Matson maintains profit amid stormy seas of coronavirus pandemic
GEORGE F. LEE / GLEE@STARADVERTISER.COM
The Matson container ship Lurline prepared to depart Honolulu Harbor in March. Matson expects the April-June period will be the hardest-hit quarter for Hawaii container volume.
Matson Inc. today reported that its Hawaii ocean cargo container volume dropped 12% in April, largely due to the tourism drought amid COVID-19.
The Honolulu-based company and largest ocean cargo transportation firm in the state also said that it expects the April-June period will be the hardest-hit quarter for Hawaii container volume with a decrease in the mid-to-high teen percentage range.
During the first three months of this year, Matson said its container volume in Hawaii edged up 1.7% due to the consumption of home food and essential goods by residents as fears of the coronavirus grew and “stay-at-home” orders were ordered in late March.
Matson, which also serves Alaska, Guam and China, reported that its first-quarter profit fell 70% to $3.8 million from $12.5 million in the same period last year. Revenue was down 3.5% to $514 million from $532 million.
