Matson’s 1Q 2024 earnings dropped sequentially on higher-than-average volume
declines as China-US volume dropped 17% QoQ and 4% YoY due to a reduction in the
number of voyages as well as lower vessel utilization. Although Matson continues
to enjoy premium rates on its express transpacific services, its competitive
edge has been eroded as port congestion on the US West Coast has been largely
absent since 2023.