The Port Authority of New York and New Jersey (PANYNJ) has announced a landmark 33-year lease extension at Maher Terminals.
The 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.
Long-term leases provide unmatched stability and reliability and position the port to proactively respond to evolving supply chain demands.
The investments included in the lease extension directly support 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 the lease extension at its meeting on 18 December.
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 incentivise 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.
READ: PANYNJ handles 5 million loaded TEUs in 2025
Building on the Port Authority’s industry-leading sustainability initiatives, Maher Terminals has pledged to work towards net-zero GHG 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 Port Authority’s marine terminal tariff, which incentivises the adoption of cleaner equipment as new technology becomes commercially available.
The agreement 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.
New Jersey Governor, Phil Murphy, said: “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.
“Maher’s continued investment in greener technology – prioritising innovation, modernisation and growth – will help us meet the demands of the next generation.”
READ: ONE Eagle docks at Port of New York and New Jersey
Port Authority Chairman, Kevin O’Toole, stated: “This agreement reflects the central role the Port of New York and New Jersey will continue to play in keeping this region and the nation growing.
“For generations, the Port of New York and New Jersey has been a gateway for goods, jobs, and opportunity.
“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.”
For more information:
Port Authority of New York and New Jersey (PANYNJ) – https://www.panynj.gov/port-authority/en/index.html
Maher Terminals – https://www.maherterminals.com/
