APM Terminals and the Port Authority of New York and New Jersey have finalized a 33-year extension of the lease for APM Terminals Elizabeth, securing operations through December 2062. The extension, approved by the Port Authority Board of Commissioners, replaces the current agreement set to expire in 2029 and marks one of the longest terminal lease commitments in the port’s recent history.
As part of the new agreement, APM Terminals will invest more than $500 million in infrastructure improvements aimed at increasing cargo throughput and reducing emissions. Planned upgrades include berth and wharf reconstruction, expanded cargo-handling capacity, and electrification of terminal equipment to support the port’s climate goals.
The Elizabeth terminal handles over one-quarter of the Port of New York and New Jersey’s annual container volume. The facility recently completed a $200 million modernization effort and received four new ship-to-shore cranes in 2024 as part of ongoing improvements.
The new lease supports the Port Authority’s Port Master Plan 2050, which anticipates significant growth in containerized cargo. APM Terminals’ investment will align with long-term capacity and environmental objectives while reinforcing the terminal’s role as a regional logistics anchor.