Home News Update 1 – France’s CMA CGM is buying the New York and New Jersey stations from Canada’s GCT

Update 1 – France’s CMA CGM is buying the New York and New Jersey stations from Canada’s GCT

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December 6 (Reuters) –

CMA CGM, one of the world’s largest container shipping companies, said on Tuesday it had agreed to buy two container terminals at the ports of New York and New Jersey from Global Container Terminals (GCT). for trade.

The deal comes after France’s CMA CGM said last month it expected freight markets to slow in the fourth quarter due to higher energy prices and lower spending.

The terms of the contract were not disclosed. The deal could fetch about $3 billion, according to Bloomberg, which first reported the news.

In a statement, CMA CGM said the ports it acquired in Staten Island, New York, and Bayonne, New Jersey, have a total capacity of 2 million TEUs per year, with the potential for additional expansion nearly double. talent.

CMA CGM Chairman and CEO, Rudolph Saad, said in a press release that this acquisition “strengthens our position in the United States, an important and rapidly growing global market, and will allow us to continue our growth.”

Like its maritime competitors, CMA CGM has strengthened its presence in the logistics chain of port infrastructure and non-maritime transportation services.

The agreement adds to CMA CGM’s previous acquisitions of Ingram Micro’s lifecycle and trading services in the United States.

3 billion and a container terminal in the Port of Los Angeles at about $2 billion last year. (Reporting by Kanjik Ghosh and Akriti Sharma in Bengaluru; Editing by Christian Schmollinger and Leslie Adler)

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