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Home Port News Deal between PANYNJ and CMA CGM secures significant terminal investment

Deal between PANYNJ and CMA CGM secures significant terminal investment

Governor Kathy Hochul and the Port Authority of New York and New Jersey (PANYNJ) announced a significant new investment to expand and enhance the Howland Hook Marine Terminal on Staten Island, resulting in the creation of more than 300 jobs, preserving this location as an important economic generator for the island.

A modified lease deal between the Port Authority and the facility's new operator, multinational shipping and logistics business CMA CGM, secured an investment of US$200-300 million, the largest in the facility's history.

The lease, which is currently in effect until 2047, will provide capacity and infrastructure improvements, as well as sustainability upgrades.

"This project is critical for the economic future of Staten Island, bringing good-paying jobs and new investments to help this community thrive," stated Governor Kathy Hochul.

He further added, "The private investments we are announcing today will increase this port’s capacity by 50%, ensuring it will be a key economic driver for Staten Island and our entire State for decades to come."

Furthermore, CMA CGM will pay increased rent based on container throughput, subject to a minimum yearly guarantee, as part of the modified agreement, and will divide revenue from extra container storage.

Also, the French shipping company will be fully responsible for the maintenance and repair of wharf and berth infrastructure, as well as increasing capacity to meet demand.

The deal also aligns the Howland Hook Marine Terminal's operations with Governor Hochul's and the Port Authority's strong climate and environmental goals. CMA CGM has specifically committed to the Port Authority's goal of reaching net-zero greenhouse gas emissions by 2050.

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