THE macquarie Group Ltd, an Australian financial conglomerate, is planning to sell its 20 North American port facilities business called Ceres Terminals for US$1 billion, reports Reuters.
In 2019, Macquarie acquired complete ownership of Tennessee-based Ceres from Nippon Yusen Kaisha (NYK Line), a Tokyo-based shipping and logistics firm.
Ceres is responsible for the handling of 4.3 million containers per year at several major US ports.
The global shipping industry has been struggling due to supply chain bottlenecks caused by the Russian invasion of Ukraine and the Covid crisis, leading to decreased profitability and cargo volumes.
Macquarie, which recently announced record annual profits, is selling Ceres because the fund responsible for its management, Macquarie Infrastructure Partners III, will be closing down over the next 12 to 18 months.
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In 2019, Macquarie acquired complete ownership of Tennessee-based Ceres from Nippon Yusen Kaisha (NYK Line), a Tokyo-based shipping and logistics firm.
Ceres is responsible for the handling of 4.3 million containers per year at several major US ports.
The global shipping industry has been struggling due to supply chain bottlenecks caused by the Russian invasion of Ukraine and the Covid crisis, leading to decreased profitability and cargo volumes.
Macquarie, which recently announced record annual profits, is selling Ceres because the fund responsible for its management, Macquarie Infrastructure Partners III, will be closing down over the next 12 to 18 months.
SeaNews Turkey