Posted on May 15, 2023
Macquarie Asset Management is looking to sell North American operator Ceres Terminals, reports The Wall Street Journal. The Australian investor is winding down its Macquarie Infrastructure Partners III fund focused on big physical assets in the U.S. and Canada.
Ceres operates both container terminals at secondary ports and box-handling business at gateways including Georgia’s Port of Savannah.
Macquarie is looking for $1 billion for the business but strategic buyers in the shipping sector may be limited, the WSJ says. CMA CGM bought terminals in Los Angeles and New York last year, and expansion-minded heavyweights like DP World of Dubai and China’s Cosco Shipping Ports face big geo-political hurdles.
The Macquarie fund also has a stake in Maher Terminals at the Port of New York and New Jersey, but there’s no talk so far of selling that holding.
