Closure of the CMA Terminals deal to acquire 25.5% of HMM’s Total Terminal International Algeciras (TTIA) facility brought the French group’s port portfolio back under the spotlight and its questionable structure.

Future deal-making 

It is split between Terminal Link, the 51%-49% joint-venture it has with China Merchants comprising 10 terminals that are, with one exception, key nodes on the Asia-Europe trade serving deepsea direct calls; and then there’s the rest, which come under CMA Terminals.

Except that Algeciras – which could arguably lay ...

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