Maersk has reached an agreement with the Port Authority of New York and New Jersey (PANYNJ) to extend the lease for APM Terminals Elizabeth until December 2062. Initially set to end in 2029, the extension reflects the strong partnership between APM Terminals and the port, which spans over 100 years.
The additional 33-year lease is expected to drive major infrastructure improvements, enhance transport efficiency, generate employment, and support economic growth in the U.S. The agreement is pending approval from the Port Authority Board of Commissioners on March 27.
APM Terminals Elizabeth
Keith Svendsen, CEO of APM Terminals, expressed appreciation for the backing from PANYNJ leadership, noting that the extension will strengthen the company’s role as a key player in the region’s economic landscape. He emphasized that the company looks forward to collaborating with the Port Authority to further expand operations and support local communities.
APM Terminals Elizabeth currently processes over 25% of the port’s annual container volume and employs more than 1,100 members of the International Longshoremen’s Association (ILA). Over the years, APM Terminals has invested heavily in modernizing the facility, including a recent $200 million upgrade that ensured smooth operations even during the COVID-19 pandemic.
Henrik Kristensen, Managing Director of APM Terminals Elizabeth, highlighted the importance of the lease extension, stating that it will enable the company to build on its record-breaking performance in 2024. He added that the partnership with the ILA will allow APM Terminals to continue enhancing the terminal’s capacity, supporting job creation, and contributing to the local economy for decades to come.