A.P. Moller - Maersk (APM) has inked a deal with the Port of New York and New Jersey to extend its lease for its terminal in Elizabeth, New Jersey for another 33 years. 

According to a release from APM, the Elizabeth terminal handles more than 25% of the yearly container throughput in the port complex, and is the company's largest terminal on the East Coast. The terminal also offers the largest reefer capacity in the Port of New York and New Jersey, with super post-Panamax ship-to-shore cranes capable of handling vessels up to 23 containers wide on-deck. 

“Working side-by-side with the ILA [International Longshoremen's Association], the extension will allow us to continue our investment in the terminal to support jobs and the growth of the local economy for many years to come," APM Terminals Elizabeth managing director Henrik Kristensen said in a March 24 news release.

In the coming years, APM plans to further optimize the terminal's layout, electrify its container handling equipment, and provide "future-proofing" for its container berths. The terminal previously received a $200 million investment to modernize its infrastructure. As part of its new deal, APM Terminals also committed to investing another $500 million to enhance cargo-handling capacity, to replace all wharf and berth structures, and to achieve net-zero greenhouse gas emissions by 2050.

“Our region is an irreplaceable driver of the U.S. economy, serving as home to one of the busiest ports in our nation’s supply chain,” New Jersey Governor Phil Murphy said. "This lease extension with APM Terminals will play an important role in sustaining the growth and competitiveness of our port.”

APM's original lease at the Elizabeth terminal was set to expire in December 2029. If the extension is approved by the Port Authority Board of Commissioners on March 27, the new lease will run through December 2062.