CMA CGM Does Port of Long Beach Deal, Meaning More Arrivals at Pier J

CMA CGM, the third-largest container shipping line, bought a stake in the Port of Long Beach's Pier J, eventually bringing an additional 2.6 million container units to the port and increasing port revenue by about $70 million over the next five years, port officials said. The deal makes CMA a partner in the lease and operations of the 256-acre terminal and is CMA's first investment in a port on the West Coast. As a result, its ships will call exclusively at the Port of Long Beach when using the San Pedro Bay gateway, the officials said. Pier J is home to Pacific Container Terminal. CMA CGM operates 395 vessels calling at 400 ports.