- Acquisition expands CMA CGM’s U.S. East Coast footprint, strengthening the Group’s position as a global terminal operator.
- Development plan at both terminals will provide needed capacity to support the fluidity of U.S. supply chains.
- CMA CGM to work closely with the Port Authority of New York and New Jersey to decarbonize GCT operations.
CMA CGM completes the acquisition of GCT Bayonne and New York container terminals, states a Yahoo Finance news source.
CMA CGM Group
Further to the agreement announced on December 7th, 2022, the CMA CGM Group, a global player in sea, land, air and logistics solutions, has finalized its acquisition of Global Container Terminals (GCT) Bayonne and New York terminals. Through this strategic investment, the Group strengthens its position as a global port terminal operator, and a leading supply chain player in the United States providing end to end solutions to customers worldwide.
Port GCT Bayonne and Port GCT New York expand CMA CGM’s portfolio of terminals in the U.S. to seven, ideally complementing on the US East Coast the Group’s acquisition of the Fenix Marine Services container terminal in the Port of Los Angeles on the US West Coast.
These two new assets provide the Group with flagship terminal operations at a critical entry point on the U.S. East coast. This acquisition will strengthen the East Coast’s role in securing the U.S. supply chain and improve network resiliency.
Investments in industry-leading infrastructure to support continued growth
While CMA CGM Terminal arm will operate the two multi-user facilities under its current management team, the Group intends to further develop the two terminals which are key to the strategic New York/New Jersey gateway, the largest on the U.S. East Coast. CMA CGM’s ambitious development plan includes:
- Continued development of Bayonne’s Berth 3, which when completed, will be one of the most capable berths on the U.S. East Coast at a depth of 55 feet with 18,000 TEU vessel handling capability.
- Investments to create additional yard and berth capacity allowing improved operational fluidity at Bayonne and New York.
- Improved direct access to major highways and railways to and from the terminal facilities.
- Reduction in emissions and greenhouse gases with a goal of becoming Net Zero by 2050.
CMA CGM, through its investments, will target to increase terminals capacity by more than 50% during the next 10 years. The development plan will add approximately 240 direct jobs and more than 700 construction jobs over the next seven years, providing a pathway to further benefit job growth in the New York/New Jersey region.
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Source: Yahoo Finance
