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Maersk Will Invest Over $500M as Part of 33-Year Port NY/NJ Lease Extension

Summary by The Maritime Executive

The Port Authority of New York and New Jersey and Maersk’s APM Terminals have agreed to a 33-year lease extension for the port’s second-largest container terminal. The company plans to make significant investments in the terminal located in Elizabeth, New Jersey in support of the port’s long-term growth plan. According to the port, the lease extension which will be voted on by the Porth Authority’s board on March 27, takes a unique, nontradition…

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Sourcing Journal

Maersk Plans $500 Million Upgrades for NY/NJ Port Terminal

Maersk's APM Terminals and the Port of New York and New Jersey have agreed to a 33-year lease extension that goes through December 2062.

4 days ago

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The Loadstar

APMT lease on NY/NJ Port Elizabeth terminal extended for 33 years - The Loadstar

APM Terminals and the Port Authority of New York & New Jersey have extended the lease on the terminal operator’s Port Elizabeth facility for 33 years. Due to expire in 2029, the lease will now run until December 2062, provided it is approved by the port authority board of commissioners, which is due to vote on the deal on Thursday. “We are deeply honoured and grateful for chairman Kevin O’Toole and executive ... The post APMT lease on NY/NJ Port…

4 days ago

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The Maritime Executive

Maersk Will Invest Over $500M as Part of 33-Year Port NY/NJ Lease Extension

5 days ago

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energynewsbeat.co

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Splash247

Maersk seals 33-year lease extension at port of NY and NJ

APM Terminals AP Moller-Maersk has reached an agreement with the Port Authority of New York and New Jersey to extend APM Terminals Elizabeth’s lease through December 2062. Originally set to expire in 2029, the 33-year lease extension “paves the way for major infrastructure investments which will enhance capacity and transport velocity, create jobs and strengthen the US economy”, Maersk’s port operating arm said. The proposed deal is subject to …

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NJBIZ

Port Authority strikes 33-year lease extension with major terminal operator

The Port Authority of New York and New Jersey announced March 24 a long-term lease extension agreement with APM Terminals, the second-largest container terminal at the Port of New York and New Jersey. The 33-year lease agreement extends the term from its current expiration in December 2029 through December 2062. The Port Authority Board of Commissioners will vote on the deal at its March 27 meeting. Key details of the agreement include: APM Ter…

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Marine Log

PANYNJ reaches landmark agreement on lease extension for APM Terminals Elizabeth

Marine news covering shipyards, naval architects, vessel design and construction, shipping trends, cruising, and ferries in the U.S. and international maritime industry.

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