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Maersk is committing to the Port of New York and New Jersey for the long haul.
The logistics giant and the port’s operator, the Port Authority of New York and New Jersey, have agreed to a 33-year lease extension for APM Terminals Elizabeth that goes through December 2062.
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The proposed deal is not finalized and is subject to vote by the Port Authority board of commissioners on Thursday. The initial agreement was originally due to expire in 2029.
APM Terminals, which operates 53 terminals across 28 countries, will invest more than $500 million to enhance cargo handling capacity at its 350-acre terminal in Elizabeth, N.J., the second largest at the port system.
This investment supports the Port Authority’s Port Master Plan 2050, which anticipates cargo volumes doubling or tripling at the NY/NJ port system from 2018 levels to between 12 million and 17 million containers by 2050.
APM Terminals Elizabeth currently handles over 25 percent of the annual container throughput in the port complex, supported by more than 1,100 members of the International Longshoremen’s Association (ILA). The Elizabeth terminal has a current capacity of 2.3 million 20-foot equivalent units (TEUs) and 14 ship-to-shore cranes, each designed with a 23-container outreach.
As part of the agreement, the terminal operator has also committed to the replacement and maintenance of all wharf and berth structures. Planned upgrades include an optimized terminal layout, electrification of container handling equipment and future-proofing container berths.
“This agreement delivers long-term certainty for the port, its customers, and the entire supply chain,” said Bethann Rooney, port director at the Port Authority of New York and New Jersey. “With APM Terminals’ commitment through 2062, we are solidifying the Port of New York and New Jersey as a stable, reliable choice for shippers—one that is well-positioned to handle growing cargo demand while maintaining its reputation for world-class efficiency and service.”
APM Terminals’ investment is significant for the plans of the wider Port of New York and New Jersey, which is the busiest port on the East Coast. Often the first East Coast port of call for most trans-Atlantic container vessels, it handled approximately $264 billion worth of goods in 2024, moving 8.7 million TEUs. That marked an 11 percent increase over 2023.