CMA CGM PURCHASES TWO TERMINALS IN NEW YORK, NEW JERSEY

CMA CGM Group is acquiring two terminals at the Port of New York and New Jersey as it seeks to expand its capacity in the U.S. and grow its global portfolio of maritime terminals.

The ocean carrier said Wednesday it had signed an agreement to purchase the port’s GCT Bayonne and GCT New York terminals. Both East Coast terminals have a combined capacity of 2 million TEUs per year, with a potential to handle double the capacity if expanded.

The acquisition will grow the ocean carrier’s footprint of terminals in the U.S. to seven. CMA CGM is currently invested in 52 terminals in 28 countries through its subsidiaries.

Owning and investing in terminals helps increase its shipping lines’ efficiency and service quality, the company said in the release.

CMA CGM said the GCT Bayonne terminal in New Jersey adds a high level of automation, fast truck turn time and close ocean access to its portfolio, while the New York terminal benefits from a highly productive labor force.

Chairman and CEO Rodolphe Saadé called the terminal purchases a “strategic investment” in a statement, due to their location in New York and New Jersey — which is the company’s largest gateway on the U.S. East and Gulf Coasts.

“It further consolidates our positions in the United States, a major market among the fastest-growing worldwide, and will help us continue our development,” Saadé said.

The agreement, which is subject to regulatory approval, comes at a time when East Coast ports are experiencing an uptick in cargo. Shippers have largely been diverting cargo to the East Coast as labor negotiations loom over West Coast ports.

Earlier this year, CMA CGM also invested in West Coast capacity: In January the company acquired Fenix Marine Terminal in the Port of Los Angeles.

Source: Supply Chain Dive

 


Related News

750 BOXES FALL OFF MAERSK SHIP DURING ANOTHER PACIFIC STORM
750 BOXES FALL OFF MAERSK SHIP DURING ANOTHER PACIFIC STORM

5245 Views

Is this simple coinciding or we have to change the shipping way to adapt to new bigger storm in Pacific Ocean while only 47 days we have total 4 ships lost about 3000 containers.

CARRIERS TURN THEIR GAZE BACK TO SCRUBBERS AS VOYAGE RESULTS TUMBLE
CARRIERS TURN THEIR GAZE BACK TO SCRUBBERS AS VOYAGE RESULTS TUMBLE

827 Views

The world’s largest container shipping line, MSC, has taken delivery of the new world’s largest box ship, in terms of capacity, the 24,346 teu scrubber-fitted MSC Irina.

 

OOCL sees significant revenue growth despite drop in box volumes
OOCL sees significant revenue growth despite drop in box volumes

1237 Views

For the second quarter of 2022, the total revenue of Orient Overseas Container Line (OOCL) increased by 52.4%, compared to 2021 Q2, reaching US$5.285 billion.


Comment
  • Your review
main.add_cart_success