Maersk and the Port Authority of New York and New Jersey (PANYNJ) have agreed to extend APM Terminals Elizabeth's lease through December 2062. Originally set to expire in 2029, the lease extension reflects the company’s partnership with the port, which dates back over a century. The 33-year lease extension paves the way for major infrastructure investments which will enhance capacity and transport velocity, create jobs and strengthen the U.S. economy. The proposed deal is subject to vote by Port Authority Board of Commissioners on March 27.
APM Terminals Elizabeth currently handles over 25% of the annual container throughput in the port complex, supported by more than 1,100 members of the International Longshoremen’s Association (ILA). Throughout the previous lease, APM Terminals has invested in infrastructure and equipment, including a recent additional investment of $200 million to modernize the terminal. These investments, along with the efforts of the ILA, have ensured uninterrupted operations throughout the period of the COVID-19 shutdowns, benefiting customers, truckers, and other stakeholders to keep the region’s supply chain moving.
Looking to the future, APM Terminals envisions a larger, more efficient container terminal. Planned upgrades include the optimization of the terminal layout, electrification of container handling equipment, and future-proofing container berths.