Posted on August 25, 2025
CMB.Tech has acquired dry bulk vessel operator Golden Ocean to create a $11bn maritime group, which features a 250-ship fleet and over 80 hydrogen and ammonia-ready vessels.
The Belgian shipping group issued almost 96 million new shares to Golden Ocean investors at a 0.95-for-1 exchange ratio, cementing the stock-for-stock merger and securing listings in New York, Brussels and Oslo.
The enlarged fleet boasts an average age of just over six years and includes more than 80 vessels prepared to use hydrogen or ammonia as a fuel.
While H2 View understands that Golden Ocean’s carriers were not previously hydrogen or ammonia-ready, CMB.Tech’s dual-fuel technology could be extended across the enlarged fleet over time.
“In less than 18 months, we have transformed a pure play crude oil tanker company into a leading diversified and future-proof maritime group,” said CMB.Tech CEO, Alexander Saverys.
The group carries a contract backlog of around $3bn and has more than $400m, underlining scope for further investment.
CMB.Tech has been scaling its low-carbon technology, with projects ranging from hydrogen dual-fuel tugboats with Damen to partnerships with Mitsui O.S.K. Lines and Fortescue on ammonia-powered bulk carriers and tankers set to enter service from 2026.
Its dual-fuel engines see hydrogen injected in the aspirated air during an intake stroke. During compression, hydrogen mixes into a homogeneous mix before a small amount of diesel is injected into the compression chamber. Diesel auto-ignites due to the high temperature and pressure, co-combusting with the hydrogen.
