Matson Inc. benefits from China service

Matson Inc. on Thursday reported fourth-quarter profit of $394.5 million. On a per-share basis, the Honolulu-based company said, it had profit of $9.39.

The ocean transportation and logistics services company posted revenue of $1.27 billion in the period. For the year, the company reported profit of $927.4 million, or $21.47 per share. Revenue was reported as $3.93 billion.

“Within Ocean Transportation, our China service continued to see significant demand for its expedited ocean services as volume for e-commerce, garments and other goods remained elevated,” said Chairman and Chief Executive Officer Matt Cox in a statement. “Continued strong demand for the China service was the primary driver of the increase in consolidated operating income year-over-year. Supply chain congestion remains the current issue in the trans-Pacific trade lane due to ongoing elevated consumption trends, U.S. domestic supply chain constraints, and inventory restocking.”

Cox said the company expects those conditions to remain in place through most of 2022, along with elevated demand for Matson’s China service.