News Content
Matson quarterly profit up 34pc to US$34 million as sales rise 8.7pc
HONOLULU based ocean carrier Matson Inc's third quarter net profit increased 34.7 per cent to US$34.1 million year on year, drawn on revenues of $543.9 million, up 8.7 per cent.
"Matson achieved better-than-expected third quarter results due to stronger demand for our expedited China service, stronger southbound volume in Alaska, the timing of fuel surcharge collections, and higher lift volumes at SSAT," said Matson chairman and CEO Matt Cox.
"These positive contributors were somewhat moderated by lower volume in Hawaii and continued competitive pressure in Guam," he said.
In Matson's ocean transport sector, Hawaii container volumes fell 6.4 per cent year on year due primarily to construction in the region, while Chinese container volumes grew 11.7 per cent because of rising demand for the company's expedited service and an additional sailing, the carrier said.
In Guam, the company's container volume in the third quarter fell as a result of competitive losses to a US-flag containership service that increased its service frequency to weekly in December 2016, said the company.
Container volumes in Alaska saw an 8.2 per cent increase year on year, due to a better-than-expected seafood harvest that positively impacted southbound volumes and an additional northbound sailing.
Through the first nine months of the year, ocean revenues were up 4.1 per cent over the same period last year. Matson attributed the increase to higher fuel surcharge revenue and higher average freight rates and container volumes in China.
The company's SSA Terminals joint venture investment contributed $19.3 million during the first nine months of 2017, compared to a $9.2 million contribution in the same period in 2016, due to improved lift volume. Matson also partnered with SSA Terminals at Port of Tacoma for stevedoring and terminal services earlier this year.
"Stronger performance year-to-date in China, Alaska, and SSAT have more than offset the negative trends this year in Guam and more recently with lower construction-related cargo in Hawaii," said Mr Cox.
"Overall, we expect our businesses to continue to perform well during the fourth quarter, and due to our stronger-than-expected third quarter results we are raising our outlook for full year EBITDA to exceed last year's."
"Matson achieved better-than-expected third quarter results due to stronger demand for our expedited China service, stronger southbound volume in Alaska, the timing of fuel surcharge collections, and higher lift volumes at SSAT," said Matson chairman and CEO Matt Cox.
"These positive contributors were somewhat moderated by lower volume in Hawaii and continued competitive pressure in Guam," he said.
In Matson's ocean transport sector, Hawaii container volumes fell 6.4 per cent year on year due primarily to construction in the region, while Chinese container volumes grew 11.7 per cent because of rising demand for the company's expedited service and an additional sailing, the carrier said.
In Guam, the company's container volume in the third quarter fell as a result of competitive losses to a US-flag containership service that increased its service frequency to weekly in December 2016, said the company.
Container volumes in Alaska saw an 8.2 per cent increase year on year, due to a better-than-expected seafood harvest that positively impacted southbound volumes and an additional northbound sailing.
Through the first nine months of the year, ocean revenues were up 4.1 per cent over the same period last year. Matson attributed the increase to higher fuel surcharge revenue and higher average freight rates and container volumes in China.
The company's SSA Terminals joint venture investment contributed $19.3 million during the first nine months of 2017, compared to a $9.2 million contribution in the same period in 2016, due to improved lift volume. Matson also partnered with SSA Terminals at Port of Tacoma for stevedoring and terminal services earlier this year.
"Stronger performance year-to-date in China, Alaska, and SSAT have more than offset the negative trends this year in Guam and more recently with lower construction-related cargo in Hawaii," said Mr Cox.
"Overall, we expect our businesses to continue to perform well during the fourth quarter, and due to our stronger-than-expected third quarter results we are raising our outlook for full year EBITDA to exceed last year's."
Latest News
- For the first time, tianjin Port realized the whole process of dock operati...
- From January to August, piracy incidents in Asia increased by 38%!The situa...
- Quasi-conference TSA closes as role redundant in mega merger world
- Singapore says TPP, born again as CPTPP, is now headed for adoption
- Antwerp posts 5th record year with boxes up 4.3pc to 10 million TEU
- Savannah lifts record 4 million TEU in '17 as it deepens port
