The Terminal Link Container Cargo terminal at PortaMiami, once known as the APM Terminal, now a common user terminal owned in part by CMA CGM, APM and China Merchant Holdings
by Rick Eyerdam
When Dubai Ports World purchased the P&O Port Terminals in 2006 the uninformed media misinformed the Congress that the Arabs were buying up the ports of the United States and there was hell to pay, including the creation of Ports America, separate from DP World.
This month, without any fanfare or political dismay, the Hong Kong-traded China Merchants Holdings (International) Company Limited ("CMHI") acquired part ownership in 15 strategic port terminals including Houston Terminal Link Texas at the Port of Houston and South Florida Container Terminal at PortMiami where the Maersk unit, APM is also a part owner.
Ports America is a partial owner of the Port of Miami Terminal Operating Company.
PortaMiami’s third terminal is leased to Seaboard Marine, a subsidiary of Seaboard Corporation which includes the Butterball brand and Seaboards Foods, one of the largest vertically integrated pork producers and processors and exporters in the United States.
On June 11, CMHI and CMA CGM, a French shipping and terminal operator completed the sale and purchase of the 49% equity stake in Terminal Link, upon the obtaining of all consents and approvals in various jurisdictions and the completion of certain pre-closing corporate reorganizations as stipulated under the terms of the Acquisition Agreement.
Terminal Link owns 15 container terminals in 8 countries across four major continents: vi
- Container Handling Zeebrugge at Zeebrugge (Belgium);
- Antwerp Gateway at Antwerp (Belgium);
- Terminal des Flandres at Dunkirk (France) ;
- Terminal de France and Terminal Nord at Le Havre (France);
- Terminal du Grand Ouest at Montoir (France) ;
- Eurofos at Fos (France) ;
- Somaport at Casablanca (Morocco);
- Eurogate Tanger at Tangiers (Morocco) ;
- Malta Freeport Terminal at Marsaxlokk (Malta);
- Terra Abidjan at Abidjan (Ivory Coast);
- Houston Terminal Link Texas at Houston (the United States) ;
- South Florida Container Terminal at Miami (the United States) ;
- Busan New Container Terminal at Busan (South Korea) ;
- Haicang Xinhaida Container Terminal at Xiamen (the PRC).
Farid Salem, CMA CGM's Executive Officer, said: "CMA CGM is very pleased to enter a new strategic partnership with CMHI which will allow us to join our complementary forces to operate and further develop in Terminals investments."
"The smooth completion of this transaction,"China Merchants Group Assistant President & CMHI Managing Director Dr Hu Jianhua indicates," reflects the recognition and consent to the transaction from the governments from whose regulatory units consents and approvals were obtained. The process to seek approvals and consents has also helped to anchor Terminal Link's platform through which to further develop its ports businesses in these areas."
China Merchants Group & CMHI Chairman Dr Fu Yuning added, "On the back of a good working relationship already existing between our two organisations for more than 20 years, the linkage through Terminal Link between CMA CGM and CMHI not only marks a deeper and closer co-operation from here on, but also rolls out a joint and co-ordinated approach to developing the ports business with mutual interests that capitalises on the respective advantages and global network synergy of both parties, with a view to better facilitating international trade activities at the terminal locations through the provision by Terminal Link of more efficient and comprehensive services, whilst creating higher return on investment for our respective shareholders. "
CMA CGM, founded and led by Jacques R. Saadé is the world’s third largest container shipping company and has a turnover of 15.9 billion USD in 2012.Operating a fleet of 414 vessels, the Group serves more than 400 ports around the world. In 2012, the Group carried 10.6 million TEUs (twenty-foot equivalent units). With a presence on every continent and in 150 countries through its network of 650 agencies and branch offices, the Group employs 18,000 people worldwide and 2,400 in its headquarter in Marseilles.
CMHI is listed on the Stock Exchange of Hong Kong (Stock Code: 144) and is one of the 49 constituent stocks for the Hong Kong Hang Seng Index. It is one of the largest public port operators of, and investors in, port facilities in China with a market share of over 32% of China’s container throughput. CMHI’s port network is strategically located in gateway hubs in Asia and Africa and CMHI’s ports handled over 60 million TEUs of containers in 2012. CMHI has a current market capitalization of more than HK$60 billion. As of 31 December 2011, its total assets exceeded HK$87 billion.
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