Major Deal Reached At Biggest Cargo Terminal In NJ, NY Region

NEWARK, NJ — Officials have granted a three-decade lease to the company that runs the largest and busiest container terminal in the Port Authority of New York and New Jersey system.

On Thursday, the Port Authority announced that it has signed a 33-year lease extension at Maher Terminals in Elizabeth.

Maher Terminals is the largest and busiest of the port’s five container terminals, spanning nearly 450 acres in Elizabeth. 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 handled about 35 percent of the port’s container traffic in 2024.

Maher is owned by Macquarie Infrastructure Partners, an infrastructure fund managed by Australia-based Macquarie Asset Management.

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 Port Authority said.

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.

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 authority’s marine terminal tariff, which incentivizes the adoption of cleaner equipment as new technology becomes commercially available, the bi-state agency said.

The Port Authority Board of Commissioners voted to approve the lease extension at its meeting on Thursday.

According to the Port Authority, the deal will help to strengthen the regional supply chain and prepare the East Coast’s busiest port for continued cargo growth.

“Cargo volumes are growing, vessels are getting larger, and shippers are demanding more reliability than ever,” Port Authority executive director Rick Cotton said.

“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,” Cotton said.

• See Related: Large Cargo Ship Trend Spurs $82M In Upgrades At NJ, NY Port System

The agreement also got a thumbs-up from Gov. Phil Murphy.

“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,” Murphy said.

“Maher’s continued investment in greener technology – prioritizing innovation, modernization and growth – will help us meet the demands of the next generation,” the governor added.

• See Related: Electric Truck Charging Station Rolls Out At Port Newark
• See Related: Busy Cargo Terminal At Port Newark Is Getting A Huge Boost From Solar Power

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