Fenix Marine Services is a container terminal with a long-term concession (through 2043) located in the Port of Los Angeles, providing container handling services to shipping lines including stevedoring, intermodal and truck services, storage and maintenance.
Fenix Marine Services has an annual capacity of TEU 2.9mn, making it one of the largest terminals in the Twin Ports of Los Angeles and Long Beach, which together form the largest port in North America. Fenix Marine Services was originally owned by Neptune Orient Lines (“NOL”) / American President Lines (“APL”) and was historically operated as a cost center. In 2016, CMA acquired NOL / APL and owned Fenix Marine Services until its sale to EQT end of 2017.
Market trends and drivers
Fenix Marine Services is well positioned to benefit from global and U.S. West Coast industry factors, including market consolidation and global trade flow. It is one of the top three terminals in the Port of Los Angeles and Long Beach and one of the top ports in the world. Fenix Marine Services also benefits from a long-term contract with CMA, the third largest shipping line in the world. The port has a well-positioned location on the outer harbor and the infrastructure (e.g. deep berths and on-dock rail) to support the industry shift towards increasingly large ships.
The value creation potential lies in revenue enhancement through a long-term contract with CMA, operational efficiencies from moving away from a cost-center approach and mentality, and partnership with an experienced management team. While historically a non-core asset, Fenix Marine Services is now a fully focused terminal operator at the heart of Port of Los Angeles that is continuously delivering on operating efficiency improvements through new systems, equipment as well as other capex investments, particularly as volumes scale. There is also an opportunity for future expansion of yard and berth.
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