- Cma Cgm and Stonepeak completed the formation of United Ports on 28 July 2026, a US-law joint venture announced in January and valued at around $10bn. The New York-based fund has invested $2.4bn for a 25% stake, while the French group retains 75% and full operational control.
- The initial portfolio comprises nine container terminals in the United States, Brazil, Spain, Taiwan and Vietnam. The January announcement envisaged ten terminals in six countries: the inclusion of the stake in India’s Nhava Sheva terminal remains subject to regulatory approvals and has been postponed to the coming months.
- On the same day, Cma Cgm published its results for the second quarter of 2026: revenue of $15.7bn, up 19.2%, Ebitda of $3bn, up 31%, with a margin of 19%, net profit of $770m, and maritime volumes of 6.3m TEU, up 6%. In logistics, revenue rose by 8.5%, but Ebitda fell by 15.4%.
Stonepeak has paid $2.4bn, about €2.1bn, to acquire 25% of United Ports, the US company into which Cma Cgm has transferred nine container terminals. Completion of the transaction, announced by the two companies on 28 July 2026, came after clearance from antitrust authorities and the competent authorities for foreign direct investment. The Marseille-based group retains 75% of the capital and full operational control of the joint venture. The agreement was announced on 28 January, with an overall valuation of the perimeter close to $10bn, about €8.8bn, and closing expected in the second half of the year. The structure also includes a further commitment: the New York-based fund may invest up to an additional $3.6bn, about €3.2bn, to finance new terminal projects developed jointly with the French group through the same company.
The transferred portfolio includes Fenix Marine Services in Los Angeles, the Port Liberty terminals in New York and Bayonne, the Santos facilities in Brazil, Csp Valencia and Csp Bilbao, Tti Algeciras, the Kaohsiung terminal in Taiwan and Gemalink in Cai Mep, Vietnam. The scope is narrower than the one announced six months ago, which covered ten terminals in six countries and included Nhava Sheva Freeport Terminal in India: the joint statement issued on 28 July specifies that the inclusion of the Indian stake remains subject to regulatory approvals and will take place in the coming months. For the transferred assets, the two companies have announced an investment programme covering the expansion of port capacity, the purchase of new handling equipment, the strengthening of rail and road links with the hinterland, and infrastructure to decarbonise operations, from the electrification of yard equipment to shore power systems for vessels at berth.
The logic of the deal is to monetise part of the terminal portfolio without giving up the management of the facilities, which remain integrated into the group’s maritime network. Cma Cgm has said the proceeds will be used to finance the growth of its core businesses. For Stonepeak, which specialises in infrastructure and real assets and is already involved in transactions such as Cellnex Nordics and Forgital, the investment provides exposure to a sector with high barriers to entry and long-term contracts.
The closing took place on the same day Cma Cgm published its second-quarter 2026 results, which showed the group gathering pace. Consolidated revenue stood at $15.7bn, about €13.8bn, up 19.2% compared with the same period in 2025, with Ebitda of $3bn, about €2.6bn, up 31%, and a margin rising to 19% from 17.3%. Net profit for the quarter was $770m, about €676m, compared with $520m a year earlier, according to figures reported by Reuters.
The decisive contribution came from maritime shipping. Volumes transported reached 6.3m TEU, up 6% year on year, compared with global container market growth of 4.7% in the first five months of the year. Segment revenue rose by 22% to $10bn, with average revenue per TEU of $1,575, up 15.1%; Ebitda rose from $1.6bn to $2.3bn, while the margin gained 3.3 points to 22.7%.
The picture was different in logistics, where Ceva lifted revenue to $5bn, up 8.5%, driven by organic growth, changes in scope and exchange rates, but saw Ebitda fall by 15.4% to $388m, with the margin down 2.2 points to 7.8%. The group attributed the decline to pressure on international freight forwarding and persistent difficulties in the automotive sector, an area in which the subsidiary has nevertheless signed agreements with Byd and Chery to develop integrated logistics solutions. During the quarter, Ceva opened an automated distribution centre in Alashankou, China, on the trans-Eurasian road corridor, while its subsidiary Colis Privé announced the acquisition of Paack to strengthen e-commerce deliveries in France, Spain and Portugal. Other activities, grouping terminals, air transport and media, recorded the strongest growth: revenue of $1.5bn, up 47.6%, and Ebitda of $338m, up 44.5%, with a margin of 22.8%.
The geopolitical backdrop remains difficult. The immobilisation of some vessels, the rise in insurance premiums and the contraction in volumes at ports in the Middle East generated additional costs which, according to the group, were offset by a combination of higher volumes and sustained freight rates. At a parliamentary hearing in France last June, chief financial officer Ramon Fernandez had put the cost of alternative routes in the first half at $300m, about €263m. On the same occasion, Rodolphe Saadé, chairman and chief executive, ruled out a rapid return to the previous situation in the Strait of Hormuz, identifying the development of alternatives as the structural response: investment in the Sohar terminal in Oman and intermodal links that make it possible to unload cargo at Gulf ports or in Jeddah and continue by land. Around 60% of the fleet continues to transit through Suez, while the remaining 40% sails around Africa when security conditions require it.
In the outlook issued alongside the results, the group maintains a cautious approach, identifying tensions in the Middle East and tariff measures adopted by some countries as the two factors that could affect freight rates, operating costs and trade flows in the coming months. In Europe, since 1 July the European Union has applied a €3 duty on non-EU imports worth €150 or less, a measure expected to affect flows of small parcels. External growth is meanwhile continuing in the North American market: the agreement with FedEx for third-party logistics activities, valued by the Financial Times at around $1.4bn, about €1.2bn, will see Cma Cgm manage 123 warehouses in North America. During the quarter, the group also launched the second phase of the expansion of the Gemalink terminal, one of the nine facilities transferred to United Ports.
Antonio Illariuzzi
