CMA CGM to buy New York, New Jersey terminals

CMA CGM to buy New York, New Jersey terminals

The CMA CGM Group has signed an agreement to acquire Bayonne and New York terminals currently held by Global Container Terminals Inc. (GCT).

Through this major acquisition, CMA CGM Group aims to support US East Coast supply chain growth and expand its footprint in the US market, according to its recent statement.

The Port of New York and New Jersey is a key entry point serving the northeastern US supply chain areas and becomes CMA CGM’s largest gateway on the US East and Gulf Coasts.

The Bayonne and New York terminals have an existing combined capacity of 2 million TEU per year with potential for further expansion up to almost double the capacity according to the group.

READ: Port of New York and New Jersey throughput highlights East Coast power shift

CMA CGM Group said it will operate the facilities as multi-user terminals under the leadership of the current management team.

The group intends to further develop its shipping line calls in the New York area for which the terminals will provide future capacity.

A key objective for CMA CGM is to accelerate investments in the development of the Bayonne and New York terminals to increase combined capacity by up to 80 per cent in the coming years.

“The acquisition of GCT Bayonne and GCT New York terminals is a strategic investment for the CMA CGM Group,” said Rodolphe Saadé, Chairman and CEO of the CMA CGM Group.

“It reinforces the services we provide to US customers and their supply chain efficiency. It further consolidates our positions in the US, a major market among the fastest-growing worldwide, and will help us continue our development.”

The closing of this transaction remains subject to the approval of the competent regulatory authorities.

The CMA CGM Group posted strong financial results for the third quarter of 2022, totalling $19.9 billion in revenue.

EBITDA came to $9.15 billion, representing an EBITDA margin of 46 per cent. Net income stood at $7 billion for the period.

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