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, Inc. has completed the acquisition of Horizon Lines, Inc. which includes Horizon's Alaska operations and the assumption of all non-Hawaii business liabilities. Separately and immediately preceding the completion of the transaction, Horizon completed the sale of its Hawaii trade lane assets
Anthony Chiarello, Matthew J. Cox and James C. McKenna named 2015 USS Admiral of the Ocean Sea Award recipients The United Seamen's Service (USS) 2015 Admiral of the Ocean Sea Awards (AOTOS) will be presented to Anthony Chiarello, President and CEO of TOTE; Matthew J
Matson Increases quarterly dividend by 5.9 percent to $0.18 per share The board of directors of Matson, Inc., a U.S. carrier in the Pacific, today declared a third quarter dividend of $0.18 per common share. The dividend represents a one-cent increase, or 5
Thrustmaster of Texas, Inc. has been supplying wireless remote controls for thrusters since the 1980s, offering products that are supported through their lifecycles with upgrades that result from recent technological developments. Breathwit Marine Contractors installed
The US Department of Defense informs that nine companies have each been awarded indefinite-delivery/indefinite-quantity fixed-price option-year two modifications for international ocean and intermodal distribution services (Universal Services Contract-7). They are:
Matson, Inc., a U.S. carrier in the Pacific, announced its results for the third quarter of 2014, in which it reported a net income of $21.5 million, or $0.50 per diluted share, compared with $17.2 million or $0.40 per diluted share in 2013, while consolidated revenue for the third quarter 2014
The transaction has the value of $0.72 Per Common Share Plus Repayment of Debt; acquisition Accretive to Matson's Earnings and Cash Flow. Separately Horizon to Sell Hawaii Operations to Pasha and Terminate Puerto Rico Operations. A Matson Investor Conference Call has been acheduled for 5:00 PM
Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the Northern Marianas Islands (CNMI) and Micronesia services by $225 for both westbound and eastbound containers, effective January 25, 2015
Matson, Inc., a U.S. carrier in the Pacific, announced that Matson Navigation Company, Inc. (Matson) will raise its rates for the company's Hawaii service by $225 per westbound container and $110 per eastbound container, effective January 4, 2015.
Matson Announces Upcoming Retirement of Senior Vice President, Ocean Services, Dave Hoppes; John Lauer to Succeed Hoppes, Chris Scott to Succeed Lauer Dave Hoppes, Matson’s senior vice president, ocean services, will retire March 31, 2015, the company announced
Aker Philadelphia Shipyard, Inc. (APSI), the wholly-owned U.S. subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), celebrated two significant ship milestones this week. Today, the shipyard held a ceremonial Keel Laying for the second of four product tankers that it is building
Matson reports higher than expected 4Q14 ocean transportation operating income; preliminary full year 2015 outlook expected to be flat to modestly higher than 2014 levels Matson, Inc. said it holds a higher operating income outlook for the fourth quarter 2014
Continuing decreases in bunker fuel prices has prompted Matson to drop its fuel-related surcharge by 4 percentage points. Matson announced it will lower its fuel surcharge for service to Hawaii, Guam, the Commonwealth of the Northern Mariana Islands and Micronesia, effective Sunday.
Matson, Inc. will release its financial results for the Fourth Quarter and Full Year 2014 on Tuesday, February 24, 2015. Matthew Cox, President and Chief Executive Officer, and Joel Wine, Senior Vice President and Chief Financial Officer, will discuss Matson's fourth quarter and full year 2014
Aker Philadelphia Shipyard, Inc. (APSI) has delivered its second Aframax tanker to SeaRiver Maritime, Inc., Exxon Mobil Corporation’s U.S. marine affiliate. The 820 foot long, 115,000 deadweight ton tanker was delivered within the timeframe most recently reported by AKPS and will