The Port Authority of New York and New Jersey has finalised a 33-year lease extension with Maersk’s APM Terminals.
The agreement, which extends the lease until December 2062, includes a commitment from APM Terminals to invest over $500 million in infrastructure upgrades, capacity expansion, and sustainability initiatives at its Elizabeth, New Jersey facility.
The lease extension is set to be reviewed by the Port Authority’s board on March 27. The contract integrates...