JOC Staff | Dec 12, 2012 3:37PM EST
Container shipping line CMA CGM has purchased a stake in the Port of Long Beach’s Pier J, a move that will bring an additional 2.6 million container units to the port and increase port revenue by about $70 million over the next five years.
The investment makes CMA CGM a partner in the lease and operations of the 256-acre terminal. It is the company’s first investment in a port on the west coast of North America and guarantees that its ships will call exclusively at the Port of Long Beach when using the San Pedro Bay gateway.
Pier J is home to Pacific Container Terminal, which has been operated as a joint venture between SSA Marine and Cosco Container Lines. CMA CGM became a partner in November and announced the agreement on Dec. 11.