The Port Authority of New York and New Jersey ( PAYNJ ) has announced a historic 33-year lease extension with APM Terminals , the operator of the second-largest container terminal in the Port of New York and New Jersey. This strategic agreement ensures the terminal’s long-term stability and strengthens the port as the region’s leading economic engine and the busiest on the East Coast.
Lease extension with APM Terminals
The port handles billions of dollars in cargo each year and is preparing for sustained growth with significant investments from APM Terminals . This contract extension runs through 2062 and includes an investment of more than $500 million to modernize and increase the operational capacity of the 141-hectare container terminal . Additionally, the improvements include the renovation of the wharves and infrastructure, ensuring the port can continue to operate at the forefront of global trade.
APM has been a trusted partner at the port for decades, and we look forward to continuing to build on that solid foundation as we move toward our shared goals of increasing the productivity, efficiency, and reliability of this gateway for the benefit of the region and the country.
Kevin O’Toole, president of the Port Authority.
APM Terminals has committed to achieving net-zero greenhouse gas emissions in its operations, a commitment that aligns with the Port Authority’s vision of achieving net-zero emissions agency-wide by 2050. Additionally, investment in zero-emission cargo-handling equipment is a priority of the agreement, highlighting the importance of sustainability in port operations.
The Port of New York and New Jersey remains one of the United States’ major economic engines. In 2024, the port handled approximately $264 billion worth of merchandise and moved 8.7 million TEUs (twenty-foot equivalent units). Port operations supported more than 563,000 jobs in the New York, New Jersey, and Pennsylvania region, contributing significantly to the growth of the local economy.
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Source and photo: Port Authority of New York and New Jersey
