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Yesterday, the Port Authority of New York and New Jersey (PANYNJ) approved a restructured lease agreement with Mediterranean Shipping Co. (MSC) that will provide $500 million in private capital investment to upgrade the existing terminal, port authority officials said in a prepared statement.

The restructured lease will guarantee an annual increase in cargo container volume from Mediterranean Shipping Co. (MSC), the world’s second-largest shipping company.

The agreement features a 20-year extension of the existing lease through 2050 in order to expand the terminal through private investment and to secure a long-term strategic commitment with MSC, PANYNJ officials said. The lease includes guarantees that PNCT and MSC will increase cargo volumes from the current 414,000 to 1.1 million containers by 2030. In addition, the lease calls for expanding the terminal by more than 100 acres to 287 acres.

The restructured lease will create nearly 800 new jobs, officials said.