The following release was published by Port of New York and New Jersey:
Agreement Extends Lease at Port of New York and New Jersey’s Largest and Busiest Container Terminal Through 2063
Long-Term Leases Deliver Unmatched Stability Across the Supply Chain
Amended Lease Strengthens Partnership Between Maher and Port Authority on Maintenance, Sustainability, Capacity Growth
The Port Authority of New York and New Jersey today announced a landmark 33-year lease extension at Maher Terminals, the largest and busiest container terminal at the Port of New York and New Jersey. The long-term agreement secures operations at the terminal through September 2063 and includes significant investments to strengthen the regional supply chain and prepare the East Coast’s busiest port for continued cargo growth. Maher is owned by Macquarie Infrastructure Partners, an infrastructure fund managed by Australia-based Macquarie Asset Management. Long-term leases provide unmatched stability and reliability and position the port to proactively respond to evolving supply chain demands. The investments included in the lease extension directly support the Port Authority’s Port Master Plan 2050, which forecasts cargo volumes doubling or tripling by mid-century.
“This landmark agreement delivers long-term stability for the port and our supply chain to ensure that it continues to drive economic growth and create good-paying jobs in our communities,” said New Jersey Gov. Phil Murphy. “Maher’s continued investment in greener technology – prioritizing innovation, modernization and growth – will help us meet the demands of the next generation.”
“This agreement reflects the central role the Port of New York and New Jersey will continue to play in keeping this region and the nation growing,” said Port Authority Chairman Kevin O’Toole. “For generations, the Port of New York and New Jersey has been a gateway for goods, jobs, and opportunity. By securing long-term certainty at our largest container terminal, we’re protecting that role, strengthening our position as a reliable trade hub, and ensuring this critical infrastructure continues to serve the public and the economy for decades to come.”
“This lease extension is about getting ahead of the future,” said Port Authority Executive Director Rick Cotton. “Cargo volumes are growing, vessels are getting larger, and shippers are demanding more reliability than ever. By locking in sustained private investment and modernizing critical infrastructure, we’re making sure the East Coast’s busiest port is ready to move more goods, support more regional growth, and meet the demands of a more complex global economy.”
“For more than a century, the Port Authority has taken a long view when it comes to building and managing this region’s most important transportation assets,” said Port Authority Vice Chairman Jeffrey Lynford. “By securing long-term commitments while planning for what comes next, we’re building on the port’s history as a driver of commerce and growth while positioning it to remain competitive and resilient for the next generation.”
“We are reinforcing the Port of New York and New Jersey’s reputation as a stable and reliable gateway no matter what’s happening elsewhere across the supply chain,” said Bethann Rooney, port director at the Port Authority of New York and New Jersey. “These recent agreements reflect a simple principle: when public land is leased, it should deliver clear public value. With those pieces now in place, the East Coast’s busiest port is positioned for a strong future.”
The Port Authority Board of Commissioners voted to approve the lease extension at its meeting on Dec. 18. Maher Terminals’ new lease extends the term through September 2063, from its current expiration in September 2030, and requires payment to the Port Authority in consideration of a lease extension and modified annual rental payments.
Under the agreement, Maher will assume full responsibility for the maintenance, rehabilitation, and replacement, as needed, of all wharf and berth structures within its leasehold by 2030. Additionally, the agreement includes increased rental payments structured to incentivize capacity growth. The lease agreement also includes a commitment from Maher to expand capacity as demand grows and to collaborate with the Port Authority on shared priorities, including security, innovation and sustainability.
Building on the Port Authority’s industry-leading sustainability initiatives, Maher Terminals has pledged to work towards net-zero greenhouse gas emissions in its operations and support the Port Authority’s goal of reaching net zero agency-wide by 2050. As a Port Authority lessee, the terminal operator is subject to the Port Authority’s marine terminal tariff, which incentivizes the adoption of cleaner equipment as new technology becomes commercially available.
The agreement further strengthens collaboration between the Port Authority and Maher Terminals on shared priorities such as safety and security, innovation, customer experience, performance standards, and enhanced operational reporting. Unlike the port’s other container terminals, which are owned by ocean carriers and primarily serve their own vessels, Maher is a common-use terminal serving members of the Ocean Alliance as well as other independent carriers.
Maher Terminals is the largest and busiest of the port’s five container terminals, spanning approximately 450 acres in Elizabeth, N.J., and handling approximately 35 percent of the port’s container traffic in 2024. This long-term certainty strengthens the port’s position as a stable and reliable global trade hub and gives operators more confidence to make major investments in infrastructure and operations.
The Port of New York and New Jersey is the first port of call for the vast majority of transatlantic container vessels serving the East Coast and among the top three busiest in the country. In 2024, it handled approximately $264 billion worth of goods, moving 8.7 million TEUs (twenty-foot equivalent units). Port operations supported more than 580,000 industry jobs in the New York-New Jersey-Pennsylvania region, according to a study of 2024 maritime economic activity by the Shipping Association of New York and New Jersey.
Source: Port of New York and New Jersey