Young Brothers, Limited informs that intrastate cargo shipments between Honolulu and six neighbor island ports finished basically flat, experiencing a slight increase of 0.3 percent in the second quarter ending June 30, 2014.
“A year ago, the second quarter had significant volume growth, so a flat comparison still signals relative strength in the Neighbor Island economies from our viewpoint,” said Glenn Hong, president of Young Brothers. “However, we’re still very much in a wait-and-see environment from quarter to quarter for interisland cargo volume.”
The April – June quarter marks five successive quarters of positive comparisons in cargo volume, quarter over quarter. The first quarter of 2014 saw a 4-percent rise in volume, while the second, third and fourth quarters of 2013 experienced increases of 4.4 percent, 5.2 percent and 0.6 percent, respectively.
Four Neighbor Island ports experienced drops in cargo volume during the second quarter: Maui, down 2.2 percent; Kawaihae, 0.2 percent; Kauaʻi, 4.6 percent; and Molokaʻi, 6.4 percent.
Cargo volume increased at two ports: Hilo, up 2.2 percent, and Lānaʻi, up 60.4 percent. Cargo volume to and from Lānaʻi has continued to show double-digit increases due to ongoing shipments of materials for construction, renovations, and improvements. Although Lānaʻi cargo volume made up only 5 percent of total cargo volume in the second quarter, without Lānaʻi’s strong increase, second quarter volumes would have reflected a 2-percent decrease statewide.
In addition to strong construction-related activity on Lānaʻi during the second quarter, automobiles and renewable energy volume increased statewide. Declining volume was experienced by the recycling sector among other groups, while several other sectors had flat comparisons.
Agricultural Cargo Climbs by Nearly 6 Percent in Both Second Quarter, First Half
In the second quarter, agricultural cargo volume statewide rose 5.7 percent over the year-ago quarter. Similarly, during the first six months of the year, agricultural volume increased by 5.8 percent compared to the same period of 2013.
Agricultural exports increased at two ports during the second quarter: Hilo, up 18.7 percent, and Kawaihae, 32.7 percent. Four ports experienced a decline in agricultural cargo exports, including Honolulu, down 8.1 percent; Maui, 14.6 percent; Kauaʻi, 26.9 percent; and Molokaʻi, 4.6 percent.
Conversely, during the first half of the year, five ports experienced a rise in exports of agricultural products, while only one port, Maui, saw a decline: Honolulu, up 0.9 percent; Hilo, up 11.1 percent; Kawaihae, 25.4 percent; Kauaʻi, 3.4 percent; and Molokaʻi, 2.1 percent. Maui agricultural exports dropped 11.4 percent in the first half.
Agricultural volume includes only cargo that qualifies for the company’s island product discount of 30 to 35 percent, which applies to locally grown agricultural products.
About the Young Brothers Quarterly Shipping Report
Young Brothers’ quarterly intrastate shipping volumes reflect only cargo shipments that originate and terminate within the State of Hawaiʻi. The Young Brothers Quarterly Shipping Report was initiated in 2012. The company will release its third quarter 2014 results in November 2014.
Young Brothers, Limited, with approximately 340 employees across the state, has served Hawaiʻi since 1900. It is a publicly regulated water carrier providing 12 weekly port calls from Honolulu to the state’s neighbor island ports, including Hilo, Kawaihae, Kahului, Kaumalapau, Kaunakakai and Nāwiliwili .
For more information, visit www.youngbrothershawaii.com