APM Terminals cancels new US joint venture

The previously announced joint venture with private equity fund Brookfield to own and operate the Port of New Jersey is called off, says the Maersk Group's port company APM Terminals. The joint venture was launched just a few months ago.

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.

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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."

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