Continue to operate its Port Elizabeth facility
APM Terminals, a unit of Denmark’s Maersk group, said it will continue to operate its Port Elizabeth facility under its long-term lease with the Port Authority.
“Our Elizabeth terminal is our premier U.S. East Coast facility,” Sisco said in his formal statement.” We have operated in the port since the beginning of containerization and we will continue to operate there for many years to come.”
When the planned joint venture was announced in February, the parties said it was conditional on approval from the port and regulatory authorities, which APM Terminals expected to be forthcoming with a couple of months.
APM Terminals’ Elizabeth facility was the only major New York-New Jersey terminal that did not undergo an ownership change several years ago when investors paid high multiples for container port terminals.
In August, APMT closed the sale of its semi-automated Portsmouth, Virginia, terminal to a partnership of investment firms. The Virginia Port Authority continues to lease the terminal, which has been renamed Virginia International Gateway.
Brookfield has been interested in U.S. marine terminal assets. In January the company agreed to purchase 49 percent of MOL's stake in the Los Angeles and Oakland facilities of the carrier’s terminals subsidiary, TraPac.