A.P. Moller – Maersk and the Port Authority of New York and New Jersey (PANYNJ) have agreed to extend the lease of APM Terminals Elizabeth until December 2062. The lease agreement, which was originally set to expire in 2029, marks a significant step in the company’s long-standing partnership with the port, which spans over a century. The 33-year extension paves the way for major infrastructure investments that will increase capacity and transport efficiency, create jobs, and strengthen the U.S. economy. The agreement was approved by the Port Authority’s Board of Commissioners on March 27.
“We are deeply honored and grateful for the support of Chairman Kevin O’Toole and Executive Director Rick Cotton regarding the extension of our lease at APM Terminals Elizabeth,” said Keith Svendsen, CEO of APM Terminals. “We look forward to the Board’s approval of the agreement and to continuing our collaboration with the Port Authority to serve as a driver of trade and a contributor to the prosperity of the communities we serve.”
Investing in the Future
APM Terminals Elizabeth currently handles over 25% of the annual container throughput at the port complex, supported by more than 1,100 members of the International Longshoremen’s Association (ILA). Throughout the term of the previous lease, APM Terminals consistently invested in infrastructure and equipment, most recently allocating an additional $200 million to modernize the terminal. These investments, along with the continued dedication of ILA members, ensured uninterrupted terminal operations even during the COVID-19 pandemic restrictions, benefiting customers, truck drivers, and other supply chain participants, and maintaining logistics flow in the region.
“This lease extension will be another milestone for APM Terminals, which handled record container volumes in the port in 2024,” said Henrik Kristensen, Managing Director of APM Terminals Elizabeth. “Thanks to our close collaboration with the ILA, the extension will enable us to continue investing in the terminal, supporting jobs and the growth of the local economy for many years to come.”
Looking ahead, APM Terminals envisions a larger and more efficient container terminal. The company is committed to making significant future investments that will boost capacity and improve service efficiency for customers. Planned upgrades include optimizing terminal layout, electrifying container handling equipment, and adapting container berths for future needs. These initiatives will support exports to global markets, contribute to both local and national economic development, and create numerous jobs to uplift the local community.
Building on Solid Foundations
“This landmark agreement with APM Terminals highlights the critical role that the Port of New York and New Jersey will continue to play in driving both the regional and national economy,” said Port Authority Chairman Kevin O’Toole. “APM Terminals has been a trusted partner of the port for decades, and we’re excited to build on that solid foundation together, working to increase the efficiency, effectiveness, and reliability of this vital logistics hub—for the benefit of the region and the entire country.”
“This lease extension delivers transformative infrastructure upgrades and increased capacity at the second-largest container terminal on the East Coast, located in the busiest port in this part of the country,” said Port Authority Executive Director Rick Cotton. “These commitments will enable the Port of New York and New Jersey to handle more cargo, create new jobs, and further cement its role as a key engine of the region’s economy and a critical link in the national supply chain.”
A Long History and a Bright Future
For over a century, A.P. Moller-Maersk has maintained close ties with the Port of New York and New Jersey. The first ship call to New York occurred in 1915, followed shortly after by the opening of the company’s first international office in Manhattan. Maersk Line was established in 1928, with Brooklyn docks quickly becoming its home. In 1975, in collaboration with the Port Authority of New York and New Jersey, A.P. Moller-Maersk launched its first dedicated container terminal at Pier 51.
