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CMA CGM is selling the stake in one of its terminals

French carrier company CMA CGM will be selling 90% equity interest in Global Gateway South terminal at LA port to EQT Infrastructure III for $817 million. The selling agreement between CMA CGM and EQT Infrastructure with its partner P5 Infrastructure was signed on June 30. As soon as transaction is closed, CMA CGM will save its 10% interest in GGS terminal. Although French ocean carrier will remain a major user of this terminal with “preferential conditions.” It is expected that transaction will be closed by the end of this year. 

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NYK teams up with Kyushu 

Japanese shipper Nippon Yusen Kabushiki Kaisha (NYK Line) has signed an agreement with Kyushu Electric Power to collaborate in multiple fields, including the transportation of liquefied natural gas (LNG).

The deal will have Kyushu Electric Power using NYK’s vessels for short-term LNG transport demand. 

The companies are looking into cooperation in complementary businesses such as LNG bunkering “to improve [NYK's] profitability through efficient vessel allocation and Kyushu Electric Power to improve its flexibility in LNG transport.”

In a related move, NYK has assigned its LNG ship Grace Barleria to a charter contract for KEP which will see the vessel transport LNG from various projects for up to 11 years.