APM Terminals and the Port Authority of New York and New Jersey (PANYNJ) have solidified their long-standing partnership well into the latter half of the 21st century.
The two entities have agreed to extend the lease of APM Terminals Elizabeth by 33 years, securing operations through December 2062.
This early renewal comes several years ahead of the current lease’s expiration in 2029.
The extended agreement lays the groundwork for substantial infrastructure investments aimed at increasing the port’s capacity and enhancing transport efficiency.
Recent modernization efforts at the terminal have already attracted $200 million in investments, including the addition of two state-of-the-art ZPMC Super-Post Panamax ship-to-shore (STS) cranes.
The proposed extension is now awaiting final approval from the Port Authority’s Board of Commissioners later this week.
“We are deeply honored and grateful for Chairman Kevin O’Toole and Executive Director Rick Cotton’s support in extending our lease at APM Terminals Elizabeth,” said Keith Svendsen, CEO of APM Terminals.
APM Terminals’ Elizabeth facility plays a crucial role in the port’s operations, handling 25 percent of its annual container volume and employing more than 1,110 workers from the International Longshoremen’s Association (ILA). The expansion plans are expected to create additional jobs and contribute to U.S. economic growth.
The terminal set new throughput records in 2024, cementing its position as the second-largest container terminal on the U.S. East Coast.
“Working side by side with the ILA, the extension will allow us to continue investing in the terminal to support jobs and drive local economic growth for years to come,” said Henrik Kristensen, Managing Director of APM Terminals Elizabeth.
Planned upgrades include terminal layout optimization and the electrification of container handling operations, aligning with sustainability and efficiency goals.
“APM Terminals has been a trusted partner at the port for decades, and we’re eager to build on that strong foundation as we work towards our shared goals of increasing this gateway’s productivity, efficiency, and reliability for the benefit of the region and the nation,” said Port Authority Chairman Kevin O’Toole.
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