CMA CGM and Stonepeak form United Ports LLC; Stonepeak invests $2.4B for 25% stake

By Stuart Chirls | 3 min read

The world's third-largest liner operator is making a significant push to expand its presence in the ports sector.

French shipping line CMA CGM and New York-based private equity firm Stonepeak today announced the formation of United Ports LLC, a joint venture aimed at growing CMA CGM's global network of marine terminals.

Investment Details

Stonepeak will invest $2.4 billion in the initiative and receive a 25% minority stake, according to a joint statement from the partners.

"The creation of United Ports LLC, our joint venture with Stonepeak, marks an important step in the development of our terminal activities in the United States and globally," said Rodolphe Saade, chairman and chief executive of the privately held CMA CGM Group.

CMA CGM will hold 75% of United Ports and retain full operational control.

Portfolio of Assets

The venture launches with 10 key port assets across four continents:

• Fenix Marine Services (FMS) – Los Angeles, USA
• Port Liberty terminals – New York and Bayonne, USA
• Santos terminals – Brazil
• CSP Valencia and CSP Bilbao – Spain
• Terminal Marítima del Guadalquivir – Spain
• TTI Algeciras – Spain
• Nhava Sheva Freeport Terminal – India
• CMA CGM Kaohsiung Terminal – Taiwan
• Gemalink – Cai Mep, Vietnam

Strategic Rationale

CMA CGM, controlled by the Saade family, plans to reinvest the $2.4 billion from the transaction into its core transportation businesses, including air cargo, ocean shipping, trucking, and logistics.

"Stonepeak is excited to partner with CMA CGM on this transformative platform," the investor said. "Container terminals are critical, hard‑to‑replicate infrastructure assets, and we see significant potential to work with CMA CGM to accelerate investment and growth in this sector."

Broader Industry Context

The venture reflects a growing trend of private equity investment in ports, which serve as vital junctions connecting ocean shipping routes with land-based distribution systems.

Stonepeak has previously invested in BMO (a trucking lender), acquired Dupre Logistics and Air Transport Services Group, and owns chassis provider TRAC Intermodal. The firm manages approximately $88 billion in assets.

Earlier this year, BlackRock led a consortium including Mediterranean Shipping Co. that sought to acquire 43 terminals in 23 countries from Hong Kong's CK Hutchison for $23 billion — a deal ultimately blocked by China. BlackRock Chairman Larry Fink described marine terminals as critical to the global economy, comparable to data centers and power grids.

Future Outlook

The partners described the ports venture as the beginning of a long-term relationship between CMA CGM and Stonepeak, including new terminal projects in the U.S. and globally.

As part of the transaction, Stonepeak will have the opportunity to contribute an additional $3.6 billion in funding for future joint terminal projects.

The transaction is expected to close in the second half of 2026, subject to regulatory approvals.

Read more articles by Stuart Chirls here.

Further Reading

• War sends Asia-US ocean rates soaring 234% since February
• New test program puts nuclear container ships on the horizon
• Shipbuilders could see billions of dollars from defense spending bill
• Walkout by union dockworkers shuts down Oakland terminals