FEBRUARY 7, 2012 — Matson, Inc. (NYSE: MATX), has again been showing signs that it is paying serious attention to fleet renewal.
Last November, the company said that it has a strategic re-fleeting plan that calls for the building of two new Jones Act containerships in the next 3 – 5 years for approximately $200 million each to replace/retire existing older vessels (see earlier story).
Today the company reported fourth quarter results that saw net income reach $15.6 million and net income for the full year 2012 reach $45.9 million, compared with $34.2 million in 2011. Consolidated revenue for the full year 2012 was $1,560.0 million, compared with $1,462.6 million in 2011.
"Looking into 2013, we expect mixed results in our ocean transportation trade lanes as compared to 2012, but on balance we expect to improve operating margins," said Matt Cox, Matson's President and Chief Executive Officer. "Likewise, we expect margins in our logistics group to improve. These gains, and the cash flow generated, will allow us to support a strong dividend, maintain an investment grade credit standing and provide capacity for future vessel replacement and growth investments."
The company expects capital expenditures for 2013 to be $40-$50 million, excluding vessel replacement capital expenditures. And it notes that "it may elect to make deposits to the Capital Construction Fund if it is able to finalize its vessel replacement plan. These deposits could be significant and will have the effect of reducing the company's current cash tax liabilities."
Marine Log News
- 2011-08-12 - Trailer Bridge may seek bankruptcy protection if it can't refinance
- 2011-11-10 - Orders for bigger containerships are in response to rising bunker costs
- 2012-03-28 - AMP moves to head off Jones Act waivers
- 2012-05-10 - Horizon Lines to drydock three ships in Asia
- 2012-07-02 - Matson now separated from Alexander & Baldwin
- 2012-08-17 - Ruling defines course and scope of Jones Act employment
- 2012-08-21 - Cummings urges Obama to support Jones Act in SPR draw down
- 2012-10-11 - International Shipholding buys Jones Act bulker operator
- 2012-11-04 - Napolitano expands scope of Jones Act waiver
- 2012-11-01 - Rand Logistics puts Jones Act ATB into service
- 2012-11-02 - U.S.-flag interests not opposed to Jones Act waivers
- 2012-11-02 - Jones Act waivers issued to aid in gas flow
- 2012-11-08 - New MHI propeller promises major fuel savings
- 2012-11-14 - OSG files for Chapter 11
- 2012-11-16 - MarAd guidance on Sandy Jones Act waiver requirements
- 2012-11-27 - Matson plans new Jones Act ships, but not soon
- 2012-11-28 - Kirby to acquire Penn Maritime for $295 million
- 2012-12-04 - TOTE orders two LNG fueled containerships from NASSCO
- 2012-12-05 - West Coast port strike ends
- 2013-01-23 - Seaspan orders four 10,000 TEU newbuilds
- 2013-03-06 - Damen Rotterdam completes Becker Twisted Fin retrofits
- 2013-03-21 - GAO reports on impacts of Jones Act on Puerto Rico trade
- 2013-05-01 - NVDC rules on plan to build Amphibex vessels in U.S.
- 2013-05-02 - Allegretti takes helm at American Maritime Partnership
- 2013-05-28 - Dole to add three new reefer box ships to owned fleet
- 2013-06-06 - China buys license to build new LNG containership family
- 2013-06-06 - Horizon names Hamlin EVP and COO
- 2013-06-19 - Horizon Lines to convert steam duo to dual fuel diesel