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.