A.P. Moller – Maersk (Maersk) and the Port Authority of New York and New Jersey (PANYNJ) have reached an agreement to extend the lease for APM Terminals (APMT) Elizabeth until December 2062.
The lease for APMT Elizabeth, initially scheduled to expire in 2029, has been extended, marking a major milestone in the company’s long-standing partnership with the port.
This 33-year lease extension opens the door for significant infrastructure investments aimed at increasing capacity and transport speed, generating jobs, and boosting the US economy.
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The proposed agreement will be voted on by the Port Authority Board of Commissioners on 27 March.
APMT Elizabeth handles over 25 per cent of the port’s annual container throughput, supported by more than 1,100 ILA members.
During the previous lease, APMT invested $200 million in modernisation.
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Keith Svendsen, CEO of APMT, said: “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.”
Henrik Kristensen, Managing Director, APM Terminals Elizabeth, stated: “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.”
