CMA CGM and asset management firm Stonepeak are creating a nearly $10 billion joint venture that will oversee terminals at 10 of the ocean carrier’s ports, including two in the U.S.
Under the joint venture, known as United Ports, CMA CGM and Stonepeak will co-own container gateways including the Port of Los Angeles’ Fenix Marine Services, the Port Liberty terminals at the Port of New York and New Jersey, Nhava Sheva Freeport Terminal in India’s Jawaharlal Nehru Port and Gemalink in Vietnam’s Cai Mep Port.
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The JV will also take ownership of terminals in Taiwan’s Port of Kaohsiung and Brazil’s Port of Santos, as well as gateways in four Spanish ports.
The deal “marks an important step in the development of our terminal activities in the United States and globally,” said Rodolphe Saadé, Chairman and CEO of CMA CGM Group. “Through this strategic partnership, we bring together ten CMA CGM-operated terminals across six countries, including major facilities such as FMS in Los Angeles, Port Liberty in New York, Santos in Brazil and Nhava Sheva in India.”
Saadé said the liner partnered with Stonepeak due to its experience in infrastructure investments, indicating that the JV will help the DHL partner accelerate investments in new terminals and enhance service quality for customers.
Stonepeak is contributing $2.4 billion to the venture, giving the alternative investment firm a 25 percent ownership stake in United Ports. CMA CGM will retain full operational control.
CMA CGM plans to reinvest the $2.4 billion in proceeds from the transaction in the continued growth of the company’s core businesses, which include terminal operations, a container shipping division and a logistics solutions segment comprised of Ceva Logistics and CMA CGM Air Cargo.
The company says the funding will help it expand supply chain capacity all transportation nodes to meet shipping and logistics demands.
As part of the transaction, Stonepeak has the option to contribute an additional $3.6 billion in funding for future joint terminal projects.
The transaction is expected to close in the second half of 2026, subject to U.S. and international regulatory approvals.
Through its terminal subsidiaries, CMA Terminals and Terminal Link, CMA CGM Group operates 55 terminals globally and has seven ongoing projects. Across its terminals, the company handled 45 million 20-foot equivalent units in 2024.
The creation of United Ports—and the fresh funding source backing the JV—builds on the company’s ongoing expansion of its terminals business, with CMA CGM having the steepest portfolio increase of any major terminal operator from 2019 to 2024.
Across that stretch, the French logistics giant saw equity-adjusted volumes at its properties increase 55 percent, according to Drewry. This surpassed Mediterranean Shipping Company’s (MSC) 47 percent growth in the same five-year timeline.
Last April, CMA CGM acquired a majority stake in the Santos Brasil terminal for $1.1 billion and shared plans to invest $600 million to build a new terminal complex in Vietnam’s Hai Phong Port in Vietnam.
Through 2029, Drewry expects CMA CGM to add the third-most cargo capacity worldwide among terminal operators at roughly 22 million TEUs. This figure is only surpassed by MSC’s 27 million TEUs and Port of Singapore owner PSA International’s 25 million TEUs.
Terminal expansion has become more of an imperative for major ocean carriers in recent years as they want to vertically integrate their operations. Alongside the expected increase in market share and revenue, carriers are pursuing this strategy to gain greater control over end-to-end container movements to improve service levels, including speed and schedule reliability.
The deal follows CMA CGM’s $20 billion pledge to invest in U.S. logistics and shipbuilding, with plans to develop new infrastructure at U.S. ports across New York, Los Angeles, Houston and more.
Saadé visited President Donald Trump in the Oval Office when the commitment was announced, saying the funds would create 10,000 American jobs. As part of the that commitment, the container shipping company would triple the number of U.S.-flagged vessels it owned from 10 to 30.
Stonepeak has roughly $80 billion in assets under management, including full ownership of chassis provider Trac Intermodal, as well as stakes in cold chain logistics company Lineage Logistics, terminal operator Logistec and container lessor Textainer.
“Container terminals play an essential role in global trade and are among the most difficult transportation infrastructure assets to substitute or replicate,” said James Wyper, senior managing director and head of U.S. private equity for Stonepeak, in a statement.
