverys family, and Golden Ocean Group (GOGL) have agreed on a term sheet for a stock-for-stock merger that will result in a major maritime player operating a combined fleet of over 250 ships. According to the terms, which received unanimous approval from the Board of Directors of both CMB.TECH and Golden Ocean Group (GOGL), the Saverys family-controlled shipowning vehicle will be the surviving entity, with the merger based on an exchange ratio of 0.95 shares of CMB.TECH for each share of the Nasdaq-listed shipowner and operator Golden Ocean Group (GOGL). Assuming no changes to the exchange ratio, CMB.TECH shareholders will own approximately 70% of the total issued share capital of the combined company, while shareholders of Golden Ocean Group (GOGL) will hold the remaining 30%. Carl Steen, chairman of the transaction committee at Golden Ocean Group (GOGL), said, “We have concluded unanimously that the proposed exchange ratio is based on a net asset value of CMB.TECH of $15.23 per share and a value of $14.49 per Golden Ocean Group (GOGL) share is fair and believe this proposed merger is in the best interests of the company and its stakeholders.” In March 2025, Belgian shipowner CMB.TECH acquired John Fredriksen’s controlling stake in the Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL) for nearly $1.2 billion and has since increased its ownership in Golden Ocean Group (GOGL) in anticipation of this merger. The merger, which remains subject to standard closing conditions and the signing of definitive agreements, would establish one of the largest diversified listed maritime groups globally, spanning five shipping divisions and comprising one of the biggest dry bulk fleets, which includes 87 modern capesize and newcastlemax bulk carriers. Alexander Saverys, Chief Executive Officer of CMB.TECH, stated, “By merging CMB.TECH and Golden Ocean Group (GOGL), we would take another great step forward in building our leading diversified maritime group. The value of our fleet would reach more than $11 billion 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.” Both CMB.TECH and Golden Ocean Group (GOGL) intend to finalise the transaction during Q2 2025 and aim to complete the merger in Q3 2025, after which CMB.TECH will remain listed in New York and Brussels and seek a secondary listing in Oslo. Peder Simonsen, Chief Executive Officer of Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL), commented, “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. This transaction will allow us to offer an even broader service to our customers, a wide range of possibilities to our employees and last but not least, the creation of long-term added value to our shareholders.” 23-April-2025
CMB.TECH, the shipping enterprise operated by the Saverys family, has entered into an agreement with Australian mining giant Fortescue Ltd (FMG, formerly Fortescue Metals Group Ltd) to charter an ammonia-powered newcastlemax bulk carrier that has been ordered in China. The 210K DWT ammonia-powered newcastlemax bulk carrier will be equipped with a dual fuel engine and is scheduled for delivery by Q4 2026. The Saverys family-controlled bulker division, Bocimar International NV, and Fortescue Ltd (FMG, formerly Fortescue Metals Group Ltd) have formalized the charter agreement for the 210K DWT ammonia-powered newcastlemax bulk carrier. The vessel is part of CMB.TECH’s series of large dry bulk carriers and is currently under construction at Qingdao Beihai Shipyard, with delivery to Fortescue Ltd (FMG, formerly Fortescue Metals Group Ltd) expected by Q4 2026. Fortescue Ltd (FMG, formerly Fortescue Metals Group Ltd) plans to utilize the ship for transporting iron ore from the Pilbara region in Australia to its customers in China and other international markets. The company has set ambitious environmental goals, targeting the elimination of scope 1 and 2 emissions from its Australian iron ore operations by 2030 and aiming for net-zero scope 3 emissions by 2040. Fortescue Ltd (FMG, formerly Fortescue Metals Group Ltd) has been a vocal proponent of the early adoption of zero-emission fuels such as green ammonia, deliberately avoiding transitional options like biofuels and LNG. “Our landmark agreement with Bocimar International NV sends a clear signal to the market – now is the time for shipowners to invest in green ammonia-powered ships. The days of ships operating on dirty bunker fuel, which is responsible for 3% of global carbon emissions, are numbered. We will continue to work with like-minded companies like Bocimar to transition our fleet to low and zero-emission vessels and help accelerate the widespread adoption of green ammonia as a marine fuel,” stated Dino Otranto, CEO of Fortescue Ltd (FMG, formerly Fortescue Metals Group Ltd). “Based on our common belief that green ammonia is the fuel of the future, we were able to conclude this important agreement on the road to zero-emission shipping. This is the beginning of an exciting journey to build more ammonia-powered ships that will stimulate more green ammonia production projects. We need to decarbonise today to navigate tomorrow,” said Alexander Saverys, CEO of CMB.TECH. This development follows closely on the heels of another significant announcement, less than a month ago, when Japanese shipowner and operator Mitsui OSK Lines and CMB.TECH agreed to jointly own and charter nine newbuildings capable of operating on ammonia fuel. The Tokyo-based shipowner and operator Mitsui OSK Lines confirmed that the deal includes three ammonia dual-fuel capesize bulk carriers and six chemical tankers. Of the chemical tankers, two will feature ammonia dual-fuel propulsion, while the remaining four will be ammonia-ready. The ammonia dual-fuel capesize bulk carriers are being promoted as the first of their kind globally. 14-April-2025
CMB.TECH, the shipping enterprise managed by the Saverys family, is on the verge of reaching the merger threshold following additional purchases of shares in Golden Ocean Group (GOGL). CMB.TECH now holds 49.4% of the shares in the former John Fredriksen-supported, Bermuda-registered, and Norway-based dry bulk shipping company Golden Ocean Group (GOGL). The prospect of a merger between CMB.TECH and Golden Ocean Group (GOGL) seems increasingly likely as the Belgian shipowning company CMB.TECH has once again increased its ownership stake in the Nasdaq-listed shipowner and operator Golden Ocean Group (GOGL). According to a filing with US securities regulators, the Saverys family-led shipowning entity CMB.TECH now possesses a 49.4% interest in the US and Oslo-listed Golden Ocean Group (GOGL). CMB.TECH, headquartered in Antwerp, Belgium, is renowned for its innovative approach within the shipping industry, particularly in integrating green technology and sustainability practices into its operations. The company has been a pioneer in developing and adopting hydrogen and other low-carbon technologies to power its fleet, positioning itself as a leader in the push towards decarbonizing maritime transport. This focus on sustainable technology not only differentiates CMB.TECH in the competitive shipping market but also aligns with global environmental goals and increasing regulatory pressures on emissions. The strategic acquisition of a significant stake in Golden Ocean Group (GOGL) by CMB.TECH is part of a broader vision to expand its influence in the global shipping industry while championing sustainable practices. By potentially merging with Golden Ocean Group, CMB.TECH aims to leverage both companies’ resources to enhance operational efficiencies and accelerate the adoption of eco-friendly technologies across their combined fleets. This move is seen as a critical step in CMB.TECH’s long-term strategy to lead the transformation of the shipping sector towards a more sustainable future. 5-April-2025
CMB.TECH, the shipowning entity under the management of the Saverys family, has edged closer to the merger threshold by investing $83 million in shares of the Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL). This purchase by the Saverys family’s company, a subsidiary of Compagnie Maritime Belge (CMB), brings their ownership stake in Golden Ocean Group (GOGL) to nearly 46%. The Belgian shipowner CMB.Tech continues to invest heavily in Golden Ocean Group (GOGL) shares, indicating a probable move towards a merger. According to a filing with the Oslo Stock Exchange on Wednesday, the Saverys family-controlled CMB.TECH has further increased its stake by purchasing an additional 10.3 million shares in the Nasdaq-listed shipowner Golden Ocean Group (GOGL) through open-market transactions, totaling $83.36 million. 2-April-2025
CMB.TECH, the shipowning entity managed by the Saverys family, has intensified its commitment to Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL), with a strategic acquisition of $59 million in stock, marking a significant step toward a potential merger. CMB.TECH, a subsidiary of Compagnie Maritime Belge (CMB), itself a prominent Belgian shipping and logistics conglomerate controlled by the Saverys family, is looking to increase its holding to 50% as part of its strategy to merge with Golden Ocean Group (GOGL). Recently, CMB.TECH has bolstered its stake in Golden Ocean, fueling speculation that a merger is on the horizon. In this strategic maneuver, CMB.TECH acquired approximately 7.3 million shares for about $58.7 million, executed through transactions on the New York and Oslo stock exchanges. CMB.TECH, based in Antwerp, is not only a subsidiary but also an innovation arm of Compagnie Maritime Belge, focusing on developing and implementing hydrogen and other low-carbon technologies in the shipping and logistics sectors. The company is at the forefront of sustainable maritime technology, advocating for greener alternatives and actively participating in research and development to reduce maritime carbon footprints. As part of CMB, which has a long-standing heritage in global shipping, CMB.TECH leverages extensive industry knowledge and resources to pilot projects that include the world’s first hydrogen-powered ships and other groundbreaking energy-efficient initiatives. CMB.TECH’s commitment to sustainability is evident in its various collaborations with technology firms, academic institutions, and government bodies aimed at accelerating the transition to low-emission vessels. CMB.TECH’s approach not only emphasizes environmental responsibility but also seeks to establish new industry standards in eco-friendly maritime operations. This recent stock purchase and the push towards a merger with Golden Ocean Group (GOGL) reflect CMB.TECH’s strategic goals to expand its influence and operational capacity in the dry bulk shipping sector, while also leading the charge towards more sustainable and innovative maritime solutions. The merger talks come at a time when the industry faces increasing pressure to comply with global environmental regulations and demonstrates CMB.TECH’s proactive stance in shaping a more sustainable future in shipping. 28-March-2025
The Japanese shipowner Mitsui OSK Lines’ (MOL’s) subsidiary MOL Drybulk and the Belgium-based shipowner and operator CMB.TECH, the shipowning arm overseen by the Saverys family, have entered into a partnership to jointly own and charter a total of nine groundbreaking newbuildings capable of operating on ammonia fuel. The Tokyo-based shipping heavyweight MOL Drybulk announced that the agreement with Antwerp-headquartered CMB.TECH includes three ammonia dual-fuel newcastlemax bulk carriers, along with six chemical tankers—two of which will be fitted with ammonia dual-fuel capabilities, while the remaining four will be ammonia-ready. These vessels will be the first ammonia dual-fuel newcastlemax bulk carriers and chemical tankers in the world, according to a press release issued on Monday by Mitsui OSK Lines’ (MOL’s) subsidiary MOL Drybulk. The three newcastlemax bulk carriers are set to be constructed at CSSC Qingdao Beihai Shipbuilding, with deliveries expected to take place between 2026 and 2027. These ammonia dual-fuel newcastlemax bulk carriers will be jointly owned by CMB.TECH and MOL and will be chartered to Mitsui OSK Lines’ (MOL’s) subsidiary MOL Drybulk under long-term charter agreements lasting 12 years each. The six chemical tankers are scheduled to be built at China Merchants Jinling Shipyard (Yangzhou) Dingheng, with delivery slated between 2028 and 2029. These chemical tanker newbuilds will be chartered by MOL Chemical Tankers for durations ranging from seven to ten years. Speaking about the agreement, Alexander Saverys, Chief Executive Officer of CMB.TECH, stated: “MOL Drybulk and CMB.TECH share the same vision of decarbonising the maritime industry, and the partnership for these nine vessels is a major milestone towards achieving shipping industry’s goals of net zero emissions by 2050.” He further noted that this agreement increases CMB.TECH’s contract backlog by $921 million, bringing the total to nearly $3 billion. CMB.TECH, headquartered in Antwerp, is a leading maritime technology and shipowning company that focuses on developing and operating large-scale zero-carbon ships. It is a division of the broader Compagnie Maritime Belge (CMB), one of the oldest and most influential shipping groups in Europe, with a history dating back to 1895. CMB.TECH specializes in hydrogen and ammonia-based propulsion technologies and has become a pioneer in developing alternative fuel solutions for the shipping sector. The company operates a growing fleet of hydrogen-powered crew transfer vessels, service vessels, and dual-fuel engines and is actively investing in onshore infrastructure to support the broader adoption of clean fuels. Under the guidance of Alexander Saverys, CMB.TECH is committed to accelerating the decarbonization of the global maritime industry by integrating technological innovation with long-term commercial viability. Its partnerships with major industrial and shipping players aim to build a scalable pathway to carbon-free maritime logistics, aligning with global emissions reduction targets. 26-March-2025
The Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL) has become less attractive following the CMB.Tech deal, as DNB Markets predicts the disappearance of its dividend. Analyst Jorgen Lian believes that strategic uncertainty will impact the stock’s valuation. DNB Markets considers Nasdaq-listed dry bulk shipping company Golden Ocean Group (GOGL) a less appealing investment after CMB.Tech acquired John Fredriksen’s stake for $1.2 billion. Analyst Jorgen Lian projects that the bulker company Golden Ocean Group (GOGL) will no longer issue dividends in the future Reinstating a sell recommendation, Analyst Jorgen Lian set a target price of $7.30 for the stock. CMB.Tech is a subsidiary of Compagnie Maritime Belge (CMB), a Belgian shipping and logistics conglomerate controlled by the Saverys family. Based in Antwerp, CMB.Tech focuses on sustainable shipping solutions, particularly hydrogen-powered vessels and alternative fuel technologies. The company has positioned itself as a leader in decarbonizing the maritime industry, investing heavily in hydrogen-powered engines, dual-fuel ships, and carbon-neutral transport solutions. CMB.Tech’s core strategy revolves around integrating hydrogen as a primary energy source in the maritime sector. The company has developed and deployed hydrogen-powered engines for ships, trucks, and other transport solutions, aligning with the global push for reducing emissions in heavy industries. Through its subsidiaries and partnerships, CMB.Tech is working on scaling up hydrogen bunkering infrastructure, making it easier for vessels to transition from fossil fuels to clean energy. The acquisition of Golden Ocean Group (GOGL) aligns with CMB.Tech’s broader vision to expand its influence in the bulk shipping market while integrating sustainable fuel solutions into mainstream operations. The deal raises questions about Golden Ocean Group’s strategic direction, as CMB.Tech may prioritize fleet transformation toward greener technologies rather than maintaining traditional shareholder benefits such as dividends. Bocimar International NV, another subsidiary of the CMB Group, is a well-established dry bulk shipping company specializing in capesize, panamax, and handymax bulk carriers. Founded in 1973, Bocimar has built a reputation as a global leader in dry bulk transportation, operating a modern fleet that serves major industrial clients across the world. Bocimar International NV’s core business involves transporting essential commodities such as iron ore, coal, grain, and other bulk cargoes. The company operates a mix of owned and chartered vessels, employing a dynamic fleet management strategy that allows it to adapt to market fluctuations. Bocimar International NV is known for its operational efficiency, leveraging digital tools and advanced vessel management systems to optimize route planning, fuel consumption, and cargo handling. As part of CMB’s broader sustainability agenda, Bocimar International NV has begun integrating fuel-efficient and low-emission technologies into its fleet. Bocimar International NV is actively exploring alternative fuels, including ammonia and hydrogen, to comply with the International Maritime Organization’s (IMO) emissions regulations. With CMB.Tech’s growing influence in the shipping industry, Bocimar International NV is expected to play a crucial role in expanding the group’s dry bulk shipping operations while implementing new green shipping solutions. The synergy between CMB.Tech’s hydrogen expertise and Bocimar’s dry bulk shipping network presents a unique opportunity for fleet modernization and decarbonization on a global scale. CMB.Tech’s acquisition of John Fredriksen’s stake in Golden Ocean Group signals a potential shift in the company’s priorities. While GOGL has traditionally focused on shareholder returns through dividends, CMB.Tech’s focus on sustainability and fleet transformation may lead to reinvestment in alternative fuel technologies rather than direct payouts to investors. DNB Markets’ outlook on Golden Ocean Group reflects concerns about the company’s strategic direction under its new ownership. Analyst Jorgen Lian’s forecast that GOGL will halt dividend payments suggests that investors may need to adjust their expectations, as the company could prioritize capital expenditures on hydrogen and dual-fuel vessel conversions instead of distributing profits. With Bocimar International NV and CMB.Tech now exerting influence over Golden Ocean Group, the future of the company may involve integrating more green technologies into its fleet, shifting towards an operational model that aligns with global sustainability trends. However, this transition also introduces uncertainty in stock valuation, as investors weigh the potential long-term benefits of decarbonization against the short-term impact on profitability. Overall, the combination of CMB.Tech’s innovative approach to clean energy, Bocimar’s expertise in dry bulk shipping, and Golden Ocean Group’s established market position creates a powerful shipping entity with the potential to redefine sustainability in the dry bulk sector. However, the immediate impact on shareholder returns remains a key concern for investors. 18-March-2025
John Fredriksen is evaluating new investment avenues in the wake of escalating criticism from shareholders of Golden Ocean Group (GOGL). Despite shareholder grievances over his sale of a controlling interest to CMB.Tech, Fredriksen is reassured by CMB.Tech’s acknowledgment of the value in the bulker operations. It’s noteworthy that CMB.Tech, a division specializing in technology and innovative solutions within the shipping and logistics industries, is focused on enhancing environmental sustainability and operational efficiency across the maritime sector. Fredriksen, however, has always held a special fondness for tankers, which he considers his primary passion. Amidst the disapproval from Golden Ocean Group (GOGL) shareholders, Fredriksen remains discreet about his strategic plans following his profitable departure from his private Hemen Holding, which brought him $1.18 billion by selling at a premium unavailable to other investors. 6-March-2025
CMB.TECH, the shipowning entity managed by the Saverys family, has acquired a 40.8% stake in Golden Ocean, one of Europe’s leading dry bulk owners, from John Fredriksen’s Hemen Holding for approximately $1.2 billion. CMB.TECH has stated that there are no immediate plans for a takeover, emphasizing that this purchase aligns with its strategic goals of diversifying and investing in a contemporary dry bulk fleet. “Minority shareholders are disappointed that a mandatory bid will not be pursued – and a slight change in focus is expected,” stated Eirik Haavaldsen, head of research at Pareto Securities. Notable minority shareholders holding a 5% stake or less include BlackRock and the Norwegian pension fund Folketrygdfondet. The acquisition price of $14.49 per share is a 44% premium over the closing price in the US. “We think the price is exceptional. Based on our calculations, it values the company at approximately 1.29x Net Asset Value (NAV), and represents a share price not seen since last May… A deal involving cash paid upfront without any conditions – at a significant premium to NAV and typical cash flow multiple valuations – is quite straightforward from our perspective,” added Haavaldsen. Alexander Saverys, CEO of CMB.TECH, remarked, “Purchasing the shares of Golden Ocean from Hemen marks a pivotal step in CMB.TECH’s strategy to diversify. We are eager to collaborate with the board, management, and staff of Golden Ocean to enhance the company’s robust legacy established by Mr. Fredriksen and to foster long-term growth and innovation.” This development follows a contentious 15-month battle for control of Euronav between Fredriksen and the Saverys family earlier this decade, which resulted in Fredriksen acquiring several of the company’s most modern tankers, while Euronav stayed with the Saverys family and was rebranded as CMB.TECH. Golden Ocean, which was separated from Frontline in 2004 and is listed on Nasdaq and Oslo, currently boasts a fleet of 91 bulkers, including 51 capesize and 32 panamax vessels. Additionally, eight capesize vessels were recently purchased out of leases from Fredriksen’s shipowning company, SFL Corp, with expected delivery in the third quarter of this year. CMB.TECH’s dry bulk division, Bocimar, owns 12 newcastlemax bulk carriers, with 16 more scheduled for delivery between 2025 and 2027, as per the fleet list. “A merger with their (CMB.TECH) dry bulk arm would seem logical, potentially using Golden Ocean’s solid balance sheet to help finance the ongoing surge in newbuilds. This could lead to further divestitures of older vessels in Golden Ocean – which may not be negative given that the values of older vessels remain high despite current rates. However, lower dividends to conserve cash for newbuild payments would likely be unfavorable for minority shareholders,” Haavaldsen noted. Analysts at Arctic Securities believe the deal could address the issue of free float and potentially lead to a more stable resolution to the equity covenant, but the absence of a mandatory offer post-acquisition likely reflects part of the premium CMB.TECH was prepared to pay. If the company continues as it is, it may not significantly affect valuation, although some might argue that the John Fredriksen premium is no longer present. Should a merger with CMB.TECH occur, it would eliminate the pure-play exposure, yet it still presents an attractive mix of assets with tankers and dry bulk as the primary assets. 5-March-2025
In a significant consolidation in the shipping industry, the Saverys family-led Belgian shipowner Compagnie Maritime Belge (CMB) has successfully secured 92% ownership of CMB.Tech, previously known as Euronav, following a conclusive second tender process. This acquisition marks a pivotal moment for Compagnie Maritime Belge (CMB) as it aims to steer the future of maritime operations towards sustainable practices. Originally established under the name Euronav, CMB.Tech has been at the forefront of pioneering low-carbon shipping technologies. The decision to remain listed underscores the company’s commitment to transparency and its ambition to lead the shift towards greener maritime solutions. This strategic pivot aligns with broader industry trends emphasizing environmental responsibility and innovation in ship design and fuel use. Compagnie Maritime Belge (CMB), with a storied history dating back to 1895, has been a significant player on the global shipping stage. Known for its diverse fleet and operations spanning bulk carriers, container ships, and tankers, CMB has consistently demonstrated its capacity for adaptability and forward-thinking in an evolving industry. Compagnie Maritime Belge’s (CMB’s) subsidiary, BOCIMAR, specializes in dry bulk shipping, managing a fleet that transports a wide range of commodities including iron ore, coal, and grain. This segment of Compagnie Maritime Belge’s (CMB’s) operations exemplifies the company’s expertise in navigating the complexities of global trade routes and commodity markets. The transition to control CMB.Tech represents Compagnie Maritime Belge’s (CMB’s) broader strategy to integrate cutting-edge technologies and sustainable practices across its operations. CMB.Tech, as a newly rebranded entity, focuses on developing innovative solutions such as hydrogen and hybrid fuel technologies that promise to redefine maritime energy use. This focus on sustainability is not just a response to regulatory pressures but a business imperative driven by customer demand and environmental responsibility. Under the leadership of CEO Alexander Saverys, Compagnie Maritime Belge (CMB) has embraced a vision that places sustainability at the core of its business model. Saverys’ stewardship has been marked by a proactive approach to industry challenges, steering the company through complex mergers-and-acquisitions landscapes, as evidenced by the recent court-challenged deal. His statement, “We can finally turn the page on the tender offer for the shares of our company,” reflects a resolution and readiness to move forward with ambitious new projects. The acquisition of CMB.Tech is expected to significantly impact the global shipping industry by setting new standards in operational efficiency and environmental conservation. The integration of advanced technologies within CMB’s fleet is poised to enhance competitive advantages while promoting sustainable practices that could set a precedent in the industry. As Compagnie Maritime Belge (CMB) continues to navigate the challenges and opportunities of the shipping industry, its focus is on innovation, sustainability, and strategic acquisitions like that of CMB.Tech will be crucial in shaping the future of maritime transport. The company’s commitment to maintaining its listing and pursuing ambitious environmental goals suggests a new era not just for CMB, but for the shipping industry at large, as it moves towards a more sustainable and technologically advanced future. 25-November-2025
One of the most recognizable names in European tanker operations, Euronav, is poised to undergo a significant rebranding. Shareholders have recently approved a plan to change the company’s name to CMB.TECH, with the transition set to occur on October 1, 2024. This move comes after a lengthy acquisition battle involving the Saverys family, who control CMB.TECH, and maritime magnate John Fredriksen. In preparation for the rebranding, Euronav has applied to alter its ticker symbol from EURN to CMBT, which will take effect on July 15, 2024, on both Euronext and the New York stock exchanges. Concurrently, Euronav’s website has already transitioned to cmb.tech. Despite the name change, the Euronav identity will not vanish entirely; it will continue to represent the oil tanker segment within the larger group. This group maintains a diverse fleet comprising around 150 vessels, including dry bulk carriers, containerships, chemical tankers, and offshore wind vessels. Established in 1995, the Euronav brand has built a substantial legacy within the maritime industry, and its continued use ensures that this legacy will endure, even as the company broadens its focus under the CMB.TECH umbrella. 4-June-2024
The Saverys family-led Belgian shipowner Bocimar is strategically capitalizing on the high demand in the bulk carrier market, particularly for large vessels. Recently, the company, a subsidiary of Compagnie Maritime Belge (CMB), successfully sold two 2012-built newcastlemax bulk carriers, MV Mineral Charlie and MV Mineral Maureen, for approximately $81.5 million combined. This sale marks the highest price achieved this year for newcastlemax bulk carriers of this age, indicating a robust market for large-sized ships among cash-rich owners. The vessels, each with a deadweight of 205K DWT, were constructed at the Agila Subic Shipyard. They have been a part of a strategic move by Bocimar to refresh its fleet with more advanced and environmentally friendly ships. As part of its ongoing fleet renewal program, Bocimar is preparing to integrate ammonia-fueled newcastlemax bulk carriers, each with a capacity of 210,000 DWT. These newbuildings are expected to enhance Bocimar’s operational efficiency and reduce its environmental footprint, aligning with global sustainability trends in maritime operations. Earlier in Q1 2024, Bocimar had also sold the 2021-built newcastlemax bulk carrier MV Mineral Qingdao, with a deadweight of 206K DWT, to Winning Shipping for around $55 million. This series of transactions underscores Bocimar’s proactive strategy in fleet management and its commitment to modernizing its operations to meet future market demands and regulatory standards. 28-June-2024
Beijing-based shipowner and operator EGPN Bulk Carrier Co. Ltd (EGPN) has pocketed around $8 million on a bulk carrier transaction sealed six months ago. In Q4 2023, Chinese shipowner and operator EGPN Bulk Carrier Co. Ltd (EGPN) expanded its capesize bulk carrier arm by adding a trio of New Times Shipbuilding-built capesize bulk carriers built between 2010 and 2011 from Saverys family-led Belgian shipowner Bocimar, namely MV Mineral Destelbergen, MV Mineral Temse, and MV Mineral Brugge, spending just under $60 million for the trio. One of these capesize bulk carriers, the 2010-built capesize bulk carrier MV Eastern Windflower (ex MV Mineral Destelbergen), is now reported sold for around $28 million. In the last couple of years, Beijing-based shipowner and operator EGPN Bulk Carrier Co. Ltd (EGPN) has pocketed around $14 million by flipping two tankers and one bulk carrier. Each individual sale follows a similar pattern: after buying the ships, EGPN Bulk Carrier Co. Ltd (EGPN) held onto them for about six months before selling them. EGPN Bulk Carrier Co. Ltd (EGPN) first became a shipowner in 2017, initially focusing on bulk carriers before entering the tanker trades. EGPN Bulk Carrier Co. Ltd (EGPN) is a professional shipping company reorganized in Hong Kong in December 2014 by Eastern Ocean Transportation (Hong Kong) and Great Pacific Navigation. EGPN Bulk Carrier Co. Ltd (EGPN) is a comprehensive shipping company integrating international shipping, ship transactions, mining trade, and fleet operations. Relying on its bulk carrier fleet and tanker fleet, EGPN Bulk Carrier Co. Ltd (EGPN) provides customers with quality and professional shipping services and maritime logistics solutions. EGPN Bulk Carrier Co. Ltd’s (EGPN) business covers various vessel types and deadweights, various cargo types including bulk and petroleum products, and worldwide international routes. EGPN Bulk Carrier Co. Ltd (EGPN) operates more than 30 various types of vessels such as capesize bulk carriers, panamax bulk carriers, handysize bulk carriers, product tankers, and multi-purpose chemical tankers. EGPN Bulk Carrier Co. Ltd (EGPN) is one of the most specialized ocean shipping fleets in China. EGPN Bulk Carrier Co. Ltd (EGPN) transports grain, ore, coal, and other bulk cargo commodities around the world and has established a presence in the field of liquid cargo transportation, including crude oil, CPP/DPP, and chemicals. 6-June-2024
In a strategic maneuver that highlights its savvy in the maritime market, South Korean shipowner and operator Sinokor Merchant Marine achieved a remarkable $3 million gain from the sale of a capesize bulk carrier acquired in November 2023. This vessel, a 2009-built capesize with a deadweight of 170K, known as MV Genco Commodus, was purchased from the New York-listed Genco Shipping & Trading (GNK) for approximately $19.5 million. After taking delivery in January, Sinokor Merchant Marine renamed it MV Enco Ommodus, and has recently sold it to Agricore in China for about $22.5 million, where it now sails under the name MV ASL Loong. Adding to the narrative of capesize transactions, Agricore secured another vessel in November from the esteemed Belgian shipping company Bocimar. This additional purchase, the 2009-built capesize bulk carrier named MV ASL Polaris (formerly MV Mineral Ningbo) with a deadweight of 178K, was acquired for around $20 million. Bocimar, an Antwerp-based powerhouse in the shipping industry, is recognized for its substantial fleet and strategic operations within the global maritime sector. With a legacy of excellence and a keen eye for market opportunities, Bocimar has established itself as a leading shipowner and operator, leveraging its extensive experience and innovative approaches to maintain a strong presence in the competitive shipping market. The capesize market has shown significant strength this year, with values increasing across all age groups and size categories, and capesize bulk carriers notably leading the charge. This trend underscores the robust demand and strategic asset plays by companies like Sinokor Merchant Marine and Bocimar, who continue to navigate the complex dynamics of the global shipping industry with adeptness and strategic foresight. 22-March-2024
The Belgian shipping behemoth, Euronav, has completed the sale of three of its Very Large Crude Carriers (VLCCs) and has placed an order for two Newcastlemax bulk carriers along with an additional VLCC. The VLCCs that were sold include the MT Nectar, built in 2008 with a deadweight tonnage (DWT) of 307K; the MT Newton, built in 2009 also with a DWT of 307K; and the MT Noble, built in 2008 with a DWT of 307K. From this transaction, Euronav anticipates a capital gain of approximately $83 million. Moreover, Euronav has commissioned the construction of three vessels – two Newcastlemax bulk carriers and one VLCC – from the Qingdao Beihai Shipyard located in China, with delivery expected in the first quarter of 2027. Euronav, together with the Belgian maritime firm CMB.Tech, currently has orders for five VLCCs and twenty-four Newcastlemax bulk carriers with this Chinese shipyard. These vessels will either be equipped to be ammonia-ready or will come fitted with the necessary technology. CMB.Tech, under the control of the Saverys family, recently took possession of the fourth super-eco Newcastlemax bulk carrier, named Mineral France, expanding the combined Newcastlemax bulk carrier fleet of Euronav and CMB.TECH to four operational ships. An additional six Newcastlemax bulk carriers are slated for delivery throughout 2024. The collective fleet of these two companies now encompasses 150 sea-going vessels, inclusive of those currently under construction. This fleet covers a diverse range of segments such as dry bulk, container shipping, chemical tankers, offshore wind, and oil tankers. In a recent development, Compagnie Maritime Belge (CMB) disclosed that it has acquired a controlling interest of 88.61% in Euronav, following a successful takeover bid exceeding $1.2 billion. 21-March-2024
Under the leadership of the Saverys family, the Belgian shipping company CMB.Tech has notably enhanced its fleet with an ambitious addition of ammonia-fueled newbuilds, pushing its orderbook at Qingdao Beihai Shipbuilding to a total of 26 ships. This strategic move by the Saverys-supported CMB.Tech to incorporate more Newcastlemax bulk carriers into its fleet highlights the company’s steadfast commitment to innovation and sustainability in maritime transport. The addition of two more vessels to its already substantial orderbook signifies CMB.Tech’s relentless pursuit of expanding its capacity with environmentally forward solutions, bringing the total to 26 ammonia-fueled and ammonia-ready ships. CMB.Tech, with its base in Antwerp, Belgium, operates through its dry bulk arm, Bocimar. This division has recently reaffirmed its confidence in China’s Qingdao Beihai Shipbuilding Heavy Industry by commissioning the construction of two dual-fuel Newcastlemax bulk carrier newbuilds, expected to be delivered in the second half of 2026. This decision is in line with CMB.Tech’s broader vision of leading the transition towards more sustainable maritime operations. CMB.Tech is a pioneering force in the maritime and technology sectors, driven by a vision to integrate sustainable energy solutions into the shipping industry. The company’s innovative approach is evident in its commitment to developing ammonia-fueled vessels, positioning itself at the forefront of green shipping technologies. Bocimar, as CMB.Tech’s specialized dry bulk division, plays a critical role in this endeavor, overseeing the acquisition and management of the bulk carrier fleet. The focus on ammonia as a fuel source is part of CMB.Tech’s strategy to reduce the maritime industry’s carbon footprint, in alignment with global environmental standards and expectations. The company’s investment in dual-fuel technology and ammonia-ready ships underscores its commitment to leading by example in the transition towards cleaner energy alternatives. CMB.Tech’s collaboration with Qingdao Beihai Shipbuilding Heavy Industry for these newbuilds further solidifies its position as a key player in the industry, aiming to make significant contributions to environmental sustainability while maintaining its competitive edge in the global shipping market. Through these strategic expansions and technological advancements, CMB.Tech and Bocimar are setting new benchmarks in maritime transport, focusing on efficiency, innovation, and environmental responsibility. 28-February-2024
The Saverys family-led Belgian shipowner Bocimar is capitalizing on the robust demand in the bulker market through a notable transaction involving the sale of a modern newcastlemax bulk carrier. Recently, Bocimar has sold its fifth cape segment bulk carrier in as many weeks. Shipbroking sources have identified the buyer as Singapore-based Winning Shipping, which has reportedly paid around $55 million for the 2021-built, 206K DWT MV Mineral Qingdao. This vessel, constructed at Yangfan Qingdao Shipbuilding, was previously part of a sale and leaseback agreement with Ocean Yield. Before finalizing its sale to Winning Shipping, Bocimar repurchased the MV Mineral Qingdao from the lease. This transaction follows Bocimar’s December sales, where it sold three capesize bulk carriers built by New Times Shipbuilding – the 175K DWT sister ships MV Mineral Destelbergen, MV Mineral Temse, and MV Mineral Brugge – to EGPN Bulk Carrier for approximately $59 million, as well as the 2009-built MV Mineral Ningbo to Agricore. In 2023, the Saverys family made a significant move in the shipping industry by commissioning a series of 210K DWT newcastlemax bulk carrier newbuilds, all equipped with ammonia-fueled engines, marking a historic development in their fleet expansion and environmental commitment. The Compagnie Maritime Belge (CMB), based in Antwerp, stands as one of the city’s most venerable shipowning entities. This esteemed company is under the control of the Saverys family, a prominent name in the maritime industry. The family’s influence extends beyond CMB, as they also hold significant stakes in other major shipping groups, namely Exmar and Euronav. This illustrates the Saverys family’s substantial presence and impact in the global shipping sector. 19-January-2024
Belgian shipowner CMB and subsidiary Bocimar have completed capesize charter-back sale. CMB sold 2004 built capesize dry bulk carrier 170K DWT MV Mineral Noble for about $13 million with a 4-year charter back to subsidiary Bocimar at $13,000 per day. Belgian shipowner CMB is in a fleet renewal process. CMB CCO Benoit Timmermans confirmed sale of South Korean built MV Mineral Noble. MV Mineral Noble deal shows that dry bulk carrier prices are under pressure due to market conditions. In September 2003, CMB acquired capesize dry bulk carrier 170K DWT MV Mineral Noble as an order resale from Metrostar for $44.5 million. CMB chartered out MV Mineral Noble to Israeli National Coal Company for 10 years. In May 2019, MV Mineral Noble’s 2003 built sister-ship MV Mineral China was sold to STX Marine for $14 million with a 3-year charter back to subsidiary Bocimar for $15,000 per day. In May 2018, Belgian shipowner CMB acquired 5 capesize bulk carriers from Oskar Wehr in exchange for 12 handysize bulk carriers and cash payment. In October 2018, Belgian shipowner CMB acquired two 206K DWT new-buildings at Qingdao Beihai Shipbuilding Heavy Industry for delivery 2019-2020 with a price tag of $52 million each. Originally two 206K DWT new-buildings were ordered by Trafigura. 2-July-2019
The Belgian capesize powerhouse Bocimar, a key player in the bulk carrier market, has successfully negotiated a solid sale price for one of its older vessels. Benoit Timmermans, the CEO of Bocimar, confirmed the sale of the 171K DWT capesize bulk carrier MV Mineral China, constructed in 2003. According to shipbrokers, the vessel, built by Hyundai Heavy Industries, was sold for $14 million to a South Korean buyer, and it includes a three-year charter arrangement back to Bocimar at a rate that remains undisclosed. For Bocimar, the MV Mineral China has proven to be a lucrative investment. Acquired in September 2003 for $45 million, the vessel was initially chartered to Navix Line for five years at a daily rate of $20,500. While the MV Mineral China has been successfully sold, it wasn’t the only vessel from CMB’s subsidiary Bocimar considered for sale. In October 2018, Bocimar listed the 177K DWT capesize bulk carrier MV Mineral Oak (built in 2010) for sale, though it remains on the market. The MV Mineral Oak is jointly owned with Canada’s Oak Maritime on a 50:50 basis. However, Bocimar is not just divesting assets; it’s also fortifying its presence in the capesize segment. In May 2018, the company struck a deal to acquire five capesize bulk carriers from German owner Oskar Wehr, a transaction that involved exchanging 12 handysize bulk carriers and a cash payment from Bocimar. Based in Antwerp, Bocimar is not only a prominent shipowner but also a founding member of Capesize Chartering. This alliance, established in 2016 by four leading bulker owners, operates as a major spot player in the capesize bulk carrier sector, managing a fleet of over 60 bulk carriers. 23-May-2019
Belgium based shipowner and operator Bocimar Shipping sold 2011 built post-panamax dry bulk carrier 93K DWT MV Nadine Venture. Chinese Shanhaiguan Shipyard built MV Nadine Venture is sold to a Ukrainian shipowner. Bocimar Shipping CEO Benoit Timmermans confirmed the sale but not revealed the price tag. In the current market, MV Nadine Venture price tag is around $18 million. MV Nadine Venture is due for special survey in August 2021. In 2008, Belgium Bocimar Shipping and Hong Kong Wah Kwong Maritime Transport ordered MV Nadine Venture as 50/50 joint venture as new building. Bocimar Shipping and Wah Kwong Maritime joint venture also ordered sister ship MV Lara Venture at the peak of the market for about $53 million each. In 2014, Belgium Bocimar and Hong Kong Wah Kwong Maritime Transport decided to split their ownership stakes and ceased joint venture. Belgium Bocimar Shipping took MV Nadine Venture and Hong Kong Wah Kwong Maritime Transport took MV Lara Venture. 29-May-2018
Chinese shipowner and operator HNA Logistics is selling 16-year-old capesize dry bulk carrier 2001 built 172K DWT M/V Bulk Prosperity for further trading for $7.9 million. M/V Bulk Prosperity passed SS (special survey) in January 2016. Chinese shipowner and operator HNA Logistics bought M/V Bulk Prosperity from Belgium Bocimar as M/V Mineral Viking in 2009 for $42 million. Chinese shipowner and operator HNA Logistics has a fleet of 24 dry bulk carriers with an average age of six years. HNA Logistics also disposing of its modern dry bulk carriers like 2008 built handy bulk carrier 33K DWT M/V Zhi Jing for $4 million. 27-January-2017