Posted on December 21, 2025
The Port Authority of New York and New Jersey has secured a landmark lease extension through 2063 with Maher Terminals, the largest and busiest container facility at the East Coast’s largest port complex. The 33-year agreement, approved by the Port Authority Board of Commissioners on Thursday, positions the terminal to handle anticipated cargo volume growth that could double or triple by mid-century.
Maher Terminals spans approximately 450 acres in Elizabeth, New Jersey, and handled roughly 35 percent of the port’s container traffic in 2024. The facility is owned by Macquarie Infrastructure Partners, a fund managed by Australia-based Macquarie Asset Management.
“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.”
The agreement extends Maher’s current lease from its September 2030 expiration to September 2063, requiring payment to the Port Authority along with modified annual rental structures. Under the terms, Maher will assume full responsibility for maintenance, rehabilitation, and replacement of all wharf and berth structures within its leasehold by 2030. The lease also includes increased rental payments designed to incentivize capacity growth and commits Maher to expanding operations as demand increases.
“For generations, the Port of New York and New Jersey has been a gateway for goods, jobs, and opportunity,” said Port Authority Chairman Kevin O’Toole. “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.”
The extension includes sustainability commitments aligned with the Port Authority’s environmental goals. Maher Terminals has pledged to work toward net-zero greenhouse gas emissions in its operations and support the agency’s goal of reaching net zero by 2050. The terminal operator remains subject to the Port Authority’s marine terminal tariff, which incentivizes adoption of cleaner equipment as new technology becomes commercially available.
Unlike the port’s other container terminals, which are owned by ocean carriers primarily serving their own vessels, Maher operates as a common-use facility serving members of the Ocean Alliance and other independent carriers.
The Port of New York and New Jersey handled approximately $264 billion worth of goods in 2024, moving 8.7 million twenty-foot equivalent units. Port operations supported more than 580,000 industry jobs across 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.
“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. “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.”
