SIMIC

Currently holding a 10 per cent stake in the terminal, CMA CGM will become the sole owner of the FMS facility post-transaction closing.

FMS is the third-largest terminal in the Los Angeles/Long Beach port area in terms of capacity at 2.5 million TEU.

The terminal also benefits from a long-term concession agreement (through 2043).

The FMS terminal features four berths, 16 cranes, eight rail tracks located within the terminal, a 292-acre container yard, 700-plus reefer plugs with 24/7 reefer monitoring.

The major investment is consistent with the CMA CGM's strategy of developing its terminal business while supporting the growth and efficiency of its shipping lines.

With the acquisition, CMA CGM is sustaining its position as a global port terminal operator.

"The swift recovery of the global economy has demonstrated the importance of ports and logistics infrastructure. In order to manage efficiently our port operations on the West Coast of the United States, we have decided to acquire Fenix Marine Services," said CMA CGM chief executive Rodolphe Saade.

"Fenix Marine Services is one of the largest terminals in this country and one of its most strategic gateways. It is a key industrial facility which will significantly strengthen our position and support our rapid growth in this market," said Mr Saade.