Port Newark Container Terminal lease restructured

The restructured PNCT lease calls for a 20-year extension of the existing lease to 2050 in order to expand the terminal through and secure a long-term strategic commitment with MSC. The lease provides guarantees from both PNCT and MSC that will dramatically increase cargo volumes at the port – from 414,000 today to 1.1m containers by 2030. In addition, the lease will expand the terminal’s facility by more than 100 acres – from 180 acres to approximately 287 acres.

Port Authority Chairman David Samson said, “With US$500m in private investment, nearly 800 new jobs and guarantees to increase cargo volumes, the lease agreement is a win-win for the Port Authority and the entire regional economy.”

MSC deputy chairman Diego Aponte said, “We make this move with confidence in the Port Authority’s leadership and look forward to making Port Newark MSC’s new home at this time of record growth for our company.”