8 June 2023 (Lloyd's List) - CMA CGM has boosted its presence in the Spanish container terminal sector with the acquisitions of stakes in Cosco Shipping Ports’ facilities in Bilbao and Valencia.

It has agreed to buy a 49% stake in CSP Iberian Valencia Terminal and 38% of CSP Iberian Bilbao Terminal from TPIH Iberia.

Financial details of the deals have not been disclosed, and the acquisitions are subject to regulatory approvals being obtained.

CSP Bilbao connects Spain with the main ports in northern Europe, through CMA CGM’s intra-European shortsea services. CMA CGM said the 950,000 teu capacity terminal was “the leading terminal in the north of Spain and the most appropriate location for shortsea containerised transport within the Iberian Peninsula and in south-west France.”

The 3.5m teu CSP Valencia is one of Spain’s largest container terminals and a major gateway for the country.

“Complementing CMA CGM’s terminals in TTIA Algeciras and in Sevilla, CSP Bilbao and Valencia will allow CMA CGM to support its end-to-end shipping and logistics inland solutions and offer first-class services to customers in Spain to connect them to the world,” CMA CGM said in a statement.

“Both CSP Bilbao and Valencia offer strong intermodal connections to the country’s hinterland, including rail, with direct connections to Madrid and Zaragoza.

“Through this new acquisition in Valencia, CMA CGM further strengthens its strategic positioning and expertise as a container terminal operator in the Mediterranean with terminal capacities of almost 10.7m teu.”

CSP acquired its stakes in the terminals in 2017 when it bought a 51% stake in Noatum Ports from JP Morgan-backed TPIH Iberia for $224m. It later rebranded the unit to CSP Spain.