On 28 January 2026, CMA CGM and Stonepeak announced the creation of United Ports, a global joint venture dedicated to the operation of container port terminals. The deal involves ten terminals already operated by CMA CGM in North America, South America, Europe and Asia, and represents one of the most significant infrastructure reorganisations in the port sector in recent years. Completion of the transaction is expected in the second half of 2026, subject to regulatory approvals in the countries concerned.
Under the agreement, CMA CGM will retain a 75% equity stake and full operational control of the terminals, while Stonepeak will acquire a 25% stake through an investment of USD 2.4 billion, implying an overall valuation of approximately USD 9.6 billion for United Ports. The preservation of industrial control by the French shipping group is a central element of the deal, designed to ensure management continuity, integration with liner services and alignment with the group’s operational strategies.
The terminals contributed to the joint venture cover some of the world’s main container transport hubs. In the United States, these include Fenix Marine Services in Los Angeles, with a capacity of 2.5 million TEU per year and a concession running until 2043, as well as the Port Liberty New York and Port Liberty Bayonne terminals in the Port of New York and New Jersey. These assets are subject to a USD 600 million investment plan aimed at increasing capacity and upgrading infrastructure. A presence on both US coasts allows CMA CGM to directly oversee the country’s two main port systems.
In South America, the key asset is Santos Brasil, operator of the continent’s largest container terminal at the Port of Santos in Brazil. CMA CGM acquired control of the company in 2025 and uses it as a platform for access to the Brazilian market and, more broadly, to trade flows across the Southern Cone. In Europe, the joint venture includes four terminals in Spain: CSP Valencia, the country’s main gateway for import-export traffic; CSP Bilbao on the Atlantic coast; the inland terminal of Seville; and TTI Algeciras, a transhipment hub in the Strait of Gibraltar currently undergoing an expansion programme that will increase capacity to 2.1 million TEU by 2028.
The Asian network includes the Nhava Sheva terminal in India, one of the main maritime gateways to the subcontinent; the Kaohsiung terminal in Taiwan, a key hub for transpacific transhipment flows; and Gemalink at Cai Mep in Vietnam, a deep-water port serving South-East Asia and long-haul routes. Taken together, these assets span both mature markets and high-growth regions, with a balanced mix of gateway traffic and transhipment activity.
From an operational perspective, United Ports fits into the vertical integration strategy pursued by CMA CGM in recent years. The group directly controls 41 terminals and holds stakes in a further 21 through Terminal Link, its joint venture with China Merchants Port Holdings. The creation of a dedicated platform makes it possible to enhance the value of existing assets, release financial resources and at the same time maintain direct oversight of port operations, which are considered critical to supply chain reliability.
For Stonepeak, the investment in United Ports provides exposure to infrastructure assets characterised by high barriers to entry, long-term concessions and traffic flows linked to international trade. The transaction complements the fund’s other investments in the container value chain, such as Textainer in container leasing and Trac Intermodal in maritime chassis, creating a presence across the entire operational cycle of container transport. The agreement also provides for Stonepeak to contribute up to an additional USD 3.6 billion for future joint developments, positioning United Ports as a platform designed to grow over time.
The context in which United Ports is being created is marked by renewed geopolitical attention on port infrastructure, particularly in the United States. The strengthening of American capital participation through Stonepeak fits into a broader environment of increased sensitivity around control of strategic logistics assets, alongside the investment commitments announced by CMA CGM in the US market in the coming years. From an industrial standpoint, the joint venture consolidates CMA CGM’s transformation from a maritime carrier into an integrated logistics operator, with growing control over the physical nodes of the value chain. United Ports thus becomes an operational tool to support the group’s liner services, improve flow reliability and strengthen its positioning along the world’s main trade corridors.
P.R.
