Matson in the money

Matson turned in a second-quarter profit Thursday that was in line with many Wall Street forecasts but a penny below analysts’ consensus estimate.

The New York-quoted owner of Jones Act boxships carded net income of $18.1m for the three months to 30 June, which is slightly lower than the $20.1m gain reported 12 months prior.

Consolidated revenue rose to $436.4m from $416.6m year-on-year thanks in part to improvements in one of the Honolulu-headquartered operator’s core markets.

“In the second quarter 2014, market growth returned to the Hawaii trade; however, the company experienced modest competitive losses in eastbound backhaul freight and Pacific Northwest originated commodity freight,” Matson explained in its second-quarter earnings report.

In the second-half of 2014 Matson said it expects growth in the Hawaiian market to continue and assured investors that it does not expect the upcoming delivery of a competitor’s containership to have a material near-term impact its bottom line.

“In the China trade, overcapacity is expected to continue, with vessel deliveries outpacing demand growth,” it continued, adding: “However, the company expects to maintain its volume and average freight rates with high vessel utilization levels, as its expedited service continues to realize a premium to market rates.”