A.P. Moller - Maersk and the Port Authority of New York and New Jersey (PANYNJ) have agreed to extend the lease for APM Terminals Elizabeth through December 2062, according to the company's release.
The lease, originally set to expire in 2029, will be extended by 33 years upon approval by the Port Authority Board of Commissioners on March 27.
Henrik Kristensen, Managing Director of APM Terminals Elizabeth, highlighted the terminal's performance, noting, "This lease extension will be another milestone for APM Terminals, which moved record volumes for the port in 2024."
As part of the lease extension, APM Terminals plans significant infrastructure investments to enhance capacity and efficiency. These include optimizing the terminal layout, electrifying container handling equipment, and upgrading container berths. In November 2024, four new gantry cranes are scheduled to arrive at the terminal.
These initiatives aim to support increased export activities and create job opportunities in the local community.
APM Terminals Elizabeth handles over 25% of the annual container throughput in the port complex and is the company's largest terminal on the U.S. East Coast. The terminal offers the largest reefer capacity in the Port of New York and New Jersey, with super post-Panamax ship-to-shore cranes capable of handling vessels up to 23 containers wide on-deck.
A.P. Moller - Maersk is a global integrated container logistics company operating in 130 countries with around 95,000 employees.
Established as an independent division within A.P. Moller - Maersk in January 2001, APM Terminals operates a global network of port and terminal facilities.
Port Authority of New York and New Jersey is a bi-state agency overseeing the region's transportation infrastructure, including seaports, airports, and bridges.