Matson reported fourth quarter results that were slightly short of estimates. But the US tax changes resulted in a big one-time boost for the Jones Act shipowner.

New York-listed Matson reported net income of $166.9m for the fourth quarter, of which $155m came from a non-cash, one-time gain from changes to US tax laws.

Absent the one-time charge, the company would have reported earnings per share of $0.28