APM Terminals Elizabeth's lease extended to December 2062

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 marks a significant milestone in the company’s enduring 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 US economy. The proposed deal is subject to vote by Port Authority Board of Commissioners on March 27," says an official release from APM Terminals.

Keith Svendsen, CEO, APM Terminals says: "We are deeply honoured and grateful for Chairman Kevin O’Toole and Executive Director Rick Cotton’s support to extend our lease at APM Terminals Elizabeth. We look forward to the Board confirming the agreement and continuing our work with the Port Authority to be an engine of commerce and contribute to the prosperity of the communities we serve."

APM Terminals Elizabeth currently handles over 25 percent of the annual container throughput in the port complex, supported by more than 1,100 members of the International Longshoremen’s Association (ILA), the release added. "Throughout the previous lease, APM Terminals has consistently invested in infrastructure and equipment, including a recent additional investment of $200 million to modernise the terminal. These investments, along with the tireless efforts of the ILA, have ensured uninterrupted operations throughout the period of the Covid-19 shutdowns."

Henrik Kristensen, Managing Director, APM Terminals Elizabeth says: "This lease extension will be another milestone for APM Terminals, which moved record volumes for the port in 2024. Working side-by-side with the ILA, the extension will allow us to continue our investment in the terminal to support jobs and the growth of the local economy for many years to come."