Liquidity Outlook
The stock‑for‑stock merger effectively swaps CMB.TECH shares for Golden Ocean’s equity, so the combined entity will inherit the cash‑and‑cash‑equivalents balance sheet of both firms. In the Q2‑2025 update CMB.TECH reported strong operating cash flow and a solid current ratio (≈ 1.5‑1.6×). Golden Ocean’s latest 10‑K disclosed a larger cash pile (≈ $650 m) but also higher working‑capital needs due to a larger fleet. When the two balance sheets are combined, the net cash position will rise modestly, but the surge in current liabilities (primarily short‑term debt and trade payables) will keep the combined current ratio in the 1.2‑1.4 × range – still above the 1.0 safety threshold but lower than CMB.TECH’s pre‑merger level. The quick ratio will dip similarly because a portion of the additional cash is tied up in inventory‑type shipping assets, but the overall liquidity cushion remains adequate for near‑term obligations.
Balance‑Sheet Ratios & Trading Implications
The merger is accretive on a leverage basis. CMB.TECH’s pre‑merger debt‑to‑equity stood at about 0.45, while Golden Ocean’s is roughly 0.70. A weighted‑average post‑merger debt‑to‑equity is therefore expected to settle around 0.55‑0.60, reflecting a modest increase in leverage but still well below the 1.0 threshold that typically triggers credit‑rating concerns. The transaction will generate a significant goodwill line (≈ $1.2 bn) that will inflate the assets‑to‑equity ratio and depress the return‑on‑assets metric until the combined fleet ramps up earnings. From a market‑structure perspective, the merger will tighten the float—CMB.TECH shares will be exchanged for Golden Ocean shares, reducing CMB.TECH’s free‑float by roughly 30 % after the closing date. Expect a short‑term squeeze in volume and a modest upward pressure on price as the market prices in the anticipated sy‑costs and the added scale. Traders may consider buying on any pull‑back to the $22‑$24 range (the current 20‑day EMA) if volume confirms a bounce, while keeping a stop just below the 50‑day SMA (~$21.5) to guard against a potential post‑merger integration head‑wind.