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

FMC CSOMPLAINTS: SAMSUNG FILES AGAINST ZIM; TRUCKER FILES AGAINST MSC
FMC CSOMPLAINTS: SAMSUNG FILES AGAINST ZIM; TRUCKER FILES AGAINST MSC

1068 Views

The Federal Maritime Commission received two new complaints filed on October 25 against two large carriers alleging overcharging for detention and demurrage (D&D) fees as well as abusive business practices that contributed to the accumulation of the fees and disrupted their businesses.

AT LEAST TWO MORE YEARS OF FREIGHT RATE PAIN FOR SHIPPERS AS CARRIERS ‘CASH IN’
AT LEAST TWO MORE YEARS OF FREIGHT RATE PAIN FOR SHIPPERS AS CARRIERS ‘CASH IN’

2339 Views

Shippers must brace themselves for at least two more years of elevated freight rates and tight supply, according to Drewry.

Power crisis deepens in Asia and Europe: What it means to shipping
Power crisis deepens in Asia and Europe: What it means to shipping

1968 Views

Another risk to container supply chain, but tailwind for commodity shipping


Comment
  • Your review
main.add_cart_success