Shipping
Global schedule reliability climbed in May despite trade disruptions
Global schedule reliability climbed in May despite trade disruptions
Asia-NAWC capacity volatility more than triples
Containers lost at sea up more than double in 2024
Hong Kong launches up to HK$2M bunkering incentive for LNG, methanol
Sea-Intel finds top deep-sea ports among least reliable
Port of NY/NJ tops US cargo port rankings in May
Maersk to resume port calls in Haifa
Ningbo-Zhoushan Port sets H1 container record
Mawani privatizes cargo terminals at 8 Saudi Ports
BIMCO: Stable demand outlook despite market uncertainties
Hapag-Lloyd rebrands SAAM Terminals
Port of Savannah achieves third month of over half-million TEUs
CMA CGM names Esra Bora as new general manager in China
Maersk halts port calls at Haifa citing threat risks
First mega-boxship transits the Suez Canal in 15 months
ONE adds 13,900 TEU vessel to fleet
Freightos: Iran-Israel conflict not impacting freight yet
CMA CGM says shipping activities ‘proceeding as normal’ in the Middle East
Sea-Intel: Niche carriers seizing Transpacific opportunity again
Hong Kong marks first SIMOPS LNG bunkering at Modern Terminals
Tariffs put brake on cargo volume growth at Port of Los Angeles
MPA, NYK Group expand autonomous ship trials
PSA International joins Global Centre for Maritime Decarbonisation
Chengdu-Shenzhen-Hong Kong rail-sea service launches
Global schedule reliability continues to increase in 2025
Sea-Intel: Major ocean carriers profitability around US$5.9B in Q1 2024
Gebrüder Weiss expands into Thailand
DP World, VIMC Lines launch domestic coastal logistics service
Singapore, France ink enhanced maritime partnership agreement
CMA CGM launches first fully-electric container barge in Vietnam
MSC container ship sinks off India coast
Port of Savannah container trade up 17% in April
DP World to launch US$2.5B logistics infrastructure investment in 2025
Port of Long Beach sees record April, warns of sharp May drop amid tariff impact
Suez Canal introduces rebates to regain containership traffic
CMA CGM warns extended China-US tariffs could disrupt global trade
U.S. slashes ‘de minimis’ tariff on small China parcels to 30%
LA, Long Beach ports warn of continued tariff uncertainty
China-US deescalation may spur early peak season
Yang Ming: US-China trade deal may spur demand, but uncertainty persists
US-China tariff pause offers temporary relief, could fuel another frontloading rush
Transpacific shipping faces capacity cuts as trade war escalates
Houthi ceasefire raises prospect of container traffic returning to Red Sea
Kale Logistics to develop Oman's national port community system
PSA BDP takes majority stake in Mexico’s ED Forwarding
Xeneta: ‘Ships for America Act’ adds more uncertainty to container shipping market
JAFZA marks 40 years with record US$190B in trade
Seafrigo expands multi-modal services to support global expansion
US port fees to have minimal impact on Transpacific niche carriers
Port fo NY/NJ is busiest US port in March
S&P: Liner shipping contributes US$1.1T to U.S. GDP
deugro Thailand delivers critical reactors for sustainable fuel production
Emirates Shipping Line joins World Shipping Council
Japanese shipyards may benefit from US port fees on Chinese vessels
MOL opens office in Washington, D.C.
Red Sea disruptions push shipping carbon emissions to record high in 2024
Port of LA expects a double-digit volume decline in the second half amid tariffs
DP World sources 65% of its electricity from renewables in 2024
Hapag-Lloyd: 30% of China’s US-bound shipments canceled
Port of Antwerp-Bruges says impact of US tariffs minimal for now
COSCO says planned US port fees threaten shipping, global supply chains
Yang Ming extends lease at Kaohsiung Port, acquires new containers
Transpacific sees surge in blank sailings amid escalating tariffs
UNCTAD: Global economic growth may slow to 2.3% amid mounting pressures
Port of Long Beach becomes the busiest U.S. port in Q1
IMO approves net-zero regulations for global shipping
PORT OF NY/NJ SECURES LANDMARK LEASE EXTENSION WITH APM TERMINALS
March 24, 2025

The Port Authority of New York and New Jersey (Port of NY/NJ) has announced a landmark 33-year lease extension with APM Terminals, the operator of the Port of New York and New Jersey's second-largest container terminal.

 

In the announcement, the port noted that this agreement includes major investments and capacity enhancements by APM Terminals at its container terminal, setting a new framework for container terminal agreements and further strengthening the East Coast's busiest port to meet rising cargo demand.

 

APM Terminals is an independent division of Denmark-based A.P. Møller – Mærsk, an integrated logistics company.

 

The Port of NY/NJ said this extension, along with similar long-term agreements with other major port tenants, is a key step in growing the port's business, building confidence across the supply chain, and solidifying the Port of New York and New Jersey's position as a reliable, efficient gateway for goods.

 

"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," said Phil Murphy, governor of New Jersey, adding that the lease extension with APM Terminals will play an important role in sustaining the growth and competitiveness of the port.

 

Port Authority Executive Director Rick Cotton noted that the lease extension secures transformative infrastructure and capacity enhancements at the second-largest container terminal in the East Coast's busiest port.

 

The Port Authority Board of Commissioners will vote on the lease extension at its meeting on March 27.

 

APM Terminals' new lease extends the term through December 2062 from its current expiration in December 2029 and requires payment to the Port Authority of an extension fee and modified annual rental payments.

 

US$500M investment

 

As part of the agreement, Port of NY/NJ said APM Terminals will invest over US$500 million over the coming years to enhance cargo-handling capacity at its 350-acre terminal.

 

APM Terminals has also committed to the replacement and maintenance of all wharf and berth structures.

 

This investment supports the Port Authority's Port Master Plan 2050, which anticipates cargo volumes doubling or tripling by mid-century.

 

APM Terminals has also committed to future capacity enhancements driven by demand. Additionally, the Port Authority and APM Terminals will expand the lease to include portions of an adjacent parcel of land to APM Terminals for enhanced productivity.

 

APM Terminals has also pledged to achieve net-zero greenhouse gas emissions in its operations and support the Port Authority's goal of reaching net zero agency-wide by 2050. Under the new agreement, APM Terminals will invest in zero-emission cargo-handling equipment over the coming years.

 

The Port of New York and New Jersey is the busiest port on the East Coast and among the top three busiest in the country as the first East Coast port of call for the vast majority of transatlantic container vessels.

 

In 2024, it handled approximately US$264 billion worth of goods, moving 8.7 million TEUs (twenty-foot equivalent units).