There will be less competition in the Hawaii cargo shipping business following the planned sale of Horizon Lines Inc. which was announced Tuesday.
Horizon Lines is selling its Hawaii operation that includes four ships to competitor The Pasha Group for $141.5 million.
In another part of the sale, Hawaii’s largest ocean cargo carrier, Matson Inc., is buying Horizon’s operations in Alaska for $456.1 million that includes $69.2 million in Matson stock and paying off Horizon debt.
The sales are expected to close next year, subject to regulatory approval and other conditions.
Horizon also operates cargo service in Puerto Rico, but that business is not being sold and will shut down by the end of this year.