Maritime shipping and logistics powerhouse CMA CGM Group has launched a joint venture with the investment firm Stonepeak that will accelerate the development and modernization of certain ocean container cargo terminals.
First announced in January, the deal creates an entity called United Ports LLC that is backed by a $2.4 billion investment from New York-based Stonepeak representing a 25% stake. CMA CGM retains the remaining 75% ownership stake as well as full operational control of the joint venture. Stonepeak may also invest up to an additional $3.6 billion to pursue new investment opportunities.
United Ports will begin its work with nine CMA CGM-operated port terminals in the United States, Brazil, Spain, Taiwan and Vietnam, including Fenix Marine Services in Los Angeles, Port Liberty in New York and Bayonne, Santos, CSP Valencia and Bilbao, TTI Algeciras, Kaohsiung Terminal, and Gemalink.
The company expects to add a 10th site in the coming months, subject to gaining required regulatory approvals for India’s Nhava Sheva Freeport Terminal.
The joint venture will accelerate the development and modernization of those terminals by financing port capacity expansions, the acquisition of new cargo-handling equipment, enhanced logistics connectivity with rail and inland transport networks, as well as the deployment of infrastructure supporting the decarbonization of port operations, such as equipment electrification and shore power facilities.
