The Port Authority of New York and New Jersey has signed a significant lease extension with Maher Terminals, the largest container facility at the East Coast's busiest port complex. This 33-year agreement, approved by the Port Authority Board on Thursday, ensures that the terminal can handle a potential increase in cargo volume that might double or even triple by the middle of this century.

Maher Terminals covers about 450 acres in Elizabeth, New Jersey, and managed approximately 35 percent of the port's container traffic in 2024. The facility is owned by Macquarie Infrastructure Partners, which is part of Australia-based Macquarie Asset Management.

“This lease extension is about preparing for the future,” said Rick Cotton, the Executive Director of the Port Authority. “Cargo volumes are rising, vessels are getting bigger, and shippers want more reliable services than ever. By securing private investment and modernizing key infrastructure, we’re ensuring that the East Coast's busiest port is ready to move more goods, support regional growth, and meet the challenges of a more complex global economy.”

This new agreement extends Maher's lease from its current expiration date in September 2030 to September 2063. As part of this deal, Maher will be responsible for the maintenance and replacement of all wharf and berth structures by 2030 and will also increase rental payments to encourage capacity growth as demand increases.

“For generations, the Port of New York and New Jersey has been a crucial gateway for goods, jobs, and opportunities,” said Kevin O'Toole, Chairman of the Port Authority. “By securing long-term stability at our largest container terminal, we’re safeguarding that role and strengthening our position as a reliable trade hub for the future.”

The lease extension includes commitments to sustainability in line with the Port Authority's environmental goals. Maher Terminals has committed to reducing greenhouse gas emissions in its operations and supports the agency's target of achieving net zero emissions by 2050. The terminal operator will also follow the Port Authority’s marine terminal tariff, which incentivizes the use of cleaner equipment as new technologies become available.

Unlike other terminals at the port, which are owned by shipping companies for their own vessels, Maher operates as a common-use facility that serves members of the Ocean Alliance and other independent carriers.

In 2024, the Port of New York and New Jersey handled goods worth about $264 billion and moved 8.7 million twenty-foot equivalent units. According to a study by the Shipping Association of New York and New Jersey, port operations supported over 580,000 jobs in the New York-New Jersey-Pennsylvania region.

“We are reinforcing the Port of New York and New Jersey’s reputation as a stable and reliable gateway, regardless of what is happening in the supply chain,” said Bethann Rooney, the port director at the Port Authority. “These recent agreements illustrate a key principle: when public land is leased, it should provide clear public value. With these agreements in place, the East Coast’s busiest port is set for a strong future.”