Matson says Hawaii volumes up modestly

   Matson, the leading container carrier between the U.S. mainland and Hawaii, reported a profit of 20.1 million in the second quarter compared to $7.8 million in the same 2012 period.
   Operating revenue was $416.6 million in the quarter, up from $394.2 million in the same 2012 period.
   “We had another solid quarter, driven by continuing strength in our Hawaii trade, modest volume gains in our other trade lanes and a better result in logistics,” said Matt Cox, Matson’s president and chief executive officer, in a statement. “These gains were offset to some degree by expected lower freight rates in our China trade and a modest loss in SSAT, while performance in Guam held steady. Our consolidated earnings were further bolstered by a lower effective tax rate in comparison to the second quarter of 2012.” SSAT is the stevedoring joint venture the company has with SSA Marine.
   Cox noted in June the company increased its quarterly dividend from 15 cents to 16 cents, “demonstrating confidence in our ability to continue to return cash to our shareholders while investing in and growing our businesses.”
   He said the company expects “overall results to modestly exceed the results achieved in the second half of 2012, reflecting a full-year cycle of limited economic recovery in the markets we serve.”
   The company said “in the second quarter of 2013, Hawaii volume increased due to modest market growth and gains, and an additional voyage. Moderate volume gains are therefore expected in the Hawaii trade for the full year. In the China trade, freight rates were slightly lower in the second quarter of 2013 compared to the same period of 2012, reflecting a surplus of vessel capacity relative to market demand. The modest rate erosion in the China trade is expected to continue for the balance of 2013. Guam trade volume rose slightly in the quarter due to the timing of select shipments. However, little if any full year growth in Guam is expected.” – Chris Dupin