Extended for 33 years! Maersk renews contract with the largest container port in the eastern United States!
AP Moller-Maersk has reached an agreement with the Port Authority of New York and New Jersey to extend the lease of APM Terminals Elizabeth until December 2062.
Maersk's port operations division said the extension of the 33-year lease, which was originally due to expire in 2029, "paves the way for major infrastructure investments that will increase capacity and shipping speeds, create jobs, and strengthen the U.S. economy."
The proposed transaction will be voted on by the Port Authority's board on March 27.
Elizabeth Terminal is APM Terminals' largest terminal on the East Coast of North America, providing the largest refrigerated capacity in the Port of New York and New Jersey. Currently, more than 25% of the port's combined annual container throughput is handled by it.
APM Terminals said it expects to build a larger and more efficient container terminal through further investment in the future.
Planned upgrades include optimization of terminal layout, electrification of container handling equipment, and future container berths.
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