APM Terminals Elizabeth lease extended

Originally set to expire in 2029, the new 33-year lease was approved by the port authority board of commissioners on 27 March.

The lease extension allows for substantial infrastructure investments to boost terminal capacity, enhance transport efficiency and create jobs.

“This lease extension secures transformative infrastructure and capacity enhancements at the second-largest container terminal in the East Coast’s busiest port,” said port authority executive director Rick Cotton.

“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 and our nation’s supply chain.”

APM Terminals Elizabeth currently processes over 25% of the annual container throughput in the port, supported by more than 1,100 members of the International Longshoremen’s Association. The company says it has invested in modernisation, with the latest addition being a US$200 million upgrade to the terminal.

APM Terminals says it is planning further enhancements, including optimising terminal layout, electrifying container handling equipment and future-proofing berths.

“This lease extension will be another milestone for APM Terminals, which moved record volumes for the port in 2024,” said Henrik Kristensen, managing director, APM Terminals Elizabeth.

“Working side-by-side with the ILA, the extension will allow us to continue our investment in the terminal to support jobs and the growth of the local economy for many years to come.”