The CMA CGM Group has signed a binding agreement to acquire GCT Bayonne and New York terminals, currently held by Global Container Terminals Inc (GCT).
“The acquisition of GCT Bayonne and GCT New York terminals is a strategic investment for the CMA CGM Group,” said Rodolphe Saadé, Chairman and CEO of the CMA CGM Group. “It reinforces the services we provide to U.S. 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.”
The Port of New York and New Jersey is a key entry point serving the Northeastern U.S. supply chain areas and represents CMA CGM’s largest gateway on the U.S. East and Gulf Coasts. The Bayonne and New York terminals, with an existing combined capacity of 2 million TEUs per year, have a potential for further expansion, up to almost double capacity.
While Bayonne terminal has the highest level of automation, the fastest truck turn time in the harbor, the closest ocean access, and an ability to service vessels of up to 18,000 TEUs, New York Terminal benefits from a highly productive labor 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 facilities as multi-user terminals under the leadership of the current management team and will continue focusing on improving its service quality to satisfy U.S. customers’ expectations. Investment in the infrastructure will be undertaken to meet both CMA CGM and local communities’ environment protection targets.
CMA CGM says it intends to further develop its shipping line calls in the New York area for which the terminals will provide future capacity. The group will significantly accelerate investments in the development of the Bayonne and New York terminals, with the objective of increasing the combined capacity by up to 80 % in the coming years. This major acquisition will make it possible for CMA CGM Group to support U.S. East Coast supply chain growth and improve efficiency to and from the world.