CMA CGM to acquire 48% stake in Santos Brasil
NewsCMA CGM has signed an agreement to acquire a 48% stake in Santos Brasil, a multi-terminal operator managing key assets across Brazil’s ports.
The Los Angeles Harbour Commission has approved a US$ 52 million on-dock rail project at Fenix Marine Terminal.
The Los Angeles Harbour Commission has approved a lease amendment that finalises plans for a US$52 million infrastructure improvement project aimed at improving the on-dock rail capacity and reducing overall emissions at the Port of Los Angeles Pier 300 terminal operated by Fenix Marine Services.
The project will add five loading/unloading tracks in the intermodal yard at the Pier 300 terminal. The improvement will increase on-dock railyard capacity, enabling more cargo to be loaded directly onto trains via the on-dock railyard within the terminal. Other improvements involved in the project include grading and paving, fire protection, electrical improvements, striping and signage, and additional storm drain design elements for Low Impact Development compliance. Construction is expected to begin next year.
“This project enhances cargo capacity and efficiency while improving the sustainability of port operations,” said Los Angeles Harbor Commission President Lucille Roybal-Allard. “It’s yet another step forward toward both our productivity and clean air goals.”
“Fewer transfers of cargo results in cleaner operations and more fluidity on our container terminals,” said Port of Los Angeles Executive Director Gene Seroka. “This project will make us more competitive and add to our ability to pursue more discretionary cargo headed for the interior of the United States.”
“This investment ensures that there is adequate on-dock intermodal capacity to accommodate future volume growth, enabling POLA and FMS to further compete for discretionary cargo in an environmentally and community responsible way,” said George Goldman, President & CEO of CMA CGM (America).
Grant funding for the project includes approximately US$18 million from the US Department of Transportation Maritime Administration and US$19 million from California’s Trade Corridor Enhancement Program. The Port of Los Angeles will provide the balance of the funding.
In January 2022, CMA CGM reacquired 100% of the Fenix Marine Services (FMS) container terminal in the Port of Los Angeles.
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