The Port Authority of New York and New Jersey has announced a significant 33-year lease extension with APM Terminals, the operator of the port's second-largest container terminal. This agreement is designed to include major investments and capacity enhancements by APM Terminals, establishing a new framework for public-private partnerships and strengthening the port's ability to handle increasing cargo demand.
APM Terminals, an independent division of Denmark-based A.P. Møller – Mærsk, will incorporate performance, infrastructure, and sustainability requirements into the contract. The extension aims to support growing cargo volumes while prioritizing customer service and sustainability. This long-term agreement aligns with similar deals with other major tenants at the port.
New Jersey Governor Phil Murphy emphasized the importance of this development: “Our region is an irreplaceable driver of the U.S. economy, serving as home to one of the busiest ports in our nation’s supply chain.” He noted that it supports job creation and competitiveness at the port.
Port Authority Chairman Kevin O’Toole remarked on the agreement's significance: “This landmark agreement with APM Terminals underscores the essential role the Port of New York and New Jersey will continue to play in powering the regional and national economy.”
Rick Cotton, Executive Director of the Port Authority, stated that this lease extension secures transformative infrastructure enhancements: “These commitments will enable the Port of New York and New Jersey to move more goods, create more jobs, and further cement its role as an essential driver of our region’s economy.”
Bethann Rooney, port director at the Port Authority, highlighted how this agreement provides long-term certainty for stakeholders: “With APM Terminals’ commitment through 2062, we are solidifying the Port of New York and New Jersey as a stable, reliable choice for shippers.”
The proposed deal is pending approval by the Port Authority Board of Commissioners on March 27. Under this new lease extending through December 2062 from its current expiration in December 2029, APM Terminals will make significant financial commitments including over $500 million in investments aimed at enhancing cargo-handling capacity.
As part of their sustainability initiatives under this agreement, APM Terminals has pledged to achieve net-zero greenhouse gas emissions in its operations by investing in zero-emission cargo-handling equipment.
This lease extension adds stability for most major tenants at the port who are now secured under long-term agreements. The Port of New York and New Jersey remains a crucial hub for global trade on the East Coast.
