Americas News
APM Cancels New Jersey Joint Venture
APM Terminals has called off a proposed joint venture with private equity fund Brookfield Asset Management to own and operate the Port of New Jersey, Shippingwatch reports.
"APM Terminals and Brookfield worked closely with the Port Authority of New York/New Jersey to address the needs of each party," said Eric Sisco, President of APM Terminals North America.
"Despite the good faith efforts of all involved, a commercially viable solution was not achieved."
APM, Maersk Group's port company, had previously announced the venture early this year.
At the time, the company said that the move aimed to strengthen APM's presence in Port of New York and New Jersey.
"Brookfield is a leading real estate investor in this market, and has a substantial presence in the Port – with its recent Port Authority partnership at the World Trade Center West Concourse," said APM Terminals CEO Kim Fejfer at the time.
The company said that it would continue to oeprate its Elizabeth, N.J. facility under its current long-term lease.
“Our Elizabeth terminal is our premier U.S. east coast facility,” said Sisco.
“We have operated in the port since the beginning of containerization and we will continue to operate here for many years to come.”
APM also recently had its Moin Container Terminal in Costa Rica approved by the country's supreme court.
