Bank of America Corp. and five other lenders have approved a combined $325m credit line for Alexander & Baldwin Inc. and its subsidiary Matson Navigation. According to a Securities & Exchange Commission filing, Alexander & Baldwin's portion of the credit line is $225 million, and Matson's is $100 million. The credit lines replace a prior agreement that was due to expire in 2011. Source: Charlotte Journal of Business
Matson Navigation Company, Inc.'s (Matson)today signed a contract with Kvaerner Philadelphia Shipyard Inc. (KPSI) for the purchase of two new containerships. The diesel-powered vessels, with a capacity for 2,600 containers (twenty-foot equivalent units) each, will cost approximately $110 million per ship, including owner's costs, and will be deployed in the company's Hawaii service when construction is completed in late 2003 and in 2004, respectively.
James S. Andrasick has been named president and chief executive officer of Matson Navigation Company,Inc., the largest subsidiary of Alexander & Baldwin, Inc. The appointment is effective August 1, 2003. Andrasick had been serving in that position on an interim basis since July 1, 2002. He will continue as executive vice president of A&B, holding interim chief financial officer responsibilities at the parent company until a replacement is named in
The new Matson Navigation Co. containership MV Maunalei was christened at the Aker Philadelphia Shipyard. The christening, the traditional kind involving breaking a bottle of champagne, was undertaken by Millie Akaka, wife of Sen. Daniel Akaka. Also on hand were Hawaii Rep. Neil Abercrombie and Guam Rep. Madeleine Bordallo. The MV Maunalei is the fourth new containership built by the shipyard for Matson in the past four years
John P. Lauer has joined Matson Navigation Company as director, Transpacific services, for Matson's China - Long Beach Express. Lauer will lead Matson's U.S. sales efforts for its burgeoning China - Long Beach Express service and will focus on trade lane yield management and revenue enhancement strategies in conjunction with other Matson operations. He will report to Dave Hoppes, senior vice president, ocean services.
Ship Finance International Limited (SFL) has sold its holding of notes and warrants in Horizon Lines, Inc. for net cash proceeds of approximately $72 million. In April 2012, Ship Finance received $40 million of Horizon Lines second-lien notes and 9.25 million warrants in Horizon Lines in connection with a termination of the charters for five container vessels. Thereafter, the second-lien notes have accumulated interest on a non-cash basis at a rate of 15 percent annually.
Matson Signs $17m Contract with Atlantic Marine Alabama for C-9 Conversion Matson Navigation Company, Inc. (Matson) has signed a $17m contract with Atlantic Marine Alabama, LLC to perform work related to the conversion of Matson’s C-9, MV Mokihana, to a combination RoRo and container vessel. Modification work on the 2,800 TEU containership will commence in April 2007 at Atlantic Marine’s shipyard in Alabama, with delivery scheduled for June 2007.
Matson Navigation Co. will pay $3 million in fines after admitting it illegally dumped bilge water that may have been contaminated with waste oil, the U.S. Attorney in Seattle said. San Francisco-based Matson, a unit of Honolulu-based Alexander & Baldwin Inc. specializing in moving cargo between the U.S. West Coast and Hawaii, will also be placed on probation for three years, U.S. Attorney Kate Pflaumer said in a release.
After more than 38 years of service, C. Bradley Mulholland will retire, effective January 1, 2004, from both Matson Navigation Company, Inc., which he serves as vice chairman of the board. He also will retire from his position as executive vice president of Alexander & Baldwin, Inc., Matson’s parent company, and from director positions on the boards of both companies. Mulholland joined Matson in 1965 and served in a variety of increasingly responsible positions throughout the company
Horizon Lines, Inc. announced it has reached an agreement in principle providing for the settlement and dismissal, with prejudice, of the consolidated putative class action complaint pending in the Delaware Court of Chancery in connection with Horizon's proposed merger with Matson Navigation, Inc., a subsidiary of Matson, Inc. Pursuant to the settlement with plaintiffs, which is subject to Court approval, Horizon agreed to make certain supplemental disclosures to Horizon's stockholders
Matson’s new South Pacific Express will link Pacific networks via Honolulu U.S. carrier in the Pacific Matson, Inc. has introduced a new containership service between the U.S. West Coast and ports in Samoa, American Samoa, Tonga and Fiji.
Matson Navigation Company, Inc., a subsidiary of container shipper Matson, Inc., has signed a contract with U.S. shipbuilder General Dynamics NASSCO to build two new combination container and roll-on/roll-off (Con-Ro) vessels for its Hawaii fleet at a contract price of $511 million for both
Matson, Inc. announced the issuance of $200 million in privately placed 15-year final maturity senior unsecured notes pursuant to a previously announced commitment letter on July 18, 2016. The notes will have a weighted average life of approximately 8.5 years and will bear interest at a rate of 3
Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), today delivered the American Endurance, the first of four next generation 50,000 dwt product tankers that it is building for American Petroleum Tankers (APT), a subsidiary of Kinder Morgan, Inc.
Ocean cargo shipper Matson, Inc. said it is moving quickly to fund improvements in its new Alaska operations following its May 29 acquisition of Horizon Lines' Alaska services. The company expects to invest more than $30 million in new equipment planned by Horizon prior to its acquisition.
Pacific cargo shipper Matson, Inc. informs that a settlement has been reached with the State of Hawaii to resolve all civil, criminal and administrative claims that the State could have had arising from the discharge of molasses into Honolulu Harbor in September 2013.
Matson, Inc., a U.S. carrier in the Pacific, took delivery of a new 65-ton gantry crane to replace one half its size at the company's Kodiak Terminal. Standing more than 340 feet tall at its peak with a boom spanning 164 feet, Matson's new crane is the largest in Alaska
Aker Philadelphia Shipyard ASA announced today that its wholly-owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), has entered into definitive agreements with a subsidiary of Marathon Petroleum Corporation (MPC) for the buy-out of APSI's interest in its joint venture with
Matson, Inc., a U.S. carrier in the Pacific, announced that production has begun on its two new Aloha Class containerships following a steel cutting ceremony at Aker Philadelphia Shipyard Inc. (APSI) in Pennsylvania. Matson subsidiary Matson Navigation Company, Inc
Matson, Inc., a U.S. carrier in the Pacific, announced today the issuance of $75 million in 30-year final maturity senior unsecured notes pursuant to a previously announced private placement on July 30, 2015. The notes will have a weighted average life of approximately 13 years and will
Thordon Bearings has signed a contract to supply COMPAC seawater-lubricated propeller shaft bearing solutions to two Jones Act containerships under construction at the Aker Philadelphia Shipyard Inc. (APSI) for Matson Navigation Company, Inc.
Matson, Inc. announced today that it will release its financial results for the Third Quarter 2015 on Wednesday, November 4, 2015. A conference call is scheduled for 4:30 p.m. EST when Matt Cox, President and Chief Executive Officer, and Joel Wine
U.S. Transportation Secretary Anthony Foxx today announced that DOT has awarded contracts with a total award value of $1.96 billion over eight years to seven U.S. maritime firms to manage, maintain and operate 48 National Defense Reserve Fleet (NDRF) vessels through January 2024
Matson Logistics Supply Chain Services is expanding its less-than-container-load (LCL) capabilities by offering direct fast transit from China to the New York and New Jersey markets. The service is based on Matson’s China-Long Beach Express (CLX) service
Philly Shipyard, Inc. (PSI) held a keel laying ceremony for the second product tanker in a four vessel order for Kinder Morgan, Inc. subsidiary American Petroleum Tankers (APT). Representatives from Philly Shipyard and Kinder Morgan were in attendance to place coins on one of the keel