Vancouver, British Columbia-based GCT Global Container Terminals Inc. has agreed to sell its U.S.-based terminal assets to container transport company CMA CGM Group, GCT announced Dec. 6.
The sale, which is subject to the necessary approval processes, would allow the French shipping company to acquire GCT New York on Staten Island and GCT Bayonne in the Port of New York and New Jersey.
This move strengthens CMA CGM Group’s footprint in the U.S., which includes the January acquisition of Fenix Marine Services terminal at the Port of Los Angeles, and complements the company’s “portfolio of five terminal assets” in the Los Angeles area and Dutch Harbor in Alaska, among others, according to CMA CGM.
“This major investment is consistent with CMA CGM Group’s strategy of developing its terminal business while supporting the growth and efficiency of its shipping lines and guaranteeing service quality for its clients,” the company said in a Dec. 7 statement.
“With this acquisition, CMA CGM is bolstering its position as a leading global port terminal operator. Currently, the group has investments in 52 port terminals in 28 countries, through CMA Terminals and its Terminal Link joint venture.”
Meanwhile, GCT will maintain ownership of GCT Canada and terminals GCT Deltaport and GCT Vanterm in the Port of Vancouver in British Columbia.