New York and New Jersey greenlight Maersk's container terminal lease extension

The Port Authority of New York and New Jersey (PANYNJ) has decided to extend the lease of a container terminal operated by APM Terminals, a unit of Denmark-based shipping giant A.P. Moller-Maersk, a move that is expected to clear the path for “major” infrastructure investments.

As divulged, the PANYNJ has extended the lease of APM Terminals’ Elizabeth for another 33 years. The lease agreement, which is now set to expire in December 2062, is said to have the potential to ‘boost’ capacity and transport velocity, create jobs and positively contribute to the United States economy.

The port authority’s Board of Commissioners gave the deal a stamp of approval on March 27, 2025.

PANYNJ Chairman Kevin O’Toole shared that the agreement “underscored the role” that the Port of New York and New Jersey itself is projected to play in powering both the regional and national economy.

“This lease extension secures transformative infrastructure and capacity enhancements at the second-largest container terminal in the East Coast’s busiest port,” PANYNJ Executive Director Rick Cotton, added.

It is estimated that APM Terminals Elizabeth presently handles over 25% of