MATSON NAVIGATION ACQUIRES TWO NEW CONTAINERSHIPS
Matson Navigation Co. will add two new 2,600 TEU containerships to its fleet in late 2003 and 2004.
The diesel-powered vessels, under construction in the Kvaerner Philadelphia Shipyard, will cost about $110 million each, including owner’s costs, the San Francisco-based Jones Act carrier said. They will replace two 30-year-old steam-powered vessels in the Matson fleet.
To finance the purchase, Matson will tap its existing capital construction fund of $170 million, supplemented with external burrowings of about $50 million.
Matson plans to deploy the two vessels in its U.S. West Coast/Hawaii trade. “This significant investment in our Hawaii service underscores our long-term commitment to remaining the state’s leading ocean carrier,” said C. Bradley Mulholland, president and chief executive officer of Matson, a subsidiary of Alexander & Baldwin.
Mulholland said the vessels are designed to meet both current and future needs of the Hawaiian ocean freight market, such as bigger container sizes for both refrigerated and dry goods.