By: Ian Scheuring
HONOLULU (HawaiiNewsNow) - Matson Navigation Company announced Wednesday that it is decreasing its fuel surcharge again, the third such decrease since late August.
The fuel surcharge for Matson's Hawaii service will drop by two percentage points, from 42.5% to 40.5%.
"We are pleased to be able to pass along this third consecutive decrease, which for most customers represents a reduction in shipping costs ranging from $60 to $105 per container," said Dave Hoppes, senior vice president, ocean services.
Matson attributed the "continuing moderation in bunker fuel prices" as the reason for the decrease.
"The cost of bunker fuel, which is the type of fuel consumed by most ocean carriers, rose faster over the past year than crude oil and has been slower in experiencing declines in prices; fortunately, bunker fuel prices have moderated recently, allowing us to make this third decrease. Matson has made a practice of giving 30 days notice for upward rate adjustments, but as with previous decreases, we are passing on this downward adjustment to our customers as soon as possible. We will continue to monitor fuel costs and adjust the surcharge accordingly."
With this latest adjustment, the fuel surcharge will have decreased by seven percentage points in a six week period.
The fuel surcharge adjusment will take effect Sunday.