by Lloyd's List

24 March 2025 (Lloyd's List) - MAERSK's terminal unit APM Terminals will invest $500m to upgrade its terminal in the Port of New York and New Jersey as part of a deal to extend its lease by 33 years through to 2062.

APMT and the Port Authority of NY and NJ announced the deal on Monday morning, with the latter saying the investment will take place "over the coming years" to enhance cargo-handling capacity at APM's terminal in Elizabeth, NJ, which is the port's second largest.

The agreement "paves the way for major infrastructure investments which will enhance capacity and transport velocity, create jobs and strengthen the US economy", APMT said in a statement.

APMT did not explicitly cite a dollar figure for the planned investments, which the company said will include "the optimisation of the terminal layout, electrification of container handling equipment, and future-proofing container berths".

The Port Authority's executive director Rick Cotton said the extension, "secures transformative infrastructure and capacity enhancements at the second-largest container terminal in the East Coast's busiest port".

"These commitments will enable the Port of NY and NJ to move more goods, create more jobs, and further cement its role as an essential driver of our region's economy and our nation's supply chain."

The current lease runs through December 2029. The Port Authority Board of Commissioners will vote on the deal on Thursday.