Top 50 Global Container Ports

Special Report

Macquarie looks to keep hold on NY-NJ terminal amid lease talks

By Michael Angell

Infrastructure investor Macquarie wants to keep its majority stake in one of largest marine terminals on the US East Coast despite rumors of a sale that would coincide with a new lease at the Port of New York and New Jersey. Macquarie, though, faces millions in new costs under a new lease as the port seeks to offload wharf and berth maintenance onto its tenants.

Macquarie Infrastructure Partners, which bought New Jersey’ s Maher Terminals in 2016 through its MIP III fund, is negotiating with the Port Authority of the New York and New Jersey( PANYNJ) for a new lease, according to sources familiar with the talks. Japanese shipping line NYK acquired a 20 % stake in Maher from MIP III shortly after the initial acquisition, leaving Macquarie with a majority 80 % stake.

Macquarie’ s current lease for Maher doesn’ t expire until 2030. But talks on a renewal started earlier this year under the expectation that MIP III would have to sell Maher as part of a capital return to its investors after the fund’ s initial 10-year time horizon, sources said. Nailing down a new lease, which could be up to 30 years, was considered necessary before a potential buyer would consider acquiring a long-term asset such as the marine terminal, they added.

In 2023, MIP III sold one of its portfolio companies, Ceres Terminals, to Carrix, which is the parent company of terminal operator SSA Marine and has financial backing from the infrastructure fund of private equity investor Blackstone.

However, investors in MIP III, a 2013 vintage fund, have agreed to extend the fund’ s time horizon for another 10 years, according to a person familiar with the fund’ s operations. MIP III’ s extended time horizon means there are no plans, at least in the near term, for a sale of Maher, the source said.

MIP III’ s extension also delays an informal mid-2025 deadline PANYNJ set for lease negotiations, although a lease extension is likely to be agreed on later this year.

Macquarie and PANYNJ declined to comment on the lease negotiations.

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