Aker Philly Delivers Containership to Matson

Wednesday, July 12, 2006
Matson Navigation Company, Inc. announced that its newest containership, MV Maunalei, has been delivered to the company by Aker Philadelphia Shipyard. The delivery of the Maunalei represents the completion of a historic four ship modernization and replacement strategy, following the delivery of the Manukai in 2003, the Maunawili in 2004, and the Manulani in 2005. "Having added only one new ship to the Matson fleet between 1983 and 2002, the four new vessels with a capital cost of over $500 million are essential to the current and future success of Matson," said W. Allen Doane, the Chairman of Matson and the Chairman and CEO of its parent company, Alexander & Baldwin. "The average age of Matson's ships was 25 years before the first ship was delivered in 2003. Today the age is a more youthful 14 years. I am pleased that this unparalleled investment has been completed and its objectives are being met or exceeded." The purchase of the Maunalei will be financed through a combination of cash balances in Matson's Capital Construction Fund (CCF), which allows Matson to significantly accelerate the tax depreciation of the vessel, and committed long-term financing at interest rates 38 basis points over LIBOR for the first five years of the facility. The Maunalei will be christened on July 22 by Mary Mildred "Millie" Akaka, wife of Senator Daniel Akaka (D-Hawaii), at a formal ceremony at the shipyard. Among the speakers at the ceremony will be Allen Doane, General Norton Schwartz, Commander, U.S. Transportation Command, Representative Neil Abercrombie (D-Hawaii) and Congresswoman Madeleine Bordallo (D-Guam). The vessel will depart Philadelphia in August and begin service later that month. Maunalei is Hawaiian for mountain wreath or lei.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Casualties

113 Migrants Drown in Libya-Italy Weekend Transits

An estimated 113 people died in four shipwrecks between Libya and Italy at the weekend as the crossing becomes the preferred sea route for migrants to Europe, the

USCG Sets 2nd Round of Hearings for El Faro

The U.S. Coast Guard will conduct a second round of public hearings May 16-27 for the Marine Board of Investigation into the loss of the U.S.-flagged cargo ship El Caro, and its 33 crewmembers.

Italian Ship Rescues 26 Migrants off Libya

An Italian merchant ship rescued 26 migrants off the coast of Libya in rough seas and others were feared missing, the Coast Guard said on Saturday. The Coast

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.0687 sec (15 req/sec)