The new company is based in the United States and will take control of terminal assets previously held by CMA CGM’s wholly owned subsidiary CMA Ports.
Under the agreement, CMA CGM will retain a 75% equity stake, while Stonepeak will hold 25%. Operational management of the terminals will remain with CMA CGM.
United Ports’ initial portfolio includes container terminals in some of the world’s most important maritime gateways:
- Europe: CSP Valencia, CSP Bilbao, Terminal Marítima del Guadalquivir and TTI Algeciras (Spain)
- Americas: Santos terminals (Brazil), Fenix Marine Services in Los Angeles, and the Port Liberty terminals in New York and Bayonne (New Jersey)
- Asia: Nhava Sheva Freeport Terminal (India), Kaohsiung Terminal (Taiwan) and the Gemalink terminal at Cai Mep (Vietnam)
These locations sit on major east–west and north–south trade routes and serve large hinterland logistics markets, underlining the strategic importance of the assets included in the venture.
USD 2.4bn transaction to fund future growth
Stonepeak’s investment values the transaction at USD 2.4bn, with CMA CGM stating that the proceeds will be reinvested into the group’s core businesses. According to the company, this includes further expansion across sea, land, air and logistics activities, as well as additional supply-chain capacity.
CMA CGM said the creation of United Ports is intended to increase access to long-term capital for terminal development and related port operations, at a time when container terminals face rising investment requirements linked to automation, digitalisation and decarbonisation.
Despite the transaction, CMA CGM will continue to consolidate the terminals operationally, maintaining control over day-to-day management and integration with its shipping and logistics networks.
Separate from Terminal Link structure
The new joint venture does not include CMA CGM’s Terminal Link assets, in which the group holds a 51% stake alongside China Merchants. That structure remains unchanged, leaving United Ports focused solely on terminals fully controlled by CMA CGM prior to the deal.
The separation avoids regulatory and governance complexities linked to mixed ownership structures, particularly in the US market.
The move reflects a broader trend among major container shipping groups to bring in financial partners for capital-intensive port infrastructure while retaining strategic control. Rival carrier MSC has taken a similar approach through partnerships with financial investors, including BlackRock, to support terminal expansion.
As container shipping margins normalise following the post-pandemic boom, terminal assets are increasingly seen as a stabilising earnings source and a way to secure long-term access to key gateways.
CMA CGM said the creation of United Ports will strengthen its ability to invest further in port infrastructure and improve service quality for customers, while preserving strategic control over assets that are critical to its end-to-end logistics strategy.
According to analysis by Ti Insight, the deal underlines the growing role of ports as financial and strategic infrastructure within global shipping groups, rather than simply operational extensions of liner networks.
