Matson plans new Jones Act ships, but not soon

NOVEMBER 27, 2012 — Matson, Inc. (MATX), Honolulu, HI, 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.

The plan was disclosed in a presentation this month at the Stephens Fall Investment Conference in New York made by Matthew J. Cox, President and Chief Executive Officer of Matson, Inc., and Joel M. Wine, Senior Vice President and Chief Financial Officer.

In the presentation, Matson said that the average age of its current, active nine-ship fleet is 19 years compared with 32 years for its closest competitor.