CMA CGM has struck a deal to exit its Russian port business.
The company’s port division, CMA Terminals, has agreed a cash-free share swap with Russian terminal operator Global Ports Investments (GPI).
The French group will receive 25% of Multi Link Terminals (MLT), which operates two container terminals in Finland.
In exchange, GPI will receive an additional 25% of companies that own two other terminals — the Moby Dik terminal on Kotlin Island in the Baltic Sea and the inland Russian container terminal Yanino Logistics Park.
GPI, which is majority owned by Russian intermodal operator Delo Group, will reduce its stake in MLT from 75% to 50%.
CMA CGM’s divestment comes months after AP Moller-Maersk tied up a similar deal.
In August, the Danish carrier said its APM Terminals unit would sell its entire 30.75% shareholding in GPI to the Delo Group.
CMA CGM has, however, been stepping up its investments in terminals in other parts of the world.
Last month, it agreed to acquire the GCT Bayonne and New York terminals in the US from Global Container Terminals.
The French carrier regards the two terminals as a “key entry point” serving the north-east US supply chain areas and they represent CMA CGM’s largest gateway on the US east coast and Gulf coast.
CMA Terminals was created in 2012 and handled more than 7.4m teu in 2020.
CMA CGM has investments in 52 terminals in 28 countries, through CMA Terminals and its Terminal Link joint venture.