Container Shipping Line Invests in Port of Long Beach

Press Release
Wednesday, December 12, 2012
Pier 'J': Photo courtesy of Port of Long Beach

CMA CGM, the world’s third-largest container shipping line, purchases a stake in the Port of Long Beach’s Pier J.

The deal will bring an additional 2.6 million container units to the Port and increase Port revenues by about $70 million over the next five years.

The investment makes the Marseille, France-based ocean carrier a partner in the lease and operations of the 256-acre terminal. It also marks CMA CGM’s first investment in a port on the West Coast of North America and guarantees that its ships will call exclusively at the Port of Long Beach when using the San Pedro Bay gateway.

Pier J is home to Pacific Container Terminal. With a water depth of about 50 feet and 17 post-Panamax gantry cranes, it is one of the few terminals in the world capable of servicing the new generation of giant container ships.
Pacific Container Terminal has been operated as a joint venture between global maritime services company SSA Marine and COSCO, a China-based ocean carrier. CMA CGM became a partner in the venture in November and officially announced the agreement on December 11, 2012.

CMA CGM vessels have been calling at the Port for many years, but the new arrangement gives the shipping line a West Coast homeport and strengthens the bond with Long Beach.

“This first new investment for our Group on the U.S. West Coast will reinforce our position in North America,” said Farid Salem, CMA CGM Group Executive Officer. “It demonstrates CMA CGM’s strong involvement to develop transport infrastructure and to improve quality of service to our customers. By investing in Pier J, the Group ensures that the largest vessels deployed in the trans-Pacific trade will be efficiently managed.”


 

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Globecomm to Provide VSAT for PBJV Barge

Purpose-built accommodation and pipe-lay barge on charter to Petronas equipped with VSAT and L-Band services. Globecomm Maritime has been awarded a contract

VSTEP Wins Mexican Navy Simulator Contract

The Mexican Navy selected VSTEP to supply a Class A NAUTIS Full Mission Bridge (FMB) Simulator and 24 NAUTIS desktop trainer stations for the Naval Academy in Veracruz.

Floating Production: $1.2b Speculative FLNG Ordered

The floating production business continues to be very strong, particularly in the LNG gas processing sector.  Last month saw a speculatively ordered floating liquefaction plant – a $1.

Ports

Thome Awarded for Green Efforts in Long Beach

Thome Ship Management has been awarded a Green Environmental Achievement Award by the Port of Long Beach, California, for high standards in performance during 2013.

200th Airbus A320 Shipset Loaded for China

The 200th shipset for Airbus’s A-320 final assembly line (FAL) in Tianjin, China, was loaded on to the containership COSCO Hope at HHLA’s Container Terminal Tollerort

Update: U.S. to Seize Kurdish Oil from Tanker off Texas

U.S. authorities are set to seize a cargo of oil from Iraqi Kurdistan anchored off the Texas coast after a judge approved a request from Baghdad, raising the stakes

Container Ships

Diana Containerships Q2 & 1H 2014 Financial Results

Greece-based Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has reported net income of $0.6 million for the second quarter of 2014,

Danaos Corporation 2Q and 1H 2014 Results

Danaos Corporation ("Danaos") (NYSE: DAC), a leading international owner of containerships, today reported unaudited results for the period ended June 30, 2014.

Marseilles Fos Reports Mixed First Half

First-half container traffic at leading French port Marseilles Fos totalled 583,287 teu – up 7% on the first six months last year - marked by a 10% increase at the deepsea Fos terminals.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2047 sec (5 req/sec)