INTERNATIONAL SHIPHOLDING SEES 1ST-QUARTER LOSS
Matson Navigation Co. Inc., the container-shipping subsidiary of Alexander & Baldwin Inc., reported a 12.3-percent dip in operating profit, to $17.5 million, on revenue of $196.6 million, down 1.8 percent.
A&B said the lower operating profit was due to lower contributions from investments in a shipping operation in Puerto Rico and a stevedoring joint venture, and competitive fleet and rate actions.
Hawaii service container volume rose 2 percent in the first quarter and the carrier implemented a general rate increase in the service. Automobile volume was steady with year-earlier levels.