Maersk seals 33-year lease extension at port of NY and NJ

AP Moller-Maersk has reached an agreement with the Port Authority of New York and New Jersey to extend APM Terminals Elizabeth’s lease through December 2062.

Originally set to expire in 2029, 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”, Maersk’s port operating arm said.

The proposed deal is subject to vote by Port Authority Board of Commissioners on March 27.

The terminal in Elizabeth is APM Terminals’ largest terminal on the east coast of North America and offers the largest reefer capacity in the port of New York and New Jersey. It currently handles over 25% of the annual container throughput in the port complex.

APM Terminals said it envisions an even larger and more efficient container terminal in the future with further investments. Planned upgrades include the optimisation of the terminal layout, electrification of container handling equipment, and future-proofing container berths.