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            march 25, 2019

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Matson line Q3 profit up 21.9pc


Honolulu's Matson line third quarter profit increased 21.9 per cent to US$41.6 million, drawn on quarterly revenues of $589.4 million up 8.3 per cent year on year, according to Shipping Gazette.
Year to date, or January to September, the Jones Act carrier's profit increased 35.7 per cent to $88.4 million, drawn on revenues of $1.65 billion, an increase of 8.3 per cent year on year.
"Our performance in the quarter was in line with our expectations," said Matson chairman and CEO Matt Cox.
"We are pleased to see the exceptional performance of our logistics segment. For the quarter within ocean transportation, we saw a favourable rate environment in China, but we also faced unfavourable timing in fuel surcharge collections and a weaker-than-expected seafood season."
Mr Cox said he expected business to continue to perform well in the fourth quarter.
"For the full year 2018, we expect ocean transportation operating income to be modestly higher than the level achieved in 2017. For the full year 2018 in logistics, we are maintaining our higher outlook given the strong trends across all service lines," he said.

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