The article discusses the merger between CMB.TECH and Golden Ocean in the maritime industry, emphasizing the significant impact of decarbonization mandates and market consolidation. The strategic union aims to create a maritime powerhouse valued at $11 billion, leveraging synergies, undervalued assets, and regulatory tailwinds. The merger combines the strengths of both companies, with CMB.TECH specializing in green hydrogen and ammonia infrastructure and operating a diverse fleet of vessels while Golden Ocean excels in dry bulk shipping with a focus on large vessels. The synergies created include fleet diversification, operational scale efficiencies, and a leading position in decarbonization efforts. Investors are presented with an opportunity due to the undervaluation of both stocks compared to their Net Asset Value (NAV). The article details the current stock prices of CMB.TECH and Golden Ocean, highlighting the potential NAV premium post-merger. The expansion of the free float post-merger is expected to enhance liquidity and attract institutional investors. Regulatory tailwinds, particularly the IMO 2028 carbon intensity rules, play a crucial role in favoring the merged entity due to its expertise in hydrogen and ammonia infrastructure. This positions the company well to capitalize on the growing demand for green shipping solutions, especially in sectors like offshore wind support vessels. The article concludes with an investment thesis recommending buying CMB.TECH shares for potential upside and holding Golden Ocean shares for exposure to the NAV premium post-merger. While risks such as regulatory delays and fuel transition costs are noted, the overall sentiment is positive, emphasizing the long-term benefits of the merger in a transitioning maritime sector.