Container shipping operator CMA CGM and infrastructure investment firm Stonepeak have announced a joint terminal agreement covering a portfolio of ports operated by CMA CGM globally. According to a statement from the two companies dated January 28, under the joint venture branded United Ports, Stonepeak will invest 2.4 billion dollars for a 25% minority stake in 10 port terminals operated by CMA CGM. The deal coincides with a period in which carrier-investor partnerships are re-emerging as a defining trend in global port value chains, underscoring Stonepeak's appetite for large-scale port portfolios. From a supply chain perspective, this structure emerges as a hybrid model in which the line operator retains full operational control while unlocking capital.
Terminals included in the agreement comprise Fenix Marine Services in Los Angeles; Port Liberty terminals in New York and New Jersey; Santos terminals in Brazil; and Nhava Sheva Freeport Terminal in India. The portfolio also encompasses additional terminals in Taiwan, Vietnam, and Spain. This geographic distribution constitutes a strategic clustering that consolidates hub nodes across Trans-Pacific, Trans-Atlantic, Asia-Europe, and Latin America routes within a single investment basket. Nhava Sheva's position in the Indian subcontinent and Santos's role in Brazil's agricultural export chain demonstrate that the portfolio is balanced across both north-south and east-west corridors.
James Wyper, a senior executive at Stonepeak, characterizes the joint venture as "a truly differentiated opportunity to invest in a high-quality portfolio of strategically located terminals" and underscores the significance of investing alongside one of the world's largest and most respected shipping and logistics groups. CMA CGM retains full operational control of its terminals under the agreement and plans to redeploy the 2.4 billion dollars received from Stonepeak to expand supply chain capacity and broaden core business operations. In this context, the investment functions as a leverage instrument that expands the line operator's financial base while preserving terminal autonomy.
The deal structure grants Stonepeak the option to allocate an additional 3.6 billion dollars toward future joint terminal projects. This option channel signals the transformation of the United Ports brand into a platform through which new acquisitions or greenfield terminal investments can be pursued in the future. The transaction is expected to be finalized in the second half of 2026, once regulatory approvals are completed. From a supply chain perspective, the CMA CGM-Stonepeak structure becomes a critical link in a growing trend whereby line operators share port assets with infrastructure funds to enhance capital efficiency, offering an alternative approach to the Maersk-APMT and MSC-TIL models.
Key Highlights:
1. Stonepeak invests 2.4 billion dollars for a 25% stake in 10 CMA CGM terminals.
2. The portfolio includes Fenix Marine Services, Port Liberty, Santos, and Nhava Sheva.
3. CMA CGM retains full operational control of the terminals.
4. Stonepeak may allocate an additional 3.6 billion dollars toward future joint projects.
5. The transaction is expected to be finalized in the second half of 2026.
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