French shipping group CMA CGM and infrastructure investment firm Stonepeak have officially completed the formation of United Ports LLC, a joint venture valued at $2.4 billion that brings together a portfolio of major container terminals across the United States, Europe, Asia and South America.

First announced in January this year, the transaction has now closed after receiving all necessary regulatory approvals. Stonepeak acquired a 25% stake in the new company for $2.4 billion, while CMA CGM retains 75% ownership and full operational control.

United Ports initially includes nine terminals operated by CMA CGM across five countries:

- Fenix Marine Services in Los Angeles, USA, and Port Liberty terminals in New York and Bayonne;

- Santos Terminal in Brazil;

- CSP Valencia Terminal, Bilbao Terminal and TTI Algeciras Terminal in Spain;

- Kaohsiung Terminal in Taiwan Province of China;

- Gemalink Terminal in Vietnam.

CMA CGM stated that its stake in India’s Nhava Sheva Freeport Terminal is expected to join the venture upon receipt of remaining regulatory approvals.

The joint venture is positioned as a long-term investment platform, with a focus on expanding port capacity and upgrading terminal infrastructure. Planned investments include new cargo handling equipment, enhanced rail and inland logistics connectivity, and advancing electrification and shore-power projects to reduce port emissions. Stonepeak has also committed to providing up to an additional $3.6 billion through the new company for future port infrastructure investments alongside CMA CGM.

CMA CGM said: *"This transaction marks a new milestone in the Group's port infrastructure development strategy. It will accelerate investment in new port capacity and improve the logistics services we offer to our customers."

Alongside the port joint venture closing, CMA CGM released its financial results for the second quarter of 2026.

Revenue for the quarter reached $15.7 billion, up 19.2% year-on-year. EBITDA came in at $3.0 billion, a 31% increase, with an EBITDA margin of 19%, up 1.7 percentage points from the same period last year. The improved performance was primarily driven by the maritime business, benefiting from higher freight volumes and improved rates, which effectively offset additional costs arising from conflicts in the Middle East.

Second-quarter volumes reached 6.3 million TEUs, up 6% year-on-year, supported by resilient global consumer demand, continued corporate investment, inventory restocking, and order acceleration ahead of new tariff implementations.

Maritime business:Revenue reached $10.0 billion, up 22% year-on-year, with average revenue per TEU at $1,575, up 15.1%. EBITDA stood at $2.3 billion, compared with $1.6 billion in the year-ago period, with the margin rising to 22.7%.

Logistics business:Revenue reached $5.0 billion, up 8.5% year-on-year, supported by organic growth, scope effects and currency impacts. EBITDA was $388 million, down 15.4% year-on-year, with the margin declining to 7.8%, reflecting pressure on freight forwarding operations in a challenging market environment as well as continued difficulties in the automotive sector.

Other businesses (including terminals and air freight):Revenue reached $1.5 billion, up 47.6% year-on-year. EBITDA was $338 million, up 44.5%, with the margin remaining high at 22.8%.

CMA CGM said it will continue to pursue investments in port and logistics infrastructure, building a single global transport network by integrating shipping, terminals, logistics and air freight. With a fleet of over 700 vessels and projected volumes exceeding 24 million TEUs in 2025, the Group is well-positioned to maintain its competitive edge in a persistently volatile market environment.