A.P. Moller - Maersk and Port of New York and New Jersey reach agreement on 33-year lease extension for APM Terminals Elizabeth
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 set to expire in 2029, the lease extension marks a significant milestone in the company’s enduring partnership with the port, which dates back over a century. 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. The deal was approved by the Port Authority Board of Commissioners on March 27.
APM Terminals Elizabeth currently handles over 25% of the annual container throughput in the port complex, supported by more than 1,100 members of the International Longshoremen’s Association (ILA). Throughout the previous lease, APM Terminals has consistently invested in infrastructure and equipment, including a recent additional investment of $200 million to modernise 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.
Looking to the future, APM Terminals envisions a larger, more efficient container terminal. The company is committed to significant future investments to enhance the capacity and efficiency for its customers. Planned upgrades include the optimisation of the terminal layout, electrification of container handling equipment and future-proofing container berths. These efforts will support the export of goods to foreign markets, contributing to the local and national economy, and creating numerous job opportunities to support the growth of the local community, highlighted a release.
Source : Our Correspondent