Matson Planned Separation on Track
Alexander & Baldwin Holdings, successor by merger to Alexander & Baldwin, Inc., has announced that its wholly-owned subsidiary, Matson Navigation Company, Inc. ("Matson Navigation"), has entered into a series of debt financing agreements undertaken on behalf of Matson, Inc. ("Matson") as part of the previously announced plan to separate the Company's transportation and land businesses into two publicly traded companies. "We are pleased to announce that we have secured these important debt financing agreements, which mark an important step toward the establishment of Matson as a stand-alone company," said Matt Cox, president of Matson Navigation.
Matson Increases Neighbor Island Barge Capacity
Matson, Inc. said its subsidiary Matson Navigation Company, Inc. has replaced one of its three barges dedicated to serving Hawaii's neighbor island ports with a newer, larger barge that will improve service levels. The container barge Columbia, to be renamed Mauna Loa in honor of the barge it replaces, is now Matson's largest barge. At 360 feet long, with a beam (width) of 100 feet and cargo carrying capacity of 12,600 tons or 500 TEU, it is 12 feet longer and 40 feet wider than the barge it replaces, with the capacity to carry 180 more TEU or nearly 8,000 tons more cargo. Built in 2012 by Gunderson Marine and classified as a Deck Cargo Barge with approximately 33,000 square feet of deck cargo space, the vessel's design enables swifter and more fuel efficient transits.
Forest Promoted to Senior VP at Matson
Ronald J. Forest has been promoted to senior vice president of Matson Navigation Company, Inc. (Matson). The appointment was approved yesterday by the company's Board of Directors and announced by Matson President and CEO James S. Andrasick."This promotion is in recognition of the consistently strong performance Ron has delivered for the company in a number of challenging executive assignments," Andrasick said. "These posts have included area manager of both Northern and Southern California; president and chief executive officer of Matson Intermodal System, Inc.; and his current assignment as head of Matson's operations division."Forest's career in the industry spans 25 years and has included eight years with Matson, eight years with APL and nine years with United States Lines.
Forest Promoted to Senior VP at Matson
Ronald J. Forest has been promoted to senior vice president of Matson Navigation Company, Inc. (Matson). The appointment was approved yesterday by the company’s Board of Directors and announced by Matson President and CEO James S. Andrasick. Forest’s career in the industry spans 25 years and has included eight years with Matson, eight years with APL and nine years with United States Lines. His Matson career began in 1995 as operations manager, Southern California. He was promoted in 1996 to area manager, Northern California, and was made a vice president of Matson Navigation Company in 1998. That same year he assumed the responsibility of overseeing the company's labor relations and was later promoted to vice president, area manager, Southern California.
BofA Extends Credit to Matson
Bank of America Corp. and five other lenders have approved a combined $325m credit line for Alexander & Baldwin Inc. and its subsidiary Matson Navigation. According to a Securities & Exchange Commission filing, Alexander & Baldwin's portion of the credit line is $225 million, and Matson's is $100 million. The credit lines replace a prior agreement that was due to expire in 2011. Source: Charlotte Journal of Business
Cancellation Clause Waived for $190M Contract
Matson Navigation Company Inc has waived a cancellation clause in the $190 million contract with Kvaerner Philadelphia Shipyards Inc for delivery of two container vessels. The contract was signed in May 2002, but it has not been recognised as a firm order and included in Aker Kvaerner’s order reserve before. The two diesel-powered vessels, with a capacity for 2,600 containers (twenty-foot equivalent units) each, will cost approximately US$110 million per ship, including owner’s costs, and will be deployed in Matson’s Hawaii service when construction is completed in 2003 and 2004, respectively.
Matson Celebrates 125th Anniversary
Matson Navigation Company reached a major milestone in the U.S. maritime industry in celebrating 125 years of Pacific shipping. The company was launched on April 10, 1882 when Captain William Matson sailed his three-masted schooner Emma Claudina from San Francisco Bay to Hilo, Hawaii, carrying 300 tons of food, plantation supplies and general merchandise. That voyage launched a company that has been involved in such diversified interests as oil exploration, hotels and tourism, military service during two world wars and even briefly, the airline business. Throughout its history, Matson has served Hawaii continuously and today remains the state's leading ocean carrier, serving all of the major ports of the Islands.
Matson Raises Fuel Surcharge
Last week, due to dramatic increases in fuel prices, Matson Navigation Company, Inc. (Matson) announced that it is raising its fuel surcharge from 6.5 to 7.5 percent in its Hawaii and Guam services effective September 15, 2003. "As anyone who drives a car is well aware, fuel prices have been rising steadily in recent months," said Dave Hoppes, vice president, ocean services. "For transportation companies, the costs are especially significant. Matson burns approximately 1.9 million barrels of fuel annually. For every dollar increase per barrel of bunker fuel, Matson experiences an approximate $1.9 million increase in annual operating costs. We cannot continue to absorb these additional fuel-related operating costs.
Manukai’s Delivery Voyage – In Real Time
Matson Navigation Company’s new MV Manukai has commenced with its delivery voyage and is currently traveling from the U.S. East Coast to the West Coast, via the Panama Canal. The ship will then enter Matson’s Hawaii Service, with the inaugural voyage scheduled for October 1 from Los Angeles to Honolulu. The ship is the first to be built by Kvaerner Philadelphia Shipyard, Inc. and the first new Matson ship of the 21st century. Utilizing today’s GPS technology, the ship’s voyage can be tracked on Matson’s “Birth of a Ship” Web site at www.matson.com/bos. By clicking on the “Track the Manukai” link below, detailed info on the vessel’s geographic position can be accessed.
Matson and J.B. Hunt Transport Services Partner
Matson Navigation Company (Matson), Matson Integrated Logistics (MIL), and J.B. Hunt Transport Services, Inc. are partnering in new guaranteed, expedited services from Ningbo and Shanghai to Long Beach and various U.S. inland destinations under a single invoice. With the new program, customers will have the option of benefiting from two new premium level service products. The first premium level service option will be offered by Matson and MIL and will guarantee the transit time and delivery of shipments to the West Coast and selected inland destinations. This service will provide Matson, MIL, and J.B. Hunt customers the opportunity to gain economies of scale on inland transportation costs by reducing the number of container/trailers that are moved to the final destination/inland point.
Matson Draws $70m from Credit Line
Matson Navigation Co. Inc. says it has drawn $70m under a $105m revolving credit facility in connection with its latest containership purchase. The 10-year senior secured reducing revolving credit facility is with DnB NOR Bank ASA, Norway's largest financial services group. "A portion of the funds borrowed under the facility was used in connection with Matson's purchase of a new containership, the MV Maunalei, which Matson took delivery of on July 12," Matson said Tuesday. The funds were drawn on July 12, the same day Matson, a subsidiary of Honolulu-based Alexander & Baldwin Inc., took delivery of the Maunalei, the fourth new containership it bought since 2003 in a $500m modernization program.
New Mobile Harbor Crane for Kahului
Matson Navigation Company, Inc. (Matson) has completed installation of a new $5 million mobile harbor crane for the port of Kahului on Maui. The new equipment, which is a first for a Neighbor Island port, will strengthen Matson's operations in Kahului by providing a land-based crane for container handling. The crane will complement Matson's container barge service, which utilizes self-equipped rail-mounted cranes, and its roll-on, roll-off service, which, in addition to moving vehicles and other rolling stock, involves discharging and loading containers on chassis via special ramps designed for Matson's vessels. The investment is part of a strategy to improve the overall level of service to and from Hawaii's Neighbor Islands.
China Shipping Lines to Expand
The of announced that China Shipping Lines will expand its container service through . China Shipping will move from Terminal 18, where it has called since 1999, to Terminal 30, where its division China Shipping Terminals will be an equity partner with terminal operator SSA Terminals -- a joint venture between Seattle-based SSA Marine and Matson Navigation Co. Shanghai-based China Shipping, through its wholly owned divisions, brings 97,000 TEUs per year through the seaport's Terminal 18. TEUs are 20-ft.-equivalent units, the standard measure of container volumes because of their varying lengths.
Matson Decreases Fuel Surcharge by One Percentage Point
As a result of recent declines in bunker fuel prices, Matson Navigation Company will lower its fuel surcharge in its Hawaii, Guam/CNMI and Micronesia services by one percentage point, from 19.75 percent to 18.75 percent, effective November 5, 2006. "Bunker fuel prices continue to decrease, allowing us to make this second consecutive reduction to our fuel surcharge," said Dave Hoppes, senior vice president, ocean services. We will continue to monitor fuel costs and adjust the fuel surcharge accordingly. While fuel prices remain volatile, we are hopeful this current trend will continue."
Ray Smith Joins Matson
Ryamond L. Smith has joined Matson Navigation Company, Inc. as chief operating officer (COO) in San Francisco. As COO, Smith is responsible for all marketing and operations activities, as well as safety, quality and environmental affairs. He reports to Matson President and CEO C. Bradley Mulholland. Smith brings to Matson leadership skills and transportation and logistics expertise, having served as CEO of Fritz companies, United States Fleet leasing Ampent. His most recent position was CEO of Ampent in San Francisco, a start-up company focused on financial supply chain management. Smith has a B.A. in Psychology/Mathematics from the University of Nebraska and an M.B.A from Emory University.
MARAD Approves Title XI Funding Containerships
The U.S. Maritime Administration (MARAD) issued a Bulletin announcing that it has approved Title XI funding for two U.S.-flag containerships. The ships are will be built in the Kvaerner Philadelphia Shipyard for Matson Navigation Company.
First Ship Nearing Completion at Kvaerner Philadelphia
The MV Manukai, Kvaerner Philadelphia Shipyard's first ship, was floated out of the building dock this weekend. The 712-ft. container ship being built for Matson Navigation was towed to the outfitting dock for its final outfitting phase. The $110 million ship which is constructed entirely of American-made materials, including Bethlehem steel, will be deployed to its home base in Honolulu upon completion, and will sail between Hawaii, Seattle and Oakland. Construction is under way at the yard on its sister ship.
Matson To Build Pair of Containerships in Philadelphia
Matson Navigation Company, Inc.'s (Matson)today signed a contract with Kvaerner Philadelphia Shipyard Inc. the purchase of two new containerships. late 2003 and in 2004, respectively. quality and value," said C. executive officer. carrier. R. J. the U.S. domestic offshore trades. dry containers. Jones Act vessels at a relatively low cost. as a world class commercial shipyard. Kvaerner Philadelphia Shipyard. in Kvaerner's ability to build high quality ships. Philadelphia Shipyard was built to provide U.S. ships at realistic prices for the dedicated trades of the U.S. Act. customers," Mulholland added. enhanced its fleet to meet the changing needs of our customers. open-top vessels.
Matson's New Ship Christened
The new Matson Navigation Co. containership MV Maunalei was christened at the Aker Philadelphia Shipyard. The christening, the traditional kind involving breaking a bottle of champagne, was undertaken by Millie Akaka, wife of Sen. Daniel Akaka. Also on hand were Hawaii Rep. Neil Abercrombie and Guam Rep. Madeleine Bordallo. The MV Maunalei is the fourth new containership built by the shipyard for Matson in the past four years, representing an investment of more than $500m by Matson's parent company, Alexander & Baldwin Inc. The Maunalei will enter service in September and be deployed in Hawaii, Guam and China service. It has the capacity for 2,500 TEUs, or 20-ft. equivalent units. Source: Biz Journal
Matson Senior VP Hoppes to Retire
Dave Hoppes, Matson’s senior vice president, ocean services, will retire March 31, 2015, the company announced. John Lauer, currently vice president, Transpacific services at the company's wholly-owned subsidiary, Matson Navigation Company, Inc., will succeed Hoppes as senior vice president, ocean services, effective March 31, 2015. The company also announced that Chris Scott, currently director, Asia at Matson Navigation Company, will succeed Lauer as vice president, Transpacific services at Matson Navigation Company, effective March 31, 2015, as part of the transition plan.
Matson Receives ABS Certification
internationally recognized standards established by ABS. Patrick L. Fallwell, Matson is the first U.S. standards resulting in this certification. Fallwell. quality system sought after by leaders in the maritime industry.
Contracts Bring Work to Mobile Yards
According to reports, two Mobile, Ala., shipyards have landed new contracts, one to retrofit a container vessel to ship vehicles to Hawaii, and the other to build an aluminum work boat for the U.S. Navy. Atlantic Marine Alabama LLC recently signed a $17 million contract with Matson Navigation Co. Inc. to retrofit an automobile container ship. Silver Ships Inc. in Theodore has an $882,773 contract to build a 58-foot aluminum ship for Naval Systems Sea Command. For Matson, Atlantic Marine will modify a carrier capable of carrying 2,800 20-foot containers to include a large RoRo, shipping component. Source: Press Register
SFL Sells its Holding in Horizon Lines
Ship Finance International Limited (SFL) has sold its holding of notes and warrants in Horizon Lines, Inc. for net cash proceeds of approximately $72 million. In April 2012, Ship Finance received $40 million of Horizon Lines second-lien notes and 9.25 million warrants in Horizon Lines in connection with a termination of the charters for five container vessels. Thereafter, the second-lien notes have accumulated interest on a non-cash basis at a rate of 15 percent annually. In November 2014…