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.
Freight Forwarders applaud Customs over new VIN valuation
Comptroller Kunle Oloyede of Tin Can Island Port, described VIN as a platform for robust gathering of statistical analysis and data for national economic purposes relying on the template of accuracy that will further integrate NCS with other ministries, departments and agencies.
Comptroller Hammi Swomen of Kirikiri Lighter Terminal Command, who sought more cooperation from all stakeholders, stated that sincere declarations without tampering with relevant information contained in Single Goods Declaration or mismatching information will aid in quicker clearance and seamlessness of the VIN system.
Comptroller Anthony Udenze of the Tariff and Trade Department at Customs headquarters urged vehicle importers and their agents to avoid acts that would delay the process of clearing.
He explained that the process of identifying salvage and accident vehicles under the VIN regime would be very transparent as the declarant would be expected to attach photos showing the accidented vehicles.
He further explained that for vehicles to be treated as accidented, the chassis must be affected by the accident not just by removing fenders, bumpers and headlamps.
However, Farinto called for true declaration and compliance on the part of freight forwarders. w2hivh he said will facilitate their clearance of goods and also made the Customs to introduce more changes such as auto release for used vehicles.
U.S. picks 56 young Nigerians for Mandela Washington Fellowship
The United States Mission in Nigeria said it has chosen 56 young ‘changemakers’ for the Mandela Washington Fellowship (MWF) for 2022.
The statement also indicated that U.S. Mission Nigeria has selected 16 alumni from the MWF cohort from 2021 to take part in this year’s Alumni Enrichment Institute.
Kathleen FitzGibbon, Deputy Chief of Mission, made this known at the pre-departure orientation programme in Abuja organised for the beneficiaries in preparation for their fellowship in the United States this Summer.
“For the 2021/2022 MWF application cycle, over 19,000 Nigerians started the application, and over 8,000 submitted the application by the deadline.
“Following this, a total of 56 Mandela Washingon fellowship awards were made available to Nigerians this year,” she said.
In a joyous mood, one of the fellows,
“I believe this will be a game-changer for me and every other fellow as we will learn optimised ways to enhance the quality and widen the scope of impact of our works,” he said.
Chisom Nwankwo, a social entrepreneur and cleantech expert who runs the Skilled Women Initiative said: “after having a Virtual fellowship in 2021 as a result of the COVID19 pandemic, I am really excited to be heading to Drexel University Pennslyvania this summer as an Alumni Enrichment participant of the MWF.”
“I am looking forward to creating new relationships that will be pivotal to the growth of my nonprofit TSWINI and the improvement of my knowledge on sustainable clean technology solutions,” she said.
Babajide Oluwase, the founder of Ecotutu, a cleantech company delivering a suite of cold chain solutions to African businesses, said it is really an exciting feeling for him to be selected for the fellowship.
“Upon completion of my studies in the United States, I look forward to integrating the learnings into my work to advance Ecotutu’s mission of democratizing access to affordable cooling solutions for African businesses.”
While admonishing the fellows, MWF program coordinator, Diran Adegoke, told fellows that the opportunity to travel to the United States is one to be cherished.
While making a presentation on “elevator speech” to the fellows, he encouraged them to present themselves in the best version possible and always remember that they are in the United States to represent Nigeria.
Launched in 2014, the Mandela Washington Fellowship for Young African Leaders is the flagship exchange programme of the U.S. government-sponsored Young African Leaders Initiative (YALI) created to further the United States’ commitment to investing in the future of Africa.
Each year, U.S. Missions across Sub-Saharan Africa select accomplished leaders, who have established records of promoting innovation and positive impact in their countries.
This summer, the Fellows will travel to the United States to participate in six-week Leadership Institutes studying Business, Civic Engagement, or Public Management at U.S. colleges and universities.
At the conclusion of the Leadership Institutes, the Fellows will attend the annual Mandela Washington Fellowship Summit, where Fellows, U.S. government officials, and representatives from businesses and organisations with an interest in Africa engage in high-level sessions and workshops.
After completing the Leadership Institutes and Summit, Fellows are eligible to participate in several MWF alumni opportunities, such as the Alumni Enrichment Institute, that build on the skills and connections developed during their summer exchange program.
Recall that since 2014, more than 5,000 young leaders from every country in Sub-Saharan Africa have participated in the MWF with 456 Fellows of the lot coming from Nigeria. Thus far, Nigeria remains the largest contributor of Fellows each year.
Talking about the import of the MWF, Ambassador Leonard said, “The United States is dedicated to investing in the next generation of young Nigerian leaders reinforcing the strong partnership between both nations.
The vision, courage, and drive to innovate of Mandela Washington Fellows will help shape the future of Nigeria for many generations to come.”
Prophet Akinpelu calls for Southeast presidency
Popular prophet, Oludele Akinpelu, the presiding pastor of Living God Freedom Church Àlagbado, has urged the political class to play by the rules and allow equity and justice to have a foothold, saying that it was time for the political system to allow for the president of Igbo extraction.
” We must condemn jungle justice, if the lady had done something wrong let the court of competent jurisdiction decides.
In his message to Nigerians, he urged the people to repent and seek the path of righteous living, adding that the current insecurity situation in the country calls for concerted prayers on the side of both Christians and Moslems.
He attributed the worsening insecurity in the country to the activity of forces of darkness who are bent on foisting a sinister agenda on the country, cashing in on poverty and illiteracy to recruit an army of jobless illiterates to carry out their agenda.
He blamed the current administration for not doubling down on countermeasures against bandits, wondering why the administration is reluctant to name individuals fingered as sponsors of banditry, but added that divine punishment awaited those sponsoring insecurity which had led to the loss of lives of innocent citizens of the country.
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