HONOLULU (HawaiiNewsNow) -
Matson Inc., the largest shipping line to
Hawaii, reports $15.6 million profit for the fourth quarter and $45.9 million
for full year 2012.
Annual revenue was $3.98.3 million, up from $374.9
million in 2011, Matson said Thursday. The company was calved off from
Alexander & Baldwin last summer and now trades as NYSE: MATX.
"Continued strong Guam volume and an improved rate
environment in our expedited China services led to a solid fourth
quarter," CEO Matt Cox said in a statement.
The China Express service will see lower rates this year
as new capacity enters the market, but Hawaii business could improve as the
Hawaii economy does, Cox said.
Matson hauled 35,100 containers to Hawaii in the fourth
quarter, 100 more than a year earlier in the same period. Matson did 14,000
container volume to Guam and 6,500 on the China Express.
Automotive volume to Hawaii fell 900 to 18,800 on the
timing of rental fleet renewals.
Matson's Guam trade improved dramatically after Horizon
Lines quit the market. Horizon Lines is the second largest maritime shipper to
Hawaii and a larger company overall because it also serves Alaska and Puerto
Rico, markets not served by Matson.
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