Golden Ocean Group Ltd. ($GOGL) and CMB Technology Ltd. ($CMBT) have formally signed a merger agreement valued at approximately $1.5 billion in a stock deal. The transaction is expected to close in the third quarter of 2025, pending shareholder approval from Golden Ocean. Following the announcement, $GOGL shares showed a notable increase, rising up to 7% on May 30, reflecting a narrowing of the merger discount. Container freight futures have remained relatively stable with slight gains, while the Capesize index surged by 10.6% to 18,885 points, marking a strong week for dry bulk shipping. European markets experienced low volume due to holidays, but shipping stocks, led by dry bulk operators including $GOGL, posted gains. The merger arbitrage opportunity presented an immediate upside of nearly 20% for Golden Ocean shares relative to the deal conversion price.