MAERSK SEALS 33-YEAR LEASE EXTENSION AT PORT OF NY AND NJ
AP Moller-Maersk has reached an agreement with the Port Authority of New York and New Jersey to extend APM Terminals Elizabeth’s lease through December 2062.Originally set to expire in 2029, the 33-year lease extension “paves the way for major infrastructure investments which will enhance capacity and transport velocity, create jobs and strengthen the US economy”, Maersk’s port operating arm said. The proposed deal is subject to vote by Port Authority Board of Commissioners on March 27. The terminal in Elizabeth is APM Terminals’ largest terminal on the east coast of North America and offers the largest reefer capacity in the port of New York and New Jersey. It currently handles over 25% of the annual container throughput in the port complex. APM Terminals said it envisions an even larger and more efficient container terminal in the future with further investments. Planned upgrades include the optimization of the terminal layout, electrification of container handling equipment, and future-proofing container berths.
OOCL PERFORMS CROSS-PLATFORM EBL TRANSACTION
The first transaction was initiated by OOCL as carrier on IQAX eBL, issuing to a major oil and gas company on ICE CargoDocs, who subsequently transferred to its customer for surrendering back to OOCL.Adoption of eBL’s by shipping lines has been an uphill task. The solution, the first of its kind, breaks down a key barrier towards widespread electronic Bill of Lading (eBL) adoption in containerised flows.The ability to exchange eBLs across platforms in a secure and legally robust manner marks a significant milestone for the industry and removes a major barrier to adoption of eBLs in the container market. The strong collaboration between IQAX and ICE Digital Trade and the support of GSBN in ensuring the critical security layer has demonstrated that the industry is working together to achieve the goals set by Container Carriers, namely to achieve 100% eBL adoption by 2030.
PORT OF LONG BEACH POSTS NINTH STRAIGHT MONTHLY CARGO GAIN
In February, trade passing through the Port of Long Beach, California, experienced significant growth, marking the ninth consecutive month of increased cargo movement, and corresponding with retailers’ strategic efforts to move goods in advance of anticipated tariffs.Volume totaled 765,385 twenty-foot equivalent units, reflecting a 13.4% increase from February of the previous year. Imports surged by 11.8% to 368,669 TEUs, while exports saw a 2.9% rise to 90,026 TEUs. Meanwhile, the movement of empty containers jumped by 19.1%, to 306,690 TEUs. Overall, in the first two months of 2025, the port managed to move a substantial 1,718,118 TEUs, up 27.4% y/y.
CHASSIS MANUFACTURERS LOOK TO NAVIGATE SUPPLY CHAIN, TRADE CHANGES AHEAD
After a year of recovery and stabilization, manufacturers of intermodal chassis, like the rest of the global supply chain, are maneuvering through market changes wrought by geopolitical, economic and business factors in 2025. “2024 had its ups and downs,” said Val Noel, executive vice president and chief operations officer at Trac Intermodal, in an interview with FreightWaves. “First- and fourth-quarter demand was a little bit stronger while the second and third quarters were not as strong. We were pretty satisfied with how the year played out. We saw things settle down so the year saw more tailwinds than headwinds.”The early summer peak season fueled momentum through the end of the year, driven by sustained frontloading by shippers looking to beat prospective tariffs and simmering labor issues at U.S. portsNazzaro said demand across the domestic chassis network is evolving due to shifting freight patterns and supply chain adjustments.“Container ports and inland intermodal hubs are creating challenges and opportunities for chassis pools,” he said. “Strong demand at inland intermodal hubs due to e-commerce warehouse growth in markets such as Atlanta, Charlotte and Memphis continue to expand, increasing demand for chassis to support rail delivery or rail-to truck transloads. While congestion has eased as most major port gateways, dwell times have seen some variability during peak season and other weather-related disruptions.”