A.P. Moller - Maersk and the Port Authority of New York and New Jersey (PANYNJ) have agreed to extend APM Terminals Elizabeth's lease through December 2062. Originally set to expire in 2029, the lease extension marks a significant milestone in the company’s enduring partnership with the port, which dates back over a century. 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. The proposed deal is subject to vote by Port Authority Board of Commissioners on March 27. “We are deeply honored and grateful for Chairman Kevin O’Toole and Executive Director Rick Cotton’s support to extend our lease at APM Terminals Elizabeth,” said Keith Svendsen, CEO, APM Terminals. “We look forward to the Board confirming the agreement and continuing our work with the Port Authority to be an engine of commerce and contribute to the prosperity of the communities we serve.” (....)