HONOLULU, Nov. 25, 2013 /PRNewswire/— Matson, Inc. (NYSE: MATX), a leading U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. (Matson) will raise its rates for the company’s Guam/Commonwealth of the Northern Marianas Islands (CNMI) and Micronesia services by $275 for both westbound and eastbound containers, effective January 26, 2014. The increase will be filed with the Surface Transportation Board and the Federal Maritime Commission.
The rate increase also applies to the Commonwealth of the Northern Marianas Islands, the Republic of Palau, the Federated States of Micronesia and the Republic of the Marshall Islands. In addition, Matson will raise its West Coast terminal handling charge by $75 for both westbound and eastbound containers, also effective January 26, 2014.
“This is Matson’s first rate increase for Guam/CNMI and Micronesia in three years,” said Dave Hoppes, senior vice president, ocean services.
“During that time, our operating costs have continued to rise, necessitating this adjustment. The increase will also support ongoing investments in our service to the region. Matson continues to diligently look for ways to operate the most efficient, cost effective service possible, without undercutting our standards of quality.
In the past decade, Matson has invested nearly $1 billion in four new containerships, fleet enhancements, new container equipment, information technology and upgrades to its terminal facilities. Earlier this month, the company announced that it is investing $418 million in two new 3,600 TEU containerships that will be deployed in our Hawaii service and will transport Guam cargo from the U.S. West Coast to Honolulu. Matson remains committed to continuing to provide Guam and Micronesia with a modern, reliable ocean transportation infrastructure.” Matson’s terminal handling charge was first implemented in 2003 and is designed to recover a portion of the costs associated with the movement of cargo through terminals. This charge is standard in the industry and appears as a separate line item at the bottom of the company’s freight bills. “Terminal handling costs comprise over 40 percent of Matson’s operating costs,” said Hoppes. “Matson continues to absorb most of the costs associated with terminal operations, the majority of which are driven by factors that are outside of our control, but needs to pass on some of the expenses to our customers.”
About the Company Founded in 1882, Matson is a leading U.S. carrier in the Pacific. Matson provides a vital lifeline to the island economies of Hawaii, Guam, Micronesia and select South Pacific islands, and operates a premium, expedited service from China to Southern California. The Company’s fleet of 18 vessels includes containerships, combination container and roll-on/roll-off ships and custom-designed barges. Matson Logistics, established in 1987, extends the geographic reach of Matson’s transportation network throughout the continental U.S. Its integrated, asset-light logistics services include rail intermodal, highway brokerage and warehousing. Additional information about Matson, Inc. is available at www.matson.com.
|Investor Relations:||Media inquiries:|
|Jerome Holland||Jeff Hull|
|Matson, Inc.||Matson, Inc.|
SOURCE Matson, Inc.