Global Container Terminals Inc. (GCT) has announced that it has entered into an agreement to sell its US-based terminal assets to French container shipping company CMA CGM Group.
GCT currently operates two terminals in the United States, GCT New York on Staten Island, New York and GCT Bayonne in Bayonne, New Jersey, in the Port of New York and New Jersey.
After the transaction, which is still subject to customary and required regulatory approvals and consents, CMA CGM will have a portfolio of seven terminals in the United States.
Rodolphe Saadé, chairman and CEO of the CMA CGM Group, described the takeover of the two US box terminals as “a strategic investment”.
He said, “It [the acquisition] reinforces the services we provide to US customers and their supply chain efficiency. It further consolidates our positions in the United States, a major market among the fastest-growing worldwide, and will help us continue our development.”
Meanwhile, GCT will retain full ownership of GCT Canada and its terminals, GCT Deltaport and GCT Vanterm operating in the Port of Vancouver.
