Maritime logistics powerhouse CMA CGM Group on Thursday completed its planned acquisition of container terminals in New York and New Jersey operated by Global Container Terminals Inc. (GCT), saying the move expands its East Coast footprint, and provides the needed capacity to support the fluidity of U.S. supply chains.
Originally announced in 2022, the move to take over Port GCT Bayonne and Port GCT New York grows CMA CGM's portfolio of terminals in the U.S. to seven. The French company says the deal also provides an East Coast complement to its 2021 acquisition of the Fenix Marine Services container terminal in the Port of Los Angeles on the U.S. West Coast.
CMA CGM also said it plans to further develop the two eastern terminals and increase their capacity by more than 50% during the next 10 years through four steps:
Neither the terms of the acquisition nor the development were disclosed.