The world’s third largest container line plans to triple the size of its US-flagged fleet under American President Lines (APL).
Marseille-headquartered CMA CGM, which owns US-flag carrier APL, says it will invest $20 billion into the US maritime economy over the next four years.
The investments are across shipping, ports, logistics, and air freight were announced in tandem with CMA CGM Chief Executive Rodolphe Saadé visiting the White House for an event.
“I am proud to build on our long-standing relationship with the United States through this commitment of $20 billion to the country’s maritime future and logistics capabilities. Over the next four years, we will significantly grow our US-flagged fleet, expand the capacity of key container ports on both coasts, develop state-of-the-art warehousing across the country, and establish a significant air cargo hub in Chicago,” said Saadé.
President Donald Trump claimed during the event that the $20 billion investment was due to the US Presidential election result and the resulting trade protections of the administration and would create 10,000 jobs in the US.
Some of the investments would appear to be part of the normal Capex of a growing shipping and logistics business, while some are clearly new commitments.
CMA CGM said it plans to grow the fleet of its US-flag carrier APL from 10 to 30 vessels. APL currently operates 10 ships of 1,700 – 5,500 teu employing over 350 US seafarers. The company said this move, “advances the US Administration’s recently-announced priority to strengthen American shipbuilding capabilities”, although any short-term growth of the fleet would require to come from re-flagging or vessel acquisitions.