Matson has pumped $565m into a fund for ship construction, fuelling expectations that it is moving a step closer to ordering container vessels as it looks to upgrade its Alaska services.

As it revealed a more bearish estimate for its third-quarter earnings, the Hawaii container ship and container ro-ro operator disclosed that it had put more cash into its capital construction fund (CCF).

The deposit goes towards a $1bn renewal programme for its Alaska fleet, said Stifel analyst Benjamin Nolan.