Matson

Matson

Matson 3Q EPS down 29% QoQ

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,

Services

Matson redeploys 3 ships from withdrawn CCX to USWC-Honolulu trade

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 -

Companies

Ranking Liners By Dividend: Yang Ming and OOIL top

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

Matson 22Q1

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.

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