Star Advertiser By Andrew Gomes – Hawaii’s largest ocean cargo transportation firm continued to capitalize on expanded service from China to the mainland and nearly doubled its third-quarter profit. Matson Inc. said in a financial report released today that it earned $70.9 million in the July-September period, up 96% from a $36.2 million profit...
Alexander & Baldwin Inc.’s agricultural sector – led by Maui’s Hawaiian Commercial & Sugar Co. – produced a “strong performance” in 2011 while losses related to Matson Navigation Co. and the real estate sales division put a drag on company profits. In reporting its 2011 and fourth-quarter financial results Monday, the Honolulu-based company said...
Alexander & Baldwin Inc. tripled its third-quarter profit with greatly improved performances from its ocean transportation service in China and sugar business on Maui. The Honolulu-based company reported today earning a net profit of $25.7 million, or 62 cents per diluted share of stock, in the July-September period, up from $8.5 million, or 21...
Pacific Business News – By Brian McInnis – Worldwide ocean cargo shipping is playing catch-up from coronavirus-related delays at various ports, especially on the West Coast of the U.S. Mainland, but so far Hawaii has been largely insulated from additional costs. That’s per Michael Hansen, president of the Hawaii Shippers Council, who spoke to...
His proposals would amend the century-old Jones Act to combat monopolies in domestic shipping – (Honolulu, HI) – Congressman Ed Case (HI-01) re-introduced three bills in Congress to reform the century-old Merchant Marine Act of 1920 (commonly referred to as the “Jones Act”), which is widely credited with artificially inflating the cost of shipping...
Madam Speaker, today I introduce three bills to end a century of monopolistic closed market domestic cargo shipping to and from my isolated home state of Hawai‘i as well as the other island and separated jurisdictions of our country not part of the continental United States. In doing so, we will break the stranglehold...
TradeWinds – By Eric Martin – Fundraiser could seek $100m as Israeli operator seeks access to public equity markets. Zim Integrated Shipping Services has filed papers to launch an initial public offering in New York, in a bid to make good on long mooted plans to go public. The Israeli containership operator aims to...
Cato Institute By Colin Grabow Jones Act supporters, including the owners of ships operating in the domestic fleet, often claim the law is necessary to thwart China’s maritime ambitions. But it’s unclear how many of them actually believe such rhetoric. Despite professed concerns about China and the need to avoid foreign reliance for U.S....
NASDAQ – By Nalak Das – The U.S. stock market has performed fairly well year to date despite the coronavirus onslaught over the last few months. Wall Street has performed fairly well so far in 2020 after recovering impressively from the pandemic-led bear market. At present, all the three major stock indexes — the...