Matson provided preliminary 3Q earnings after market close on Monday (Oct 18). 1. 3Q22 net income and diluted EPS were expected to be $257mn to $262mn and $6.67 to $6.79, respectively, which means EPS was down about 29% QoQ but still up 2% YoY. 2. Ocean transport, which is driven primarily by Matson's China-US routes namely CLX, CLX+ and CCX, was expected to have generated $310mn to $315mn, down 34% QoQ and 14% YoY. 3. Container volume was expected to be 112,707 feu in 3Q,
Matson's China-California Express (CCX) made its last sailing from Shanghai on 4 September 2022 with the 3,600 MATSONIA. The CCX was launched in 29 June 2021 and called at Ningbo, Shanghai, Oakland, Long Beach, Honolulu, Ningbo. The service was operated with 3 ships of 2,824-3,600 teu on a 5 week rotation, with 2 blank sailings in each cycle. The withdrawal will remove 2,005 teu weekly from the route. The 3 ships previously deployed on the CCX has been redeployed to the USWC-Honolulu service -
The best yard stick, in our view, measuring management performance is the financial return generate over time. And the most direct financial return for shareholders is the dividend pay-out relative to a company's market value. Liners have been swimming in cash on extraordinary earnings since 2021. Reasonably, they also distributed dividend generously. Between 2021 and July 2022 end, a total of $38bn* of dividend paid while another $14bn have been committed to be paid in 2022 by the 16 shipping
Matson's 22Q1 operating income (aka operating profit) were up 250% YoY but down about 10%QoQ, first sequential drop since 20Q1. The sequential drop in profit was due to drop in volume, rise in bunker costs and lease expenses.