CMB.Tech seen selling 34 ships worth $1.1B after Golden Ocean merger, Fearnley says

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CMB.Tech (NYSE:CMBT [https://seekingalpha.com/symbol/CMBT]) could sell non-core and older ships worth more than $1B [https://www.tradewindsnews.com/tankers/cmb-tech-tipped-to-sell-34-ships-worth-1-1bn-after-golden-ocean-merger/2-1-1859201] after completing its merger with Golden Ocean (GOGL [https://seekingalpha.com/symbol/GOGL]), Fearnley Securities analysts said Tuesday.

The two companies will emerge as a "different animal" on the combined group's first day of trading August 20, with a fleet of 251 ships and much-improved trading liquidity, Fearnley said.

"We believe CMB.Tech will focus their coming efforts on divesting non-core assets and older vessels, which over time may release north of $1B of gross proceeds, [which] could help alleviate some of the remaining capex commitments, but also open for an initiation of dividend payments," the analysts wrote.

Fearnley calculated 34 non-core and older assets worth $1.08B could leave the fleet, likely focusing on capesize and newcastlemax bulkers, leaving kamsarmaxes and panamaxes surplus to requirements.

The analysts also think CMB.Tech (NYSE:CMBT [https://seekingalpha.com/symbol/CMBT]) eventually could look to offload its crew transfer vessel fleet, which they view as a stepping stone into the commissioning service operation vessel market.

MORE ON CMB.TECH

* CMB.Tech: Robust Equity Ahead Of Merger In Q3 2025 [https://seekingalpha.com/article/4801604-cmbtech-nv-robust-equity-ahead-of-merger-in-q3-2025]
* CMB.Tech-Golden Ocean Merger Offers A Unique, Long-Term Buy Opportunity [https://seekingalpha.com/article/4778425-cmbtech-golden-ocean-merger-offers-a-unique-long-term-buy-opportunity]
* Seeking Alpha’s Quant Rating on CMB.Tech [https://seekingalpha.com/symbol/CMBT/ratings/quant-ratings]