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Matson profit in trough with container shipping volume

LAST UPDATED: 11:38 a.m. HST, May 06, 2014

Declines in ocean cargo shipping and a lag in recouping higher fuel costs through customer surcharges gouged first-quarter profit for Matson Inc.

The Honolulu-based company reported Tuesday that its net income for the first three months of the year dropped 63 percent to $3.4 million from $9.1 million in the same period last year.

Matson said the decline was largely due to the timing of fuel surcharge collections. Other impacts included a 2.9 percent decline in Hawaii container shipping volume, a 3.5 percent decline in China container shipping volume and $1 million in legal expenses dealing with a September molasses spill in Honolulu Harbor.

The company said it believes container shipping volume is near the end of a trough, and that volume and operating income will pick up for the balance of the year.

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serious wrote:
If they are losing money with a monopoly I wonder what they would do if the Jones Act was repealed???
on May 6,2014 | 12:15PM
fiveo wrote:
Yes, the Jones Act insures that Matson continues to have a monopoly and we here in Hawaii get the privilege of having to pay very high costs for everything that is shipped here. Because we have the best politicians that money can buy there will never be any move to excempt Hawaii, Guam, and Puerto Rico from the Jones Act. You would think it would be a no brainer. No need to repeal the Jones Act, just exclude Hawaii from the law.
on May 6,2014 | 01:58PM
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