Maersk Line affiliate will retain full ownership of New Jersey container terminal.
APM Terminals announced today that it will not pursue a proposed 50-50 joint venture for the ownership and operation of its Elizabeth, N.J., facility with Brookfield Asset Management.
Eric Sisco, president of APM Terminals, North America, said, “APM Terminals and Brookfield worked closely with the Port Authority of New York/New Jersey to address the needs of each party. Despite the good faith efforts of all involved, a commercially viable solution was not achieved.”
APM Terminals said it will continue to operate the container terminal under its long-term lease with the port authority.
“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 Terminals, like Maersk Line, is part of the A.P. Moller-Maersk conglomerate. It announced plans for the joint venture with Toronto-based Brookfield Asset Management in February on the heels of Brookfield’s purchase of a 49-percent interest in MOL’s TraPac terminals in Los Angeles and Oakland, Calif.
Brookfield was not available for comment.
Deal between APM Terminals and Brookfield falls through
