CMA CGM and Stonepeak announce $10 billion joint venture with ten global terminals

CMA CGM, controller of Santos Brasil, announced the creation of the joint venture United Ports LLC in partnership with the American management company Stonepeak, which will have a 25% stake in the new company. The contribution will be US$2.4 billion, increasing the market value of the combined operation to US$10 billion.

United Ports LLC will bring together ten terminals operated by CMA CGM in six countries, including the Tecon Santos container terminal, considered the largest in Latin America. Among the assets of the new operation are the Los Angeles Fenix ​​Marine Services terminals, Port Liberty New York and Bayonne (United States), CSP Valencia and CSP Bilbao (Spain), Guadalquivir Maritime Terminal (Spain), TTI Algeciras (Spain), Nhava Sheva Freeport Terminal (India), CMA CGM Kaohsiung Terminal (Taiwan) and Gemalink (Vietnam).

According to Rodolphe Saadé, president and CEO of CMA CGM, the strategic partnership strengthens the ability to invest in terminals and expand the global logistics chain. The Stonepeak manager will also be able to finance up to US$3.6 billion in future port projects.

In Brazil, investments in the Santos terminal remain ongoing, with R$3 billion planned until 2031 for expansion and modernization. Of this total, R$2 billion has already been invested, including the recent acquisition of two quay cranes and eight electric yard cranes, from China, totaling R$300 million.

The creation of the joint venture occurs after CMA CGM consolidated its stake in Santos Brasil, acquiring 48% of the company in September 2024 and subsequently the majority of shares, closing the company’s capital on B3. Since then, the route to Asia, especially China, has grown significantly, while the United States’ share of the volume exported by Tecon Santos has decreased.