CMA CGM to acquire flagship terminals in the Port of New York and New Jersey

CMA CGM to acquire flagship terminals in the Port of New York and New Jersey

Cma Marine Group announced that it has signed a binding agreement to acquire two container terminals at the Port of New York-New Jersey, GCT Bayonne and GCT New York, which are currently held by Global Container Terminals (GCT).

The investment comes as the port of New York-New Jersey, a key entry point serving the supply chain region of the North-East and the largest port in the east, becomes the most active container port in the US. CMA said the two terminals, which currently handle 2m TEU a year, have the potential to expand further and nearly double their capacity.

The GCT Bayonne Terminal has the highest level of automation and the fastest truck turnaround time in the port, the closest proximity to sea lanes, and the ability to service container ships with a capacity of up to 18,000TEU. The GCT New York Terminal benefits from an efficient workforce at the Port of New York-New Jersey and connects the dense New York State heartland through direct trucking and intermodal transportation, and is the port's only terminal facility with a dockside centralized checkpoint and 66,400 square foot refrigerated warehouse.

CEO Rodolphe Saade said the acquisition strengthens CMA CMA's service to U.S. customers and its supply chain efficiency, further solidifies CMA CMA's position in the U.S., one of the world's fastest growing major markets, and will help it continue to grow.

CMA plans to further develop its shipping routes in the New York area and these terminals will provide it with the capacity it needs in the future. The group will significantly accelerate investment in the development of the two terminals, aiming to increase their combined capacity by 80 per cent over the next few years. Cma also owns four terminal assets in the US: PMS in Los Angeles (10%), Dutch Harbor in Alaska (100%), Bayport in Houston (26%) and SFCT in Miami (26%).

The closing of the transaction is subject to the approval of the competent regulatory authorities. After the acquisition, both terminals will operate as multi-user terminals under the leadership of their existing management teams.

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