French shipping group CMA CGM buys Los Angeles container terminal
French shipping group CMA CGM has agreed to buy a container terminal operator at the Port of Los Angeles, where the global supply chain turmoil has been most visible, in a deal
worth $2.3bn including debt.
The Marseille-based company will take full ownership of Fenix Marine Services (FMS), buying
90 per cent of the company for $1.8bn, using its own funds. It adds to its existing 10 per cent
stake in the company and deepens its foothold in the main US gateway for trade with Asia.