Maersk extends 33-year lease at port of New York and New Jersey

APM Terminals. Photo: APM Terminals/Phaata

AP Moller-Maersk Group has reached an agreement with the Port Authority of New York and New Jersey to extend its lease on APM Terminals Elizabeth until December 2062.

The lease was originally set to expire in 2029, but the 33-year extension, Maersk said, “paves the way for major infrastructure investments which will enhance capacity and transport velocity, create jobs and strengthen the US economy.”

The agreement will be reviewed and voted on by the Port Authority Board of Commissioners on March 27.

The Elizabeth Terminal is APM Terminals’ largest terminal on the North American East Coast and has the largest reefer capacity in the Port of New York and New Jersey. It currently handles more than 25% of the port’s total annual container volume.

APM Terminals aims to develop a larger, more efficient terminal in the future with additional investments. Planned upgrades include optimizing the terminal layout, electrifying container handling equipment, and upgrading berths to meet long-term traffic demands.

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Source: Phaata.com (According to Splash247)

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