The Port Authority of New York and New Jersey (PANYNJ) announced a 33-year lease extension with APM Terminals. The long-term agreement will see APM Terminals invest over $500 million in infrastructure and capacity improvements.
APM Terminals, a division of Denmark-based A.P. Møller – Mærsk, will extend its lease through December 2062, beyond its original 2029 expiration. The agreement introduces a new model by incorporating performance benchmarks, infrastructure upgrades, and sustainability requirements into the lease, aligning with the Port Authority’s broader goals of improving service, growing capacity, and reducing environmental impact.
Under the lease, APM Terminals will modernize its 350-acre terminal, replace aging wharf and berth structures, and expand into adjacent parcels for enhanced productivity. These upgrades support the Port Authority’s Port Master Plan 2050, which anticipates cargo volumes to double or triple by mid-century.
APM Terminals also committed to achieving net-zero greenhouse gas emissions and investing in zero-emission cargo-handling equipment. These sustainability goals align with the Port Authority’s agency-wide climate targets and marine terminal tariff incentives that promote cleaner technologies.
This lease extension, pending final approval by the Port Authority Board of Commissioners, joins other long-term agreements at the port, creating a stable environment for continued investment and growth. In 2024, the port moved 8.7 million TEUs and handled $264 billion in goods, supporting more than 563,000 jobs across the tri-state region.