Tuesday, March 5, 2024
HomenewsCMA CGM Has Purchased the Terminal Operations of Gct's New York/New Jersey...

CMA CGM Has Purchased the Terminal Operations of Gct’s New York/New Jersey Location

The past two years have seen record profits for the shipping industry, and this surplus wealth is being lavishly invested in everything from brand new vessels and planes to technological platforms and port infrastructure.
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On Tuesday evening, CMA CGM Group, a French conglomerate and the third-largest ocean carrier in the world, announced its newest acquisition. A purchase of Global Container Terminals (GCTStaten )’s Island and Bayonne terminal assets was confirmed.

CMA CGM buys New York/New Jersey terminal operations from GCT

The Port of New York and New Jersey has overtaken the Port of Los Angeles as the busiest import gateway in the United States in recent months. At least two of the port’s six terminals are involved in the CMA CGM deal.

Each of GCT’s New York and Bayonne locations can handle 1,000,000 to 200,000 TEUs per year.

Based on information provided by CMA CGM, the largest container ships that can be serviced by the Bayonne terminal are 18,000 TEUs. To accommodate ships with up to 22,000 TEUs, the business wants to increase terminal capacity by 2030. By 2027, CMA CGM hopes to have increased the Staten Island terminal’s capacity by 65%.

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It “further consolidates our presence in the United States,” said Rodolphe Saadé, CEO of CMA CGM Group, “and reinforces the services we give to U.S. customers and their supply chain efficiency.” With the current management team still in place, the two terminals will function as shared spaces for a variety of customers.

CMA CGM buys New York/New Jersey terminal operations from GCT

After acquiring from private equity seller EQT Infrastructure III the final 10% of its stake in the Felix Marine Services terminal in Los Angeles in November 2021, CMA CGM is making a new push in the East Coast terminal market.

GCT is owned by the Ontario Teachers’ Pension Fund (37.
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5%), IMF Investors (37.5%), and British Columbia Investment Management (25%). GCT will retain ownership of its two Vancouver, British Columbia terminals, GCT Deltaport and GCT Vanterm, while selling its East Coast terminal operations to CMA CGM.

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For the terminal operations in New York and New Jersey, Bloomberg reported in October that GCT was shopping for a buyer. As stated in the aforementioned report, potential buyers included Ports America, Terminal Investments Ltd., Carrix, and Hapag-Lloyd for an estimated $3 billion in value.

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