PANYNJ secures multi-million dollar terminal investment

PANYNJ secures multi-million dollar investment

The Port Authority of New York and New Jersey (PANYNJ) has announced a $200-300 million investment to extend and renovate the Howland Hook Marine Terminal on Staten Island.

This investment is scheduled to open up more than 300 jobs opportunities, preserving this site as a key economic generator for Staten Island.

An amended lease deal between the port and the facility’s new operator, worldwide shipping and shipping business CMA CGM Group, secured the $200-$300 million investment, the largest in the facility’s history.

The lease, which is currently in effect until 2047, will provide capacity additions, infrastructure improvements, and sustainability upgrades, allowing the facility to carry on its historic maritime history as well as its legacy of economic growth and significant job prospects for Staten Island.

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Governor Kathy Hochul said: “This project is critical for the economic future of Staten Island, bringing good-paying jobs and new investments to help this community thrive.

“The private investments we are announcing will increase this port’s capacity by 50 per cent, ensuring it will be a key economic driver for Staten Island and our entire State for decades to come.” 

CMA CGM will pay enhanced rent based on container throughput, subject to a minimum yearly guarantee, as part of the amended agreement, and will split earnings from surplus container storage.

READ: PANYNJ nears 2 million TEU mark for Q1 2023

Furthermore, CMA CGM will be fully responsible for the maintenance and repair of wharf and dock infrastructure, as well as increasing capacity to meet demand.

The deal also aligns the Howland Hook Marine Terminal’s operations with Governor Hochul’s and PANYNJ’s climate and environmental goals.

In August 2023, PANYNJ announced it will implement a new quarterly container imbalance fee for ocean carriers as part of the seaport’s effort to reduce congestion.

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