APM Terminals is to invest $500 million in upgrading its terminal in the Port of New York and New Jersey and improving its handling capacity.
The investment plan was submitted by Maersk’s terminal company to the Port Authority of NY and NJ in exchange for the extension of their lease up to 2062.
APMT said that the agreement paves the way for major infrastructure investments that will improve shipping capacity and speed, create jobs, and strengthen the US economy, pointing out that these investments include optimizing terminal layout, electrifying container handling equipment, and developing future-proof container berths.
“These commitments will enable the Port of New York and New Jersey to move more goods, create more jobs and further cement its role as an essential driver of our region’s economy and our nation’s supply chain,” said Port Authority Executive Director Rick Cotton.
The current concession expires in 2029. The Port Authority Board of Commissioners will vote on the possible renewal next Thursday.
Translation by Giles Foster
