A.P. Moller – Maersk and the Port Authority of New York and New Jersey (PANYNJ) have agreed to extend APM Terminals Elizabeth’s lease until December 2062. Originally set to expire in 2029, the 33-year extension signals a long-term commitment to infrastructure development, job creation, and economic growth. The deal awaits final approval from the Port Authority Board of Commissioners on March 27.
“We are honored by the support from Chairman Kevin O’Toole and Executive Director Rick Cotton,” said Keith Svendsen, CEO of APM Terminals. “We look forward to continuing our partnership and strengthening regional commerce.”
As part of ongoing investments, APM Terminals Elizabeth will receive four new gantry cranes in November 2024. The terminal, which handles over 25% of the port’s annual container throughput, recently underwent a $200 million modernization. Future upgrades include terminal layout optimization, electrification of container handling equipment, and berth enhancements.
“This lease extension secures critical infrastructure improvements,” said Rick Cotton, PANYNJ Executive Director. “It will help move more goods, create jobs, and reinforce our role in the national supply chain.”
Port Authority Chairman Kevin O’Toole emphasized the long-standing partnership with APM Terminals, calling the agreement a key step toward greater productivity and efficiency at the East Coast’s busiest port.
