The Marseille-based CMA CGM, the world’s third-largest ocean carrier, will invest at least $200 million in Staten Island shipping terminal generating more than 300 jobs.

The Port Authority of New York and New Jersey announced a substantial new investment of $200-$300 million to expand and upgrade the Howland Hook Marine Terminal on Staten Island.

The projected $200-$300 million commitment from CMA CGM to invest in the terminal facilities marks the biggest investment in Howland Hook’s history.

It will fund reconstruction and rehabilitation of wharves and ship berths, as well as upgrades to cargo handling equipment and expansion of yard capacity.

The anticipated investment by CMA CGM is the biggest in facility’s history to boost Staten Island economy by adding 300 new union construction jobs, and 80 new permanent on-site jobs.

The ocean carrier CMA CGM has committed to boosting the facility’s capacity by 50% over the next seven years, allowing it to handle up to 750,000 cargo lifts each year.

The agreement prioritizes in the hiring of local residents and in contracting with local businesses, with focus on minority-owned, women-owned, and service-disabled veteran-owned businesses.

The investment was secured through an amended lease agreement between the Port Authority and the facility’s new operator, global shipping and logistics company CMA CGM.

The lease, now running through 2047, will bring capacity enhancements, infrastructure improvements, and sustainability upgrades, as the port authority NY NJ notes.

As part of the deal, CMA CGM will pay increased rent based on container throughput, subject to a minimum annual guarantee, and will share revenue from excess container storage.

Furthermore, CMA CGM will assume full responsibility for maintaining and rebuilding wharf and berth structures, as well as increasing capacity to meet demand.

CMA CGM has committed to the Port Authority’s goal of achieving net-zero greenhouse gas emissions by 2050, including upgrading to zero-emissions material handling equipment, and promoting renewable energy throughout the facility.

In addition, CMA CGM will collaborate with the port authority around priorities such as safety and security, innovation, customer experience, key performance standards, and enhanced reporting on terminal activities.