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French shipping major CMA CGM and US investment firm Stonepeak have created a joint venture, United Ports LLC, with CMA CGM holding a 75% majority and operational control, and Stonepeak acquiring a 25% stake for USD 2.4 billion. The venture will include 10 major CMA CGM-operated terminals across six countries, including the Nhava Sheva Free Port Terminal in India. Stonepeak may invest an additional USD 3.6 billion in future projects. The deal is set to close in the second half of 2026, pending regulatory approvals and Union government security clearance for Nhava Sheva.
CMA CGM, the French container shipping group, and US-based alternative investment firm Stonepeak have formed a joint venture named United Ports LLC, bringing together 10 major CMA CGM-operated container terminals worldwide. Stonepeak has acquired a 25% minority stake in the venture for USD 2.4 billion, while CMA CGM retains a 75% majority and full operational control. The venture represents a strategic step for both companies to expand global terminal operations. Advertisement
Among the included assets is Nhava Sheva Free Port Terminal Pvt Ltd, one of the five container terminals at Jawaharlal Nehru Port near Mumbai. The terminal is operated jointly by JM Baxi Ports & Logistics Ltd and CMA Terminals Holding, with a capacity of 1.8 million twenty-foot equivalent units (TEUs). Notably, German shipping line Hapag-Lloyd AG holds a 40% stake in JM Baxi Ports & Logistics. The terminal, acquired on a 30-year concession in 2022 through a global tender, remains the only facility at the port with the freedom to set market-determined rates, making it unique among India's biggest state-run container gateways.
The joint venture also includes strategically significant terminals such as Fenix Marine Services in Los Angeles, Port Liberty in New York and Bayonne, terminals in Santos, Brazil, CSP Valencia and CSP Bilbao in Spain, TTI Algeciras in Spain, CMA CGM Kaohsiung Terminal in Taiwan, and Gemalink in Cai Mep, Vietnam. This geographic diversity provides access to key global shipping gateways and strengthens CMA CGM's terminal portfolio.
CMA CGM Chairman and CEO Rodolphe Saad said the creation of United Ports LLC is a major step in expanding the company's terminal operations in the US and globally. He highlighted that the partnership marks the start of a long-term relationship with Stonepeak, which could contribute up to an additional USD 3.6 billion for future terminal projects. This funding will support development, modernization, and expansion of port facilities, enhancing service quality for shipping customers.
The USD 2.4 billion from Stonepeak's investment will be reinvested by CMA CGM to grow its core businesses, including shipping, logistics, and integrated supply chain operations. The transaction is expected to close in the second half of 2026, subject to standard regulatory approvals, including antitrust and foreign direct investment clearances. For Nhava Sheva Free Port Terminal, the deal will also require security clearance from the Union government as per procedure.
By combining CMA CGM's operational expertise with Stonepeak's infrastructure investment experience, the joint venture aims to strengthen its global presence while providing capital for terminal upgrades and expansion. The collaboration positions United Ports LLC as a significant player in the international shipping and logistics ecosystem, supporting long-term trade growth and operational efficiency.
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