Vancouver-based port operator sells its port businesses in NYC and New Jersey

Global Container Terminals (GCT) is making an exit from the United States market, instead choosing to focus its operations within Canada only.

The Vancouver-based port operator announced today it has reached an agreement to sell its American port terminals to CMA CGM Group, a French container and shipping company giant with over 400 port locations worldwide.

GCT will no longer own GCT New York on Staten Island and GCT Bayonne in New Jersey in the Port of New York and New Jersey.

The company will retain full ownership of GCT Canada and its Port of Vancouver terminal locations of GCT Vanterm in East Vancouver and GCT Deltaport in Tsawwassen.

The value of the deal was not disclosed.

This comes at a time of continued rough operations at ports worldwide as a result of the pandemic’s impacts on trade, logistics, and labour.

In 2021, out of 370 major port locations evaluated worldwide, the World Bank provided the Port of New York and New Jersey with a 2521st ranking for efficiency and performance. The Port of Vancouver ranked 368th or third last.

GCT is one of a number of port operators for the Port of Vancouver and the Port of New York and New Jersey.

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