The Danish shipping conglomerate A.P. Moller – Maersk and the Port Authority of New York and New Jersey (PANYNJ) have agreed to extend APM Terminals Elizabeth’s lease through December 2062.
Originally the lease set to expire in 2029, the lease extension marks a significant milestone in the company’s partnership with the port dating back over a century.
The new proposed deal is subject to vote by Port Authority Board of Commissioners on March 27 the company informs.
Throughout the previous lease, APM Terminals states that it has consistently invested in infrastructure and equipment, including a recent additional investment of $200 million to modernize the terminal. These investments, along with the tireless efforts of the ILA, have ensured uninterrupted operations throughout the period of the COVID-19 shutdowns, benefiting customers, truckers, and other stakeholders to keep the region’s supply chain moving it mentions.
Keith Svendsen, CEO, APM Terminals, says that “We are deeply honoured and grateful for Chairman Kevin O’Toole and Executive Director Rick Cotton’s support to extend our lease at APM Terminals Elizabeth,” and he adds that “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.”
Rick Cotton, Port Authority Executive Director, says that “This lease extension secures transformative infrastructure and capacity enhancements at the second-largest container terminal in the East Coast’s busiest port,” and he adds that “These commitments will enable the Port of New York and New Jersey to move more goods, create more jobs, and further cement its role as an essential driver of our region’s economy and our nation’s supply chain.”
