The Port Authority of New York and New Jersey (PANYNJ) has confirmed a 33-year lease extension at Maher Terminals, the largest and one of the busiest container terminals at the Port of New York and New Jersey.
The long-term agreement will secure operations at the terminal through September 2063 and includes investments to strengthen regional supply chains and prepare the port for continued cargo growth.
Maher is owned by Macquarie Infrastructure Partners, an infrastructure fund managed by Australia-based Macquarie Asset Management.
PANYNJ said the investments included in the lease extension will directly support the port authority's port master plan, which forecasts cargo volumes doubling or tripling by the middle of this century.
The PANYNJ board of commissioners voted to approve the lease extension at its meeting on Thursday, December 18.
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.
