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Matson to post US$11.4 million special loss for Honolulu molasses spill
LEADING US transpacific Matson carrier has announced it has reached settlement with the State of Hawaii to resolve all civil, criminal and administrative claims arising its 2013 molasses spill into Honolulu Harbour.
Matson will pay US$5.9 million to the state as compensation for damaged coral and lost fish, as well as the state's response and other costs.
As part of the settlement, Matson has terminated its molasses operations in Honolulu and has committed to remove the molasses risers and tanks at Sand Island terminal at an estimated cost of between $5.5 million and $9.5 million, bringing the total cost to Matson of between $11.4 million and $15.4 million.
Matson will record an $11.4 million charge in its second quarter results which will be released on August 4.
Matson will pay US$5.9 million to the state as compensation for damaged coral and lost fish, as well as the state's response and other costs.
As part of the settlement, Matson has terminated its molasses operations in Honolulu and has committed to remove the molasses risers and tanks at Sand Island terminal at an estimated cost of between $5.5 million and $9.5 million, bringing the total cost to Matson of between $11.4 million and $15.4 million.
Matson will record an $11.4 million charge in its second quarter results which will be released on August 4.
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