Join our crew and become one of the 104,444 members that receive our newsletter.

port of oakland container cranes at sunrise

Photo: Shutterstock/Chris Hinkley

Macquarie Looking to Sell US Port Terminal Operator Ceres -Report

Reuters
Total Views: 2236
May 9, 2023
reuters logo

May 9 (Reuters) – Australia’s Macquarie Group Ltd is looking to sell its North American port facilities business, Ceres Terminals, for about $1 billion, the Wall Street Journal reported on Tuesday citing sources familiar with the matter. 

The financial conglomerate acquired full control of the general cargo stevedoring operations in 2019 from Tokyo-based shipping and logistics firm Nippon Yusen Kaisha (NYK Line). 

Ceres moves about 4.3 million containers annually at several major ports in the United States, according to its company website

The shipping industry globally has been under pressure as supply-chain bottlenecks originating from Russia’s invasion of Ukraine and COVID-19 have hurt profitability and freight volumes. 

Macquarie, which last week reported record annual profit, is looking to sell Ceres as the fund that currently manages the operations, Macquarie Infrastructure Partners III, will be shutting down over the next 12 to 18 months, WSJ reported.

The infrastructure investment manager did not immediately respond to a Reuters request for comment.

(Reporting by Roushni Nair in BengaluruEditing by Vinay Dwivedi)

(c) Copyright Thomson Reuters 2023.

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up
Back to Main
polygon icon polygon icon

Why Join the gCaptain Club?

Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.

Sign Up
close

JOIN OUR CREW

Maritime and offshore news trusted by our 104,444 members delivered daily straight to your inbox.

gCaptain’s full coverage of the maritime shipping industry, including containerships, tankers, dry bulk, LNG, breakbulk and more.