The major Port Elizabeth terminal facility in the Port of New Jersey will not be owned and operated through a joint venture, as otherwise announced in early 2014.

APM Terminals says in a brief statement today that the joint venture with Brookfield Asset Management - which invests in infrastructure projects, among other areas - cannot be completed as planned.

"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," says Eric Sisco, President of APM Terminals North America, in a press release.

Do you want to stay up to date on the latest developments in International shipping? Subscribe to our newsletter – the first 40 days are free

The statement does expand upon what might have happened since February, but the tone was completely different at the time:

"We are entering into this partnership to strengthen our presence in the Port of New York/New Jersey. Brookfield is a leading real estate investor in this market, and has a substantial presence in the Port – with its recent Port Authority partnership at the World Trade Center West Concourse," said APM Terminals CEO Kim Fejfer in a statement at the time, adding:

"Brookfield is also a leading global infrastructure investor, with significant infrastructure holdings in a number of countries in Latin America and Europe where we operate terminals and inland facilities."

APM Terminals in conflict in Jordan

Supreme Court approves APM Terminals' Costa Rica project

APM Terminals: Lack of major investments in Latin America