Port authority and Maersk extend APMT Port Elizabeth lease to 2062, pledging $500m to invest in cargo capacity and emissions reductions.

Maersk's APM Terminals (APMT) and the Port Authority of New York and New Jersey (PANYNJ) have agreed to extend the lease for APMT Elizabeth until December 2062, subject to a vote by port authority commissioners on 27 March. The lease for APMT Elizabeth, the Port of New York and New Jersey's second-largest container terminal, was initially scheduled to expire in 2029 and will be extended by 33 years...APMT Elizabeth handles over 25% of the port’s annual container throughput.

As part of the agreement, APM Terminals will invest over $500m to enhance APM Terminals has also committed to the replacement and maintenance of all wharf and berth structures. Under the new agreement, APM Terminals will also invest in zero-emission cargo-handling equipment over the coming years for keeping with the Port Authority’s goal of reaching net zero agency-wide by 2050.

The investments covered under the new agreement are in keeping with the Port Authority’s Port Master Plan 2050, which anticipates cargo volumes doubling or tripling by mid-century.

Henrik Kristensen, Managing Director, APM Terminals Elizabeth, said: “Working side-by-side with the International Longshoremen's Association (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."  “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,” said Keith Svendsen, APMT CEO.

“This lease extension secures transformative infrastructure and capacity enhancements at the second-largest container terminal in the East Coast’s busiest port,” said Port Authority executive director Rick Cotton.

“These commitments will enable the Port of New York and New Jersey to move more goods, create more jobs, and further cement its role as an essential driver of our region’s economy and our nation’s supply chain.”