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 Today


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

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

People & Company News

Norwegian Unions Say 755 O&G Workers Could Strike

About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe's top producer, if a new wage deal is not agreed before a Friday deadline,

Day of Seafarer: ICS Highlights Seafarers Role in Migrant Rescues

Gerardo Borromeo, Vice Chairman of the International Chamber of Shipping (ICS) took the opportunity today to highlight the courage that is currently being displayed by seafarers,

“Twiggy” Baker Wins BWT Puerto Escondido Challenge

Grant “Twiggy” Baker (ZAF) claimed victory today at the Puerto Escondido Challenge, besting a field of 24 of the world’s best big wave surfers in towering 20-to-35

 
 
Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar 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: 0.1130 sec (9 req/sec)