Recently, APM Terminals, a subsidiary of Maersk Line, reached a 33-year extended lease agreement with the Port Authority of New York and New Jersey for the port's second-largest container terminal.

This agreement signifies Maersk's plans to make significant investment upgrades to the Elizabeth Port terminal to support the port's long-term development strategy. The lease will now extend until December 2062, as opposed to its original expiration date in December 2029.

Under the agreement, APM Terminals will invest over $500 million to upgrade the terminal's cargo handling capacity on 350 acres, including the comprehensive renovation and maintenance of all berth facilities. Additionally, the Port Authority will provide adjacent land for operational space expansion and include flexible provisions for subsequent expansion based on market demand.

The agreement also stipulates that APM Terminals will gradually replace zero-emission handling equipment and benefit from tariff incentives for purchasing clean equipment, aligning with the port's 2050 master plan goal, which anticipates a 2-3 times increase in cargo volume by the mid-century. This innovative lease incorporates operational performance, infrastructure upgrades, and environmental standards into its core terms to ensure that the terminal optimizes customer service and achieves sustainable development while accommodating the continuous growth in cargo volume.