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.
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."