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The French maritime carrier CMA CGM is entering the North American market with full force. The shipowner announced on Wednesday that he had bought a terminal in the port of Los Angeles for nearly 2 billion euros. A strategic acquisition at a time when port congestion is creating shortages around the world and particularly in the United States.
Fenix Marine Services (FMS) is the third largest port terminal in Los Angeles. One of the most important in North America. This is a “key infrastructure” recalls the CEO of the Rodolphe Saadé group. It should strengthen the position and support the growth of CMA CGM.
Already a 10% shareholder in the American terminal, the group will acquire the remaining 90% to become the sole owner. According to CMA CGM, the group will spend $ 1.8 billion for the acquisition of the terminal.
the group Profited from exploding shipping costs boosted by household consumption during the pandemic, it posted a net profit of nearly $ 3.5 billion in the second quarter of this year. As one expert says “ the terminals must be modernized and the advantage is that at the moment, there is cash to invest ».
The terminal has a strategic location in deep water and a container storage space of 118 hectares that the group wishes to expand. At the start of 2022, it will welcome the first CMA CGM ships powered by liquefied natural gas, which will be deployed between Asia and the United States. FMS benefits from a concession until 2043.
Modernize American ports
Because the main strategy of the shipowners is to have good positions in the ports. Those from California, Long Beach and Los Angeles represent 40% of total US imports. The American market is one of the leaders in transpacific exchanges.
But these ports have a big drawback: they are too small. It has been obvious for several months with enormous logistical blockages. The traffic jams of container ships in front of the ports have not yet been resolved.
One of CMA CGM’s ambitions could be to modernize and bring up to standard the American ports which have stagnated a little over the past 20 years.
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