This just happened to me. I got my new passport today and went onto the TTS site. There was no option on reapplying for the APEC card since I was already approved and it hadn't expired yet. However, there was an option to replace my existing card. I went through the replacement card application and selected my new passport number from the list, paid a fee of only $25, and less then 30 minutes later I got a notification that I had been approved, my expiration date had been extended to cover the full 5 years (my original card only was valid for 2 years because my passport was going to expire in less then 5 years), and I would be receiving my new card in 3 weeks.