EMEA News
CMA CGM Buys Half of Algeciras Container Terminal
French container line CMA CGM has bought half of the TTI Algeciras terminal in the south of Spain from HMM, the companies said Monday.
Once the deal is approved, CMA CGM will own 50% of the terminal minus one share, the companies said in a statement.
"TTI Algeciras has a great geographical advantage to play an integral role as a trans-shipment hub located at the centre of containerised cargo flow on main trade lanes," an HMM official said in the statement.
"We believe TTI Algeciras will take centre stage in the Gibraltar area as it has a high potential for future growth and development."
The deal is expected to be completed in the fourth quarter of this year.
Once it goes through, it may end up providing a boost to the prospects of the LNG bunker industry in the Mediterranean. CMA CGM is expected to take delivery of the first of its new giant gas-powered container ships later this year, making it one of the world's largest LNG bunkering customers.
