The Port Authority of New York and New Jersey (PANYNJ) announced on Thursday a historic 33-year lease extension for Maher Terminals, the largest and most active container terminal at the Port of New York and New Jersey.
The agreement, approved Dec. 18 by the Board of Commissioners, secures Maher’s 450-acre footprint in Elizabeth through September 2063. The deal provides the long-term certainty necessary for Maher to undertake massive private investments in automation, sustainability and maintenance, ensuring the port can handle cargo volumes projected to double or triple by 2050.
Maher Terminals is a critical engine of the regional economy, handling approximately 35% of the port’s total container traffic. Unlike other terminals owned by specific ocean carriers, Maher operates as a “common-use” facility, serving multiple global alliances and independent carriers.
“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,” Gov. Phil Murphy said.
The Economic Engine (2024 Data):
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Total Cargo Value: $264 billion
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Volume: 8.7 million TEUs (Twenty-foot Equivalent Units)
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Regional Jobs supported: 580,000 (New York-New Jersey-Pennsylvania region)
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New Jersey Impact: Over 232,000 direct New Jersey jobs
The amended lease shifts significant financial and operational responsibility from the public sector to Maher Terminals.
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Maintenance Mandate: By 2030, Maher will assume 100% responsibility for the maintenance and replacement of all wharf and berth structures within its leasehold.
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Incentivized Growth: Rental payments are now structured to incentivize Maher to increase throughput and expand capacity.
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Sustainability Pledge: Maher has committed to reaching net-zero greenhouse gas emissions by 2050, aligning with PANYNJ’s agency-wide climate goals. This includes the adoption of electric ship-to-shore cranes and cleaner cargo-handling equipment.
The lease extension is a foundational piece of the Port Master Plan 2050, the Port Authority’s 30-year roadmap. As global shipping vessels grow larger and supply chains more complex, the PANYNJ is locking in private-sector commitments to ensure the region remains the premier “first-of-call” for transatlantic vessels.
“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, we’re making sure the East Coast’s busiest port is ready to move more goods.”
Owned by Macquarie Infrastructure Partners, Maher Terminals has operated in Elizabeth since 1946. This 33-year extension provides the Macquarie fund with the stability needed to modernize the facility’s 10,128 linear feet of ship berths and 450 acres of terminal space.
