Matson Completes the Sale of Two Ships

Monday, February 04, 2002
Matson Navigation Company, Inc. has completed the sale of two combination Ro/Ro /lift-on, lift-off containerships to Sea Star Line, LLC (Sea Star) in Jacksonville, Fla. The vessels, which have been bareboat chartered to Sea Star since the company was formed in 1998, will continue to be deployed in the Puerto Rico trade. The sale to Sea Star, which is owned jointly by SaltChuk Resources, Inc., Matson and Taino Star Investment, Inc., underscores the investors' long term commitment to the line's Puerto Rico service. Matson is a wholly owned subsidiary of Alexander & Baldwin, Inc. of Honolulu (Nasdaq:ALEX). The two ships, the SSs El Yunque and El Morro, were both built by Sun Ship Building and Dry Dock Company and initially placed in the U.S. Atlantic Coast-Puerto Rico trade. Matson purchased the vessels in 1989 and 1990, respectively. Following the purchase, Matson modified both ships from strictly roll-on, roll-off vessels to combination ro-ro/lift-on, lift-off containerships. When the vessels were chartered to Sea Star, further modifications were made to increase their "big box" container capacity. As part owner of the Puerto Rico venture, Matson is confident that the two ships are well suited for Sea Star's service and will prove to be a good long term investment in the liner's operations. Mike Shea, president of Sea Star said, "These two vessels have contributed significantly to Sea Star's success in delivering superior service to our customers. Since their deployment in the Puerto Rico trade, Sea Star has maintained an excellent on-time arrival record, with over 95% of all voyages arriving within two hours of schedule. They are the only combination roll-on, roll-off/lift-on, lift-off vessels in the trade and allow us to accommodate virtually any type of shipment, including containers, trailers, heavy equipment, vehicles of all types, bulk liquids, flat beds, refrigerated cargoes and open tops. The purchase directly reflects Sea Star's dedication to serving Puerto Rico with fast, versatile vessels and making ongoing investments in our service that benefit our customers, ranging from container equipment to modern, state-of-the-art terminal facilities."
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Navios to Expand Fleet with Two VLCCs

Monaco-based tanker owner and operator Navios Maritime Midstream Partners (NAP) plans to launch syndication of a USD 205 million Term Loan B to finance the purchase

Duke Energy to Help Develop Jeffersonville Port Site

Duke Energy Indiana has selected a 140-acre parcel of land inside the Port of Indiana-Jeffersonville in Clark County for the utility's 2015 Site Readiness Program.

UNOLS Seeks Nominations for Council Positions

The University-National Oceanographic Laboratory System (UNOLS) is an organization of academic oceanographic institutions working in cooperation with agencies of the U.

Ship Sales

Rieber offloads Polar Prince

GC Rieber Shipping has entered into an agreement to sell subsea vessel "Polar Prince", which the company had built in 1999.   The transaction gives GC Rieber

NordLB Back to Profit

Although the crisis is not over in all segments, Germany's second-largest marine lender, Nord LB, said its shipping loan portfolio turned a corner in the first

Navios to Expand Fleet with Two VLCCs

Monaco-based tanker owner and operator Navios Maritime Midstream Partners (NAP) plans to launch syndication of a USD 205 million Term Loan B to finance the purchase

 
 
Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1386 sec (7 req/sec)