The world's third-largest liner operator is making a major move into terminal ownership, with implications for berth allocation, cargo handling capacity, and rate stability on key global lanes. Freight forwarders and logistics managers should monitor how this vertical integration affects terminal access and pricing, particularly at strategic gateways like Los Angeles and New York.
Joint Venture Structure
CMA CGM and Stonepeak announced today the formation of United Ports LLC, a joint venture aimed at expanding the French carrier's global network of marine terminals. According to the partners, Stonepeak will invest $2.4 billion in exchange for a 25% minority stake. CMA CGM will hold 75% of United Ports and retain full operational control. Rodolphe Saade, chairman and CEO of CMA CGM Group, said: "The creation of United Ports LLC, our joint venture with Stonepeak, marks an important step in the development of our terminal activities in the United States and globally." Stonepeak stated: "Container terminals are critical, hard‑to‑replicate infrastructure assets, and we see significant potential to work with CMA CGM to accelerate investment and growth in this sector."
Port Assets in the Deal
The venture opens with 10 key port assets on four continents, spanning the Americas, Europe, Asia, and India. Below is the full list:
| Asset | Location | Region |
|---|---|---|
| Fenix Marine Services (FMS) | Los Angeles, USA | North America |
| Port Liberty terminals | New York and Bayonne, USA | North America |
| Santos terminals | Santos, Brazil | South America |
| CSP Valencia | Valencia, Spain | Europe |
| CSP Bilbao | Bilbao, Spain | Europe |
| Terminal Marítima del Guadalquivir | Seville, Spain | Europe |
| TTI Algeciras | Algeciras, Spain | Europe |
| Nhava Sheva Freeport Terminal | Nhava Sheva, India | Asia |
| CMA CGM Kaohsiung Terminal | Kaohsiung, Taiwan | Asia |
| Gemalink | Cai Mep, Vietnam | Asia |
CMA CGM plans to reinvest the $2.4 billion from Stonepeak into its core transportation businesses across air cargo, ocean shipping, trucking, and logistics, according to the release.
Strategic Context
This venture comes amid a wave of private equity interest in port infrastructure. Earlier this year, BlackRock led a consortium including Mediterranean Shipping Co. that sought to acquire 43 terminals in 23 countries from CK Hutchison for $23 billion, a deal ultimately blocked by China. BlackRock Chairman Larry Fink described marine terminals as "critical to the global economy as data centers and power grids." Stonepeak itself has a track record in logistics investments, having previously invested in BMO (a trucking lender), acquired Dupre Logistics and Air Transport Services Group, and owns chassis provider TRAC Intermodal. Stonepeak manages roughly $88 billion in assets.
Implications for Shippers and Operators
For freight forwarders and logistics managers, the creation of United Ports LLC signals potential changes in terminal operations at key U.S. gateways. CMA CGM's operational control of terminals in Los Angeles and New York/New Jersey could influence dwell times, berth availability, and prioritization for CMA CGM vessels versus other carriers. However, terminal access is typically governed by joint-use agreements and regulatory oversight. The reinvestment of $2.4 billion into CMA CGM's broader logistics network may lead to enhanced services in air cargo, trucking, and ocean shipping, though specific projects have not been detailed.
Watch List
- Regulatory approvals: The transaction is expected to close in the second half of 2026, subject to regulatory clearances. Delays or conditions could alter the timeline.
- Additional funding opportunity: Stonepeak will have the opportunity to contribute an additional $3.6 billion for future joint terminal projects, potentially expanding the venture's portfolio.
- Private equity trend: Continued interest from firms like BlackRock and Stonepeak may lead to further consolidation and investment in port infrastructure, affecting terminal rates and capacity globally.
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