Maersk agrees to new port terms to extend New York/New Jersey lease

Source: Maersk

New York, March 26, 2025 — APM Terminals, a subsidiary of global shipping giant Maersk, has reached a landmark agreement with the Port Authority of New York and New Jersey to extend its terminal lease for 33 years. But this is no ordinary renewal — the contract introduces a bold new framework that fundamentally alters the operator-port relationship.

Key changes include a significantly higher rent structure, now indexed not only to the footprint of the terminal but also to cargo volume. Additionally, Maersk will assume responsibility for infrastructure maintenance traditionally handled by the port authority, and will share certain container detention costs.

This restructured lease model aims to boost terminal productivity and align financial contributions with operational output — a move intended to enhance the port’s global competitiveness.

The new terms have also compelled CMA CGM, which recently acquired two adjacent terminals, to comply with the same contractual standards.

By shifting more operational and financial responsibility to terminal operators, the Port Authority of New York and New Jersey is positioning itself as a pioneer in modern port governance and public-private collaboration.

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