Newark Container Terminal lease restructured

The restructuring extends the existing lease by 20 years to 2050, allowing for investment of US$500m of private sector capital in the terminal’s modernisation and expansion to approximately 287 acres.

Other provisions include guarantees from PNCT and Mediterranean Shipping Company (MSC) that throughput will increase from 414,000 to 1.1m teu annually by 2030. At the same time the new arrangement will create roughly 800 new jobs.

“The port authority is making the right investments as port competition continues to intensify,” said MSC Deputy Chairman Diego Aponte. “The investment and growth strategy under the leadership of Governors Andrew Cuomo and Chris Christie paved the way for this lease agreement and underscores their commitment to positioning the port to lead the competition.”