Matson takes delivery of last of four new vessels

Matson takes delivery of last of four new vessels

   Matson Navigation Co. Inc. Wednesday said its newest containership, the 'Maunalei,' has been delivered to the company by Aker Philadelphia Shipyard.

   The 'Maunalei's' delivery represents the completion of a four-ship modernization and replacement strategy, following the delivery of the 'Manukai' in 2003, the 'Maunawili' in 2004, and the 'Manulani' in 2005, the company said.

   “Having added only one new ship to the Matson fleet between 1983 and 2002, the four new vessels with a capital cost of over $500 million are essential to the current and future success of Matson,” said W. Allen Doane, Matson chairman and chairman and chief executive officer of its parent company, Alexander & Baldwin, in a statement. “The average age of Matson’s ships was 25 years before the first ship was delivered in 2003. Today the age is a more youthful 14 years.'

   Matson President and CEO Jim Andrasick said adding the four ships has helped Matson become more fuel efficient (they use 25 percent less fuel than the vessels they replaced in a time when oil prices have tripled) and helped give the U.S.-flagged carrier confidence to enter the China trade, which they did in February.

   The purchase of the 'Maunalei' will be financed through a combination of cash balances in Matson’s capital construction fund, which allows Matson to significantly accelerate the tax depreciation of the vessel, and committed long-term financing.

   The 'Maunalei' will be christened July 22 by Mary Mildred “Millie” Akaka, wife of Sen. Daniel Akaka, D-Hawaii, at a ceremony at the shipyard.