Matson has cut capacity and is in wait-and-see mode when it comes to customers as it prepares for the container shipping market to come off its pandemic-fuelled highs.

The New York-listed, Honolulu-based container ship owner’s chief executive, Matt Cox, told analysts on the company’s third quarter earnings call that axing its CCX service cut a quarter of its transpacific capacity as retailers wait to see how consumers will spend ahead of the peak holiday season.

“Other carriers … have done or will do in the coming months to reduce capacity to the market demand level.