French shipping and logistics group CMA CGM has confirmed it is exploring a potential bid for CK Hutchison’s global port terminal network, as exclusive talks between the Hong Kong conglomerate and a consortium led by MSC and BlackRock officially ended on 27 July.
CMA CGM chief financial officer Ramon Fernandez said during the company’s second-quarter earnings presentation that the group is “following this operation very closely” and is “naturally very interested in participating in the solution that hasn’t been found yet.” Fernandez described the pending $22.8 billion transaction as “very important for the industry” and for CMA CGM as “a major player in this sector”, according to reports by Reuters, Transporto Europa, and Sourcing Journal.
As previously reported by Trans.INFO, the original deal between CK Hutchison and a consortium comprising BlackRock’s Global Infrastructure Partners and MSC’s Terminal Investment Ltd. has faced mounting resistance from Beijing, particularly over the proposed transfer of Panama Canal ports to a Western-led group. Following pressure from Chinese regulators, CK Hutchison confirmed plans to invite a “major strategic investor” from mainland China to join the consortium — a move widely understood to involve Cosco Shipping, as reported by the Financial Times.
More on the topic: Cosco seeks veto powers in Hutchison port sale deal
While Cosco is in advanced talks to join the existing bidder group, the inclusion of CMA CGM could reshape the dynamics of the sale. According to Transporto Europa, the French carrier may participate as a lead investor or as part of a rival consortium — possibly in cooperation with Cosco, which is a fellow member of the Ocean Alliance. No formal bids have yet been announced.
CMA CGM currently operates 65 terminals in 33 countries through its subsidiaries CMA Terminals and Terminal Link. Gaining access to Hutchison’s portfolio of 43 ports across 23 countries would further accelerate its strategy of vertical integration across shipping, logistics, terminals, and air freight. According to Drewry analyst Eirik Hooper, both MSC and CMA CGM have expanded their terminal portfolios at three times the average industry rate since 2019, reflecting a broader trend among ocean carriers toward greater control of the port interface.
The potential inclusion of a second major carrier, and potential MSC rival, adds further complexity to the high-stakes negotiations, which remain subject to political and regulatory approval. Hutchison’s two terminals along the Panama Canal remain particularly sensitive. As previously reported by Trans.INFO, former U.S. President Donald Trump claimed in January that China was “operating the Panama Canal” and vowed to “take it back,” fuelling geopolitical scrutiny of any Chinese involvement in those assets.
Meanwhile, CMA CGM’s financial results underline its capacity to pursue a major acquisition. As covered by Trans.INFO, the group reported stable revenue of USD 13.2 billion in Q2 2025, with container volumes holding steady at 6.0 million TEUs. Group EBITDA declined 7.9% to USD 2.3 billion, driven by a nearly 20% drop in shipping EBITDA. However, other segments, including logistics, air cargo, and terminals, posted strong year-on-year gains, supported by acquisitions in Brazil, Turkey, Egypt, and Vietnam.
In recent years, CMA CGM has committed over USD 30 billion to strategic acquisitions and infrastructure investments, including its largest deal to date — the USD 5.2 billion takeover of Bolloré Logistics — and a USD 20 billion commitment to U.S. logistics and shipbuilding. The company also recently took a 51% stake in Santos Brasil, South America’s largest container terminal.
CMA CGM said it remains cautious on the outlook for the second half of the year, citing geopolitical instability, new trade tariffs, and operational challenges in the Red Sea and Gulf of Aden. However, chairman and CEO Rodolphe Saadé noted that the group’s diversification strategy (spanning terminals, logistics, and air freight) is helping it adapt to global trade disruptions.
Whether CMA CGM will move forward with a formal bid remains to be seen. But with exclusive talks now over and regulatory approval still uncertain, the field of suitors for CK Hutchison’s global port empire is clearly widening.
In case you missed it: The awakening of the German market
