The global container shipping industry is entering a new phase in the struggle for control over supply chains. While much of the market’s attention remains focused on new vessels and trade routes, the world’s largest carriers are increasingly investing in what may become the defining competitive advantage of the 21st century: their own port infrastructure.
French shipping and logistics group CMA CGM has officially completed the formation of United Ports, a joint venture with infrastructure investment firm Stonepeak.
Under the terms of the transaction, Stonepeak is investing $2.4 billion in exchange for a 25% stake in the new company. CMA CGM will retain the remaining 75% ownership interest and maintain full operational control over the venture and its assets.
For the shipping industry, this is more than a major investment transaction. It is a strategic signal that the world’s leading container carriers are steadily evolving from maritime transportation companies into integrated owners and operators of global logistics infrastructure.
Ports Are Becoming the Critical Asset
Global logistics has changed dramatically in recent years. The COVID-19 pandemic, terminal congestion, geopolitical crises, and disruptions along major maritime corridors have demonstrated that owning a large fleet alone is no longer enough to ensure operational stability.
Increasingly, the decisive advantage lies in controlling the critical bottlenecks across the transportation chain.
That is why major container carriers are expanding their presence in the terminal business. Ownership of port facilities allows shipping companies to manage container handling more directly, reduce their dependence on third-party terminal operators, shorten vessel turnaround times, and improve the reliability of services offered to customers.
The creation of United Ports is firmly aligned with that strategy.
Nine Terminals Across Major Global Markets
The initial United Ports portfolio includes nine terminals operated by CMA CGM across the United States, Brazil, Spain, Taiwan, and Vietnam.
The portfolio includes:
- Fenix Marine Services at the Port of Los Angeles;
- Port Liberty facilities in New York and Bayonne;
- a terminal in Santos, Brazil;
- CSP Valencia and the terminal in Bilbao, Spain;
- TTI Algeciras in Spain;
- the Kaohsiung terminal in Taiwan;
- and the Gemalink terminal in Vietnam.
The joint venture therefore begins with assets positioned across North America, South America, Europe, and Asia, giving CMA CGM a stronger and more resilient presence along some of the world’s most important trade routes.
Investment Will Go Beyond Capacity Expansion
Stonepeak’s investment will not be used solely to increase container-handling capacity.
The companies are planning a broad modernization program that will include:
- expanding terminal and container-handling capacity;
- purchasing new cargo-handling equipment;
- improving connections with railroads and inland transportation networks;
- strengthening intermodal logistics services;
- electrifying terminal machinery and other port equipment;
- and installing shore power infrastructure for vessels at berth.
In practical terms, the partnership is intended to help build a new generation of port infrastructure designed to accommodate growing container volumes while also supporting the shipping industry’s efforts to reduce emissions.
This Is Only the Beginning
CMA CGM and Stonepeak view the initial portfolio as a starting point rather than the final structure of United Ports.
Subject to regulatory approvals, CMA CGM’s interest in the terminal at the Nhava Sheva Free Trade Zone in India is expected to be added to the joint venture in the coming months.
The agreement also provides substantial room for further expansion. Stonepeak will have the opportunity to invest up to an additional $3.6 billion in new port investment opportunities developed in partnership with CMA CGM through United Ports.
Those investments could support the acquisition and development of port assets in rapidly growing logistics markets around the world.
Why the Deal Matters
The world’s largest container carriers are no longer competing solely on fleet size, freight rates, or the number of services they operate.
The competition is shifting toward control of the entire logistics ecosystem—from ocean vessels and port terminals to rail connections, inland transportation networks, and distribution infrastructure.
CMA CGM’s new partnership with Stonepeak demonstrates that port infrastructure is becoming a central pillar of the group’s long-term growth strategy. The more elements of the supply chain that can be managed within a single network, the greater the company’s ability to withstand congestion, geopolitical disruption, operational delays, and volatility in global trade.
The creation of United Ports reflects a broader transformation taking place across the logistics industry: the world’s largest shipping companies are becoming global infrastructure operators capable of controlling cargo flows far beyond the ocean voyage itself.
