POSTED: 10:50 a.m. HST, Feb 25, 2011
LAST UPDATED: 01:05 p.m. HST, Feb 25, 2011
Matson Navigation Co. said it will raise the fuel surcharge for shipments between the West Coast and Hawaii by 8.5 percentage points next month, the biggest increase since it instituted the charge 12 years ago.
The jump, which reflects the recent dramatic fuel cost increases driven in part by ongoing turmoil in the Middle East, will boost the surcharge to 35 percent from 26.5 percent on March 27, Matson said. The surcharge for its service to Guam and the Commonwealth of the Northern Mariana Islands is due to rise to 36.5 percent from 28 percent.
Matson ocean services senior vice president Dave Hoppes says fuel prices are approaching a historic high hit in 2008.
Shares of Matson parent Alexander & Baldwin were up 20 cents at $41.37 in late trading ont he New York Stock Exchange.