CMA CGM and Stonepeak Create $5B+ U.S. Port Terminal Giant

In one of the most significant infrastructure deals to kick off 2025, French shipping conglomerate CMA CGM Group and New York-based infrastructure investor Stonepeak announced the formation of United Ports LLC, a joint venture that combines their respective U.S. terminal operations into what will become one of North America's largest independent port terminal operators.

The transaction, which merges CMA CGM's Terminal Link USA assets with Stonepeak's Carrix Ports USA holdings, creates an integrated platform spanning critical gateway markets including Los Angeles, New Orleans, and Mobile. While the parties have not disclosed the enterprise value, industry analysts peg the combined operation at north of $5 billion based on comparable terminal valuations and throughput capacity.

The deal represents a textbook platform consolidation play in the highly capital-intensive port terminal sector. By pooling assets, the partners gain immediate scale advantages, enhanced negotiating leverage with shipping lines and cargo owners, and a rationalized cost structure that should deliver meaningful synergies.

For CMA CGM—the world's third-largest container shipping company—the partnership offers a strategic foothold in the U.S. market without the full capital burden of sole ownership. The company has been aggressively expanding its terminal footprint globally as part of a vertical integration strategy designed to control more of the logistics value chain. According to Rodolphe Saadé, Chairman and CEO of the CMA CGM Group, the joint venture "represents a significant milestone in our strategy to develop world-class terminal operations in key markets."

Stonepeak, which manages approximately $70 billion in assets under management with a focus on infrastructure and real assets, brings deep operational expertise and patient capital. The firm has built a substantial portfolio in the transportation and logistics sector, including previous investments in port facilities, rail networks, and energy infrastructure.

United Ports will control a geographically diversified portfolio of terminals that touch both coasts and the Gulf of Mexico, providing cargo routing optionality and resilience against regional disruptions.

The crown jewel of the Terminal Link USA contribution is Fenix Marine Services, which operates a 185-acre container terminal on Pier 300 at the Port of Los Angeles—the busiest container port complex in North America. The facility handles ultra-large container vessels and has been a critical node for trans-Pacific trade, particularly imports from Asia.

Fenix has invested heavily in automation and sustainability, deploying zero-emission cargo handling equipment and participating in the port's Clean Air Action Plan. The terminal processes approximately 1 million TEUs (twenty-foot equivalent units) annually, serving multiple shipping lines beyond CMA CGM.

Stonepeak's Carrix contribution includes strategically important Gulf Coast facilities that handle a mix of containerized cargo, breakbulk, and project cargo. The Gulf terminals benefit from proximity to major agricultural export regions and serve as alternative gateways for imports destined for the U.S. interior via rail and river transport.

The Port of New Orleans facility connects to six Class I railroads and the Mississippi River system, offering unparalleled inland distribution reach. Mobile's terminal similarly provides direct rail connections to major southeastern markets and has seen growing volumes as shippers seek to diversify away from congested West Coast ports.

The United Ports transaction arrives amid a broader wave of investment in U.S. port infrastructure driven by several converging trends.

First, the pandemic-era supply chain crisis exposed critical capacity constraints at major U.S. ports, triggering a recognition that decades of underinvestment had left American logistics infrastructure ill-prepared for modern trade volumes. Subsequent federal infrastructure legislation, including the $1.2 trillion Infrastructure Investment and Jobs Act, has channeled billions toward port modernization projects.

Second, the nearshoring and friend-shoring movements—prompted by geopolitical tensions and a desire to reduce China dependency—are reshaping North American trade lanes. Gulf Coast and East Coast ports stand to benefit as companies reconfigure supply chains to source from Mexico, Central America, and other Western Hemisphere partners.

Third, institutional investors have developed a voracious appetite for infrastructure assets that offer inflation-protected cash flows and essential service characteristics. Port terminals, with their long-term concessions and contracted revenues, fit squarely in this investment thesis.

Recent terminal transactions underscore the premium valuations commanded by high-quality port assets:

Based on United Ports' estimated combined throughput of approximately 1.7 million TEUs and applying recent market multiples, the platform likely carries an enterprise value in the $5-6 billion range, representing one of the largest private terminal platform formations in recent U.S. history.

While specific ownership percentages were not disclosed, the joint venture structure suggests a relatively balanced partnership, with both parties contributing substantial assets and bringing complementary capabilities to the table.

United Ports will operate as an independent entity with its own management team, though it will benefit from CMA CGM's global shipping relationships and Stonepeak's capital markets access and operational improvement playbook. The platform is explicitly positioned for growth, with the partners signaling intentions to pursue both organic expansion at existing facilities and bolt-on acquisitions of additional terminals.

Industry observers expect United Ports to compete for upcoming terminal concessions and privatization opportunities as port authorities seek private capital to fund necessary modernization. Potential targets could include facilities in Houston, Savannah, Charleston, and other high-growth markets experiencing capacity constraints.

The transaction will require regulatory approvals, though antitrust concerns appear manageable given the fragmented nature of the U.S. port terminal market. Unlike other jurisdictions where single operators dominate entire ports, American terminals remain relatively dispersed across multiple owners and operators.

The Federal Maritime Commission will likely review the deal to ensure compliance with shipping regulations, while the Committee on Foreign Investment in the United States (CFIUS) may conduct a national security assessment given CMA CGM's foreign ownership, though precedent suggests port terminal investments typically clear this hurdle without difficulty.

Competitively, United Ports will face established players including SSA Marine, APM Terminals, and DP World, all of which operate extensive U.S. terminal networks. However, the combination of CMA CGM's cargo volumes and Stonepeak's investment firepower should enable United Ports to compete effectively for business and pursue aggressive expansion.

For beneficial cargo owners—the manufacturers, retailers, and logistics companies that actually ship goods—the United Ports formation carries mixed implications.

On the positive side, the consolidated platform should bring operational efficiencies, better equipment utilization, and potentially improved service consistency across terminals. The partnership's stated commitment to technology investment and sustainability could also accelerate the adoption of automation and clean energy solutions that improve throughput and reduce environmental impact.

On the other hand, further consolidation in the terminal sector raises questions about pricing power and competition. When terminal operators control larger shares of capacity in key markets, shippers may face reduced bargaining leverage, particularly during periods of peak demand. The concern is somewhat mitigated by the fact that U.S. terminal operations remain more fragmented than in many international markets, preserving meaningful competition.

The CMA CGM-Stonepeak partnership reflects a fundamental shift in how global shipping lines view terminal ownership. Historically, carriers operated on an "asset-light" model, leasing berth space from independent terminal operators and port authorities. This approach minimized capital requirements but left carriers dependent on third parties for critical nodes in their networks.

Contemporary strategy has inverted this logic. Leading carriers including Maersk (through APM Terminals), MSC, and now CMA CGM have recognized that owning or controlling terminal infrastructure provides strategic advantages: guaranteed berth availability, alignment of operational incentives, ability to optimize vessel schedules, and capture of terminal operating margins.

For infrastructure investors like Stonepeak, partnering with shipping lines offers superior downside protection through guaranteed volumes and commercial relationships that purely independent terminals cannot match. The model creates a mutually beneficial arrangement: carriers secure reliable infrastructure access without full capital outlay, while investors gain de-risked cash flows backed by global logistics leaders.

United Ports enters operation at a pivotal moment for U.S. trade infrastructure. Several factors should support the platform's growth trajectory:

**Volume growth:** Despite near-term economic uncertainty, long-term containerized trade volumes are projected to grow 3-4% annually, driven by e-commerce, inventory restocking cycles, and consumption growth. The U.S. remains the world's largest import market, ensuring sustained demand for terminal capacity.

**Nearshoring tailwinds:** As manufacturing relocates closer to end markets, Gulf Coast ports serving Mexico trade lanes and East Coast facilities handling South American cargo should see disproportionate volume gains. United Ports' Gulf Coast presence positions it well for this trend.

**Infrastructure investment:** Federal and state funding for port modernization creates opportunities for co-investment and expansion. Terminals that can match public dollars with private capital will win the best development opportunities.

However, the platform also faces headwinds:

**Labor relations:** Port labor in the U.S. remains heavily unionized, and terminal operators must navigate complex collective bargaining dynamics. Recent contract negotiations between the International Longshore and Warehouse Union (ILWU) and Pacific Maritime Association have demonstrated that labor disruptions remain a persistent risk.

**Environmental compliance:** Ports face increasingly stringent emissions regulations, requiring substantial capital investment in zero-emission equipment and infrastructure. California's aggressive climate mandates, in particular, will require significant spending at Fenix Marine Services to maintain operating permits.

**Technology disruption:** Automation and digitalization promise efficiency gains but require enormous upfront investment and can trigger labor opposition. United Ports will need to balance technology adoption with workforce management considerations.

The formation of United Ports LLC represents a watershed moment in the evolution of U.S. port infrastructure—a convergence of global shipping strategy, institutional capital, and recognition that logistics assets constitute critical economic infrastructure deserving of sustained investment.

For CMA CGM, the partnership advances vertical integration objectives while sharing risk and capital burden. For Stonepeak, it delivers a cornerstone infrastructure platform with embedded volume protection and multiple paths to value creation. For the broader market, it signals that port consolidation and professionalization will continue as sophisticated capital seeks essential infrastructure with defensive characteristics.

As supply chains continue to evolve in response to geopolitical fragmentation, climate pressures, and technological change, control of strategic infrastructure nodes becomes increasingly valuable. United Ports, with its geographic diversity, operational scale, and strong financial backing, is well-positioned to play a central role in shaping the next chapter of American trade logistics.

The deal's ultimate success will depend on execution—integrating disparate operations, capturing promised synergies, investing wisely in capacity and technology, and navigating the complex regulatory and labor environment that characterizes U.S. port operations. But the strategic logic is sound, the timing is opportune, and the resources are substantial. United Ports has the ingredients to become a defining platform in North American logistics infrastructure.