Matson has provided an early look at third-quarter earnings that show profits slumping, but not as deeply as analysts had feared.

The Hawaii container liner operator said it expects to report $114m to nearly $121m in profits for the third quarter, well below the $266m in profit booked a year earlier. The slump is reflective of a container shipping sector that has continued to pull back from the record heights of the supply chain clogs and elevated demand during the pandemic.