Port of NY/NJ Reaches Landmark Agreement Extending Maher Terminals Lease

The Port Authority of New York and New Jersey announced a new agreement that it is calling a landmark as it prepares for the long-term future growth of the port, which is the largest on the U.S. East Coast. It directly supports the Port Authority’s Port Master Plan 2050, which forecasts cargo volumes doubling or tripling by mid-century.

The Port Authority Board of Commissioners voted to approve a 33-year lease extension at Maher Terminals, the largest and busiest container terminal at the Port of New York and New Jersey. According to port officials, long-term leases provide unmatched stability and reliability and position the port to proactively respond to evolving supply chain demands. They said the new 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.

The agreement extends the lease on Maher, which is owned by Macquarie Infrastructure Partners, an infrastructure fund managed by Australia-based Macquarie Asset Management, which had an expiration in September 2030. It requires payment to the Port Authority in consideration of a lease extension and modified annual rental payments.

“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.”

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 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. The Port Authority highlights that the agreement also 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. It 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.

In 2024, the Port of New York and New Jersey handled approximately $264 billion worth of goods, moving 8.7 million TEUs.