French shipping major CMA CGM Group has finalized its acquisition of Global Container Terminals (GCT) Bayonne and New York terminals which was announced in December last year.
“Through this strategic investment, the group strengthens its position as a global port terminal operator, and a leading supply chain player in the United States providing end to end solutions to customers worldwide,” the company said.
“This acquisition will strengthen the East Coast’s role in securing the U.S. supply chain and improve network resiliency.”
Port GCT Bayonne and Port GCT New York expand CMA CGM’s portfolio of terminals in the U.S. to seven, complementing CMA CGM’s acquisition of the Fenix Marine Services container terminal in the Port of Los Angeles on the U.S. West Coast.
The company said that these two new assets provide CMA CGM with flagship terminal operations at a critical entry point on the U.S. East coast.
While CMA CGM Terminal arm will operate the two multi-user facilities under its current management team, CMA CGM has set sights on further developing the two terminals which are key to the strategic New York/New Jersey gateway, the largest on the U.S. East Coast.
CMA CGM’s development plan includes continued development of Bayonne’s Berth 3, which when completed, will be one of the most capable berths on the U.S. East Coast at a depth of 55 feet with 18,000 TEU vessel handling capability.
The French shipping major also plans to invest in creating an additional yard and berth capacity allowing improved operational fluidity at Bayonne and New York, as well as improving direct access to major highways and railways to and from the terminal facilities.
Overall, the plan also includes investments in solutions to cut emissions and greenhouse gases at the facilities with a goal of becoming Net Zero by 2050.
CMA CGM, through its investments, will target to increase terminals capacity by more than 50% during the next 10 years.
The development plan is expected to add approximately 240 direct jobs and more than 700 construction jobs over the next seven years.