Friday, November 13, 2020

Matson Posts Latest Numbers

Honolulu-based Matson Inc. posted a net income of $107.5 million for the nine months ending Sept. 30, and consolidated revenue of more than $1.6 billion.

Chairman and Chief Executive Officer Matt Cox said Matson's businesses continued to perform well in the third quarter despite ongoing challenges stemming from the COVID-19 pandemic and its economic effects.

“Our China service, consisting of the CLX and CLX+ services, was the primary driver of the increase in consolidated operating income year-over-year as a result of strong demand for our expedited ocean services and ongoing challenges in the transpacific air freight markets,” Cox said. “I am confident that we can make the CLX+ a permanent service because of Matson's 15-year track record of operating our industry leading expedited CLX service in the transpacific trade lane, the introduction of our new Alaska-to-Asia Express (AAX) service for Alaska seafood exports to Asia as part of the CLX+ westbound return trip to China, and the likelihood of continued favorable transpacific trade lane supply and demand dynamics going forward."