EQT is planning to sell its stake in Fenix Marine Services to CMA CGM, the third-largest global shipping line and a member of the Transpacific shipping alliance, for $2.3 billion.
Fenix Marine Services is one of the largest terminals in the Port of Los Angeles and provides container handling services to shipping lines. The company handles some 2.3 million TEUs (unit of cargo capacity) annually.
Since it acquired Fenix Marine Services in December 2017, EQT Infrastructure has undertaken a series of initiatives to help position the platform for long-term success, including significant investments in new equipment and systems and an extensive yard reconfiguration that increased terminal capacity by 40 percent.
Fenix Marine Services, focusing on sustainability, converted its entire equipment fleet to renewable diesel, eliminating more than 10 million pounds of greenhouse gases to date, and is testing low-carbon hydrogen fuel cell technology with partners such as Toyo