Matson faces deadline for new contracts
Matson Inc., the biggest ocean cargo transportation firm in Hawaii, faces a June 30 deadline to reach a new contract with three unions representing crews on its ships.
The company said Thursday it believes there is enough time to work out agreements that would avoid any disruption in service, and characterized a recent vote by the unions to authorize a strike as part of the negotiating process.
Matson is negotiating labor agreements with the Sailors’ Union of the Pacific, the Seafarers International Union and the Marine Firemen’s Union.
A five-year contract with the unions and Matson was reached in 2008 on the day the previous contract was set to expire.
Rate on 30-year mortgage falls to 3.93 percent
U.S. mortgage rates fell for the first time in seven weeks, keeping the average on the 30-year fixed loan just under 4 percent. But rates are expected to surge next week as markets respond to Chairman Ben Bernanke’s comments that the Federal Reserve will likely reduce its bond purchases later this year.
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan eased to 3.93 percent last week. That’s down from 3.98 percent last week but is still the highest level since April 2012.
The rate on the 15-year mortgage fell to 3.04 percent from 3.10 percent. That’s the highest since May 2012.
Freddie Mac surveys lenders across the country on Monday through Wednesday each week. Bernanke’s comments during a news conference Wednesday afternoon weren’t fully reflected in the latest rates.
State schedules public talks on Kakaako
The state agency regulating development in Kakaako has scheduled additional public comment sessions so residents can share views on three pending condominium tower permit applications.
The three projects are 803 Waimanu by MJF Development Corp., 404 Ward by Howard Hughes Corp. and The Collection by Alexander & Baldwin Inc.
Plans for all three projects have been presented during initial HCDA hearings at which public testimony was accepted.
The additional sessions are scheduled for Saturday at 10 a.m. and Monday at 5:30 p.m. in HCDA’s conference room at 461 Cooke St.
HCDA plans to hold more sessions in July and August.
Attendees will have the opportunity to ask HCDA staff questions about agency activities, including its transit-oriented development plan and other projects.
All comments will be recorded and made available to HCDA board members for consideration before decisions on the projects are made.
Decisions by HCDA are scheduled for July 3 on 803 Waimanu, July 17 for 404 Ward and Aug. 7 for The Collection.
Kauai utility gets OK to build solar facility
State regulators have cleared the Kauai Island Utility Cooperative to build a $42.2 million solar energy facility that would be the state’s largest.
KIUC will develop the 12-megawatt facility on 67 acres it is leasing from Grove Farm Inc. near Koloa on Kauai’s South Shore. KIUC hired California-based SolarCity to build the project, which will provide an estimated 6 percent of the island’s energy needs.
The state Public Utilities Commission approved the project Wednesday.
The utility estimates the cost of the electricity produced by the solar facility will be 16.5 cents per kilowatt-hour over the 25-year life of the project, well below what KIUC pays to generate power at its oil-burning generators. The solar energy generated by the Koloa project will replace an estimated 1.7 million gallons of imported oil that KIUC burns each year for electrical generation.
KIUC estimates residential customers using 500 kilowatt-hours a month will save $2.88 a month by 2015 and $4.52 a month by 2020 as a result of the solar project. KIUC customers paid 41.5 cents a kilowatt-hour for electricity in June, one of the highest rates in the state.
On the Move
Kapiolani Health Foundation has elected three new members to its volunteer board:
>> Sachi Braden is the owner of Sachi Hawaii, a Honolulu real estate firm.
>> Marcus Merner is managing director at GreenOak Real Estate, a company focused on principal investing and advising.
>> Eileen Wacker is founder and CEO of ONCEKids, a brand promoting Asian cultural themes.
