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9/14/2023
New York Gov. Kathy Hochul and the Port Authority of New York and New Jersey (PANYNJ) yesterday announced announced an investment of at least $200 million to upgrade the Howland Hook Marine Terminal on Staten Island.
The projected investment of $200 million to $300 million — which would be the largest in the facility’s history — was secured through an amended lease agreement between PANYNJ and the terminal's new operator, global shipping and logistics company CMA CGM. Now running through 2047, the lease agreement will result in capacity enhancements, infrastructure improvements and sustainability upgrades, according to a PANYNJ press release.
As part of the amended agreement, CMA CGM will pay increased rent based on container throughput, subject to a minimum annual guarantee, and will share revenue from excess container storage. In addition, CMA CGM will assume full responsibility for maintaining and rebuilding wharf and berth structures, as well as increasing capacity to meet demand.
CMA CGM has committed to contracting goals for minority-owned, women-owned, and service-disabled veteran-owned businesses, and to maximizing the use of locally owned businesses, benefiting Staten Island residents and businesses.
The agreement also aligns the Howland Hook Marine Terminal’s operations with the climate and sustainability goals set out by Hochul and the port authority.
CMA CGM assumed operational control of Howland Hook when it acquired Global Container Terminals' U.S. assets in New York and New Jersey last month.
Howland Hook will continue to benefit from ExpressRail, the port authority's on-dock intermodal network connecting PANYNJ with major inland markets via CSX and Norfolk Southern Railway.