CMA CGM to acquire 2 terminals at Port of New York and New Jersey

You can read this article in 2 minutes

The CMA CGM Group has announced its signing of a binding agreement to acquire GCT Bayonne and New York terminals at the Port of New York and New Jersey, currently held by Global Container Terminals Inc (GCT).

CMA CGM to acquire 2 terminals at Port of New York and New Jersey
Photo: CMA CGM press materials

Describing their motivation behind the investment, CMA CGM said that the Port of New York and New Jersey represents the company’s largest gateway on the U.S. East and Gulf Coasts.

The Bayonne and New York terminals CMA CGM is to acquire have an existing combined capacity of 2 million TEUs per year. The shipping giant also believes there is potential for further expansion that could almost double its capacity.

“While Bayonne terminal has the highest level of automation, the fastest truck turn time in the harbor, the closest ocean access, and an ability to service vessels of up to 18,000 TEUs, New York Terminal benefits from a highly productive labor force in the Port of New York and New Jersey and connects the dense New York hinterland with direct trucking and intermodal access,” reads CMA CGM’s announcement.

After closing, the deal, the CMA CGM Group says it will operate the two strategic facilities as multi-user terminals under the leadership of the current management team and will continue focusing on improving its service quality to satisfy U.S. customers’ expectations.

The company also says it intends to further develop its shipping line calls in the New York area for which the terminals will provide future capacity. The Group promises it will significantly accelerate investments in the development of the Bayonne and New York terminals, with an objective to increase the combined capacity by up to 80 % in the coming years.

Commenting on the announcement, Rodolphe Saadé, Chairman and CEO of the CMA CGM Group, said: 

“The acquisition of GCT Bayonne and GCT New York terminals is a strategic investment for the CMA CGM Group. It reinforces the services we provide to U.S. customers and their supply chain efficiency. It further consolidates our positions in the United States, a major market among the fastest-growing worldwide, and will help us continue our development.”

Trending articles
Trending articles