A.P. Moller – Maersk and the Port Authority of New York and New Jersey (PANYNJ) have agreed to extend APM Terminals Elizabeth's lease through December 2062.
The lease was originally set to expire in 2029. The 33-year lease extension will help facilitate major infrastructure investments that will enhance capacity and transport velocity.
The proposed deal is subject to vote by the Port Authority Board of Commissioners on March 27.
APM Terminals Elizabeth in Elizabeth, New Jersey, currently handles over 25 per cent of the annual container throughput in the port complex. Throughout the previous lease, APM Terminals has consistently invested in infrastructure and equipment, including a recent additional investment of US$200 million to modernise the terminal.
These investments have ensured uninterrupted operations throughout the period of the Covid-19 shutdowns, benefiting customers and other stakeholders.
Planned upgrades include the optimisation of the terminal layout, electrification of container handling equipment, and future-proofing container berths. These efforts will support the export of goods to foreign markets.