Cargo shipments between Oahu and six neighbor islands posted their second consecutive quarter of solid growth, interisland shipper Young Brothers reported Friday, providing more evidence that the state’s economic expansion is firmly on track.
Shipments rose 5.2 percent in the third quarter from the same period a year earlier. That followed a 4.4 percent gain in the second quarter, according to the report. Through the first nine months of the year, shipments are up 1.8 percent from the same time in 2012.
"We believe this is another indicator that the broader local economy is continuing to gain strength, and we’re hopeful it’s the beginning of a trend that will sustain itself," said Glenn Hong, president of Young Brothers. "We still have some ground to make up to get back to levels seen six and seven years ago."
When compared to the peak-volume year of 2007, Young Brothers’ 2013 volume is still down approximately 20 percent, he said.
Every neighbor island port recorded an increase in cargo shipments during the third quarter of 2013. Shipments rose 5.5 percent at Kahului; 4.2 percent at Hilo; 6 percent at Kawaihae, Hawaii; 5.3 percent at Nawiliwili, Kauai; 4.9 percent at Kaunakakai, Molokai; and 21.6 percent at Kaumalapau, Lanai.
Most industry segments experienced increases in the third quarter. Shipments of construction materials and biofuels were up strongly, continuing the trend of the previous quarter. There also were significant gains in shipments of automobile rental fleets, beverages and entertainment industry merchandise, which includes tourism-related items.
Agricultural cargo shipments rose 5.3 percent in the third quarter from a year earlier. Outbound agricultural cargo shipments rose 11.8 percent from Kawaihae, 7.9 percent from Nawiliwili, 7.2 percent from Hilo and 6.4 percent from Honolulu. Agricultural cargo shipments were virtually unchanged from Kahului and down 7 percent from Kaunakakai.
Agricultural volume includes only cargo that qualifies for the company’s island product discount of 30 percent to 35 percent, which applies to locally grown agricultural products.
