Matson’s fourth quarter came in better than expected despite the Hawaiian liner operator seeing its China volumes nearly cut in half.

The New York-listed container ship owner said on Tuesday that it recorded $78m in net income for the last three months of 2022, just ahead of the $69.9m-to-$74.8m range given in January as it looked to temper expectations in back-to-back difficult quarters.

The performance was good for $2.10