CMA CGM has acquired Fenix Marine Services (FMS), one of the largest container terminals in the Port of Los Angeles, United States of America(USA).
The $2.3bn deal ensured that CMA CGM acquired a 90% stake in FMS from private equity fund EQT Infrastructure III, making the French line the sole shareholder in the terminal.
The terminal has a capacity of around 2.5m TEU, is the third-largest in the Port of LA/Long Beach area, and has a long-term concession agreement through to 2043.
Rodolphe Saadé, Chairman and CEO of the CMA CGM Group said “In order to manage efficiently our port operations on the West Coast of the United States, we have decided to acquire Fenix Marine Services.
“Fenix Marine Services is one of the largest terminals in this country and one of its most strategic gateways. It is a key industrial facility which will significantly strengthen our position and support our rapid growth in this market.”
The ports of LA and LB have been the focus on considerable media, and more recently federal government attention, over the last year as congestion has reached record levels with vessels waiting weeks to berth, and terminals running out of yard space.
CMA CGM operates 24 services on the transpacific between Asia and the US West Coast and is one of the largest operators on the trade lane.
The FMS terminal currently has four berths and a 292-acre container yard with more than 700 reefer plugs.
CMA CGM said that it would invest to extend yard capacity in a phased approach, expand rail capacity, and construct a new berth.
Sean Pierce, CEO, and President of FMS said, “Our vision was always to deliver on operational excellence and to do things better than they have been done before.
“All employees at Fenix Marine Services, whether on the front line in Port of Los Angeles or at our back-office in Arizona, have been critical in delivering that vision. This transaction is a testament to the strength and fortitude of the team.”
Cash-rich container lines raking in huge profits in the current market are investing in the future with both acquisitions and vessels orders. This year has seen CMA CGM move into the air freight space setting up CMA CGM Air Cargo acquiring four secondhand freighters and ordering two new aircraft.
CMA CGM has been making significant investments in LNG fuelled tonnage and by early 2022 will be deploying 15,000 LNG-powered vessels between Asia and the US, calling at the FMS terminal.
Danish court returns guilty verdict on Nigerian pirate —- remands him in prison
A Danish court on Monday found a Nigerian guilty of endangering the lives of Danish military personnel in a shooting incident last November involving Denmark’s navy and a crew of suspected Nigerian pirates in the Gulf of Guinea.
However, the court declined to sentence the Nigerian, Lucky Frances, 40, despite a call from the prosecutor for a prison sentence of 12 to 15 months.
As part of international anti-piracy efforts, Denmark deployed a frigate to the Gulf of Guinea in October last year.
“The court emphasized that the 40-year-old Nigeria, together with the other perpetrators, fulfilled all the signs of piracy and had to be described as a pirate group,” Copenhagen city court said in a statement.
Frances, who was injured during a firefight with Danish navy personnel in the November clash, was taken to Denmark for prosecution in January after being treated at a hospital in Ghana.
Frances was exempted from any legal consequences due to his medical condition and the fact that charges against the other three suspected pirates had been dropped, his lawyer Jesper Storm Thygesen told Reuters.
Charges against the three other suspected Nigerian pirates were dropped in January after Denmark failed to find a country in the region to take them.
Frances will remain in custody until both sides have decided whether to appeal against the verdict, Thygesen said.
Possession of NIN by passengers now requirement for boarding trains—Sambo
” The train driver can see from a distance if there are any threats on the tracts that will enable him to match the break long before getting to the threat, and that is why I am telling you confidently,” said the Minister.
The Minister debunked the rumour that train services will resume on Monday, adding that the newly introduced measures will delay the resumption of business along the corridor for a few more days for passengers to get acquainted with the new protocol involved in train boarding before it will resume services.
“We have not said that train services will start tomorrow. I want to be very categorical about that.
“Now, we have introduced a new system before you buy a ticket. The purchase of a ticket requires you to provide a phone number and a national identification number in order to profile you because that is the beginning of the security checks. So at any point in time when a train moves from one station to another, we know who and who are on board.
“If you don’t have a NIN you are not going to board our train, it is as simple as that. If you are a minor, an adult will register for you and an adult can only register for not more than four minors.
“Now, we want to give sufficient time for the Nigerian public to listen to these two requirements, to assimilate this new system.
“So if you go and start tomorrow, a lot of people will be disgruntled. Why didn’t they tell us that this is a new way of doing it? Why didn’t they give us adequate time to do it? So we want to give you adequate time. Definitely between 3,4,5 days, certainly not more than a week.
Sambo assured Nigerians that a smooth and secured train ride is guaranteed while noting that the trains will not travel at night for now, while there is also going to be a review in train fares.
“I can assure you that we are a compassionate government and will consider the masses in the review of the train fare.”
We are not going to tell you what we have done. It is a security matter and I have no apologies for that.
“We’ll be monitoring it on a daily basis and improve on wherever we find some snags”.
“The ticketing called e-ticketing has already been contracted to a company, called secure ID. That concession has gone through the entire concession process under extant laws, including approval by the Federal Executive Council. So that concession remains in place for the duration of the concession period, which I think is 10 years”.
Sambo said that although only God can guarantee maximum security, he assured Nigerians that everything is in place to guarantee a secured and smooth train ride.
“We are not going to tell you what we have done. It is a security matter and I have no apologies for that.
“We’ll be monitoring it on a daily basis and improve on wherever we find some snacks”.
The Minister assured that Secured ID would continue to handle the e-ticketing services.
“The ticketing called e-ticketing has already been contracted to a company called secure ID. That concession has gone through the entire concession process under extant laws, including approval by the Federal Executive Council. So that concession remains in place for the duration of the concession period, which I think is 10 years”.
The Minister was accompanied by the Minster of State for Transportation, Ademola Adegoroye; Minister of Water Resources Eng. Suleiman Adamu; Managing Director, Nigeria Railway Corporation Fidet Okhiria; Chairman Governing Board Nigeria Railway Corporation Ibrahim Musa.
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