FRENCH shipping giant cma CGM has signed an agreement to acquire Global Container Terminals' New York and Bayonne terminals.
The Port of New York and New Jersey is a key entry point serving the north-eastern US supply chain areas and represents CMA CGM's largest gateway on the US east and gulf coasts.
The Bayonne and New York terminals, with an existing combined capacity of 2 million TEU per year, have a potential for further expansion, up to almost double capacity, reports Australia's Daily Cargo News.
CMA CGM Group chairman and CEO Rodolphe Saade 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 US customers and their supply chain efficiency,' he said.
'It further consolidates our positions in the United States, a major market among the fastest-growing worldwide, and will help us continue our development.'
According to CMA CGM, Bayonne terminal has the highest level of automation, the fastest truck turn time in the harbour, the closest ocean access, and an ability to service vessels of up to 18,000 TEU.
The company said the New York Terminal benefits from a highly productive labour force in the Port of New York and New Jersey and connects the dense New York hinterland with direct trucking and intermodal access.
After closing, the CMA CGM Group 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 US customers' expectations. Investment in the infrastructure will be undertaken to meet both CMA CGM and local communities' environment protection targets.
CMA CGM intends to further develop its shipping line calls in the New York area for which the terminals will provide future capacity.
The group said it would accelerate investments in the development of the Bayonne and New York terminals, with an objective to increase the combined capacity by up to 80 per cent in the coming years.
This major acquisition will make it possible for CMA CGM to support US east coast supply chain growth and improve efficiency to and from the world.
The closing of this transaction remains subject to the approval of the competent regulatory authorities.
SeaNews Turkey
The Port of New York and New Jersey is a key entry point serving the north-eastern US supply chain areas and represents CMA CGM's largest gateway on the US east and gulf coasts.
The Bayonne and New York terminals, with an existing combined capacity of 2 million TEU per year, have a potential for further expansion, up to almost double capacity, reports Australia's Daily Cargo News.
CMA CGM Group chairman and CEO Rodolphe Saade 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 US customers and their supply chain efficiency,' he said.
'It further consolidates our positions in the United States, a major market among the fastest-growing worldwide, and will help us continue our development.'
According to CMA CGM, Bayonne terminal has the highest level of automation, the fastest truck turn time in the harbour, the closest ocean access, and an ability to service vessels of up to 18,000 TEU.
The company said the New York Terminal benefits from a highly productive labour force in the Port of New York and New Jersey and connects the dense New York hinterland with direct trucking and intermodal access.
After closing, the CMA CGM Group 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 US customers' expectations. Investment in the infrastructure will be undertaken to meet both CMA CGM and local communities' environment protection targets.
CMA CGM intends to further develop its shipping line calls in the New York area for which the terminals will provide future capacity.
The group said it would accelerate investments in the development of the Bayonne and New York terminals, with an objective to increase the combined capacity by up to 80 per cent in the coming years.
This major acquisition will make it possible for CMA CGM to support US east coast supply chain growth and improve efficiency to and from the world.
The closing of this transaction remains subject to the approval of the competent regulatory authorities.
SeaNews Turkey