Here's the very modest press release from CMA CGM, January 4:
Further to the agreement announced on November 3rd, 2021, the CMA CGM Group has completed the acquisition of 90% of Fenix Marine Services (FMS) terminal in Los Angeles. With the 10% stake already owned by the Group, CMA CGM is now sole owner of the FMS facility.
That's it.
Here's what they are up to, from Container Management, November 4:
CMA CGM Group has agreed to acquire a 90% stake in the Fenix Marine Services (FMS) terminal in Los Angeles, currently held by EQT Infrastructure III, based on an enterprise value of US$2.3bn.
Currently holding a 10% stake in the terminal, the French company will become sole owner of the FMS facility post transaction closing.
FMS is the third largest terminal in the Los Angeles/Long Beach port complex in terms of capacity (around 2.5m teu) and one of the largest in North America. The terminal also benefits from a long-term concession agreement through 2043.
Rodolphe Saadé, chairman and CEO of the CMA CGM Group, said: “The swift recovery of the global economy has demonstrated the importance of ports and logistics infrastructure. In order to manage efficiently our port operations on the West Coast of the US, we have decided to acquire FMS.
“FMS is one of the largest terminals in this country and one of its most strategic gateways. It is a key industrial facility which will significantly strengthen our position and support our rapid growth in this market.”
The terminal has four berths, each more than 1,000 ft long with a draught of 50 ft, operating 16 cranes of which eight are capable of serving very large ships.
It also has eight rail tracks located within the terminal, a 292-acre container yard and more than 700 reefer plugs with reefer monitoring round the clock.
After closing, the Marseille-based company will take over the terminal operations, aiming to improve service quality to better deliver upon its customers’ expectations.
In the coming years, CMA CGM intends to invest in the extension of the container yard to increase the terminal’s capacity in a staged approach, expand the terminal’s rail capacity to create one of the largest rail infrastructures in the US, construct a new berth and continue the terminal’s digital transformation.
By early 2022, the FMS terminal will welcome the first CMA CGM liquefied natural gas-powered 15,000-teu ships to be deployed on routes between Asia and the US....
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