In a groundbreaking move, the Port Authority of New York and New Jersey has announced a 33-year lease extension with APM Terminals, operator of the region’s second-largest container terminal.
The agreement, to run through 2062, marks a milestone in the port’s development and sets a new standard for container terminal contracts.
The deal includes substantial commitments from APM Terminals, a division of Danish shipping conglomerate A.P. Moller–Maersk (OTC: AMKAF). The company will invest over...